Sri Lanka’s Securities and Exchange Commission (SEC) has issued a warning to the public regarding ongoing scams targeting potential investors in the share market. The regulator has identified Blue Ocean Securities Limited and Gladius South Asia as companies involved in these fraudulent activities.

According to Tushara Jayaratne, Deputy Director General of the SEC, Blue Ocean Securities has been soliciting investments through a mobile application called BOMate. “You cannot trade shares through this app. However, financial transactions are processed via the app and bypass the SEC’s monitoring systems. As a result, the funds are being diverted elsewhere,” Jayaratne explained during a media briefing on Tuesday.

The SEC has lodged complaints with both the Criminal Investigation Department (CID) of the police and the Financial Intelligence Unit (FIU) at the Central Bank regarding these activities.

Jayaratne further noted that Gladius South Asia has been encouraging investors to allocate their funds overseas, rather than investing in the local stock market. The company has also falsely claimed to possess a license from the SEC. “No such license has been issued,” he clarified.

Despite these incidents, Jayaratne emphasized that the Sri Lankan market remains generally trustworthy. “Our market is somewhat free and fair. Investors also have a responsibility to exercise caution when making investment decisions,” he said.

(Colombo/December 17/2025)