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Securities Investment Accounts (SIA)

SIA is a LKR account which eligible investors could open to invest in Government Securities (Treasury Bills and Treasury Bonds), Equity capital of companies incorporated in Sri Lanka and Units of Unit Trusts in Sri Lanka.

Who are the investors that can open a SIA Account?

• Foreign institutional investors such as country funds, regional funds or mutual funds
• Corporate bodies incorporated outside Sri Lanka
• Citizens of foreign states, whether resident in Sri Lanka or outside Sri Lanka
• Non-resident Sri Lankans
• Sri Lankan professionals living in Sri Lanka who receive inward remittances
• Dual citizens who receive inward remittances

What documents are required to open a SIA Account?

Individual Investor

• Relevant mandate (duly completed)
• Photocopy of passport (relevant pages where photograph and personal details are available)
• Letter of introduction from your Banker overseas (required only from citizens of foreign states)
• Declaration from the customer (as per attached format Annexure II)
• Central Depository System (CDS) Account Opening Form duly completed

Corporate Investor

• A certified copy of the Certificate of Incorporation
• Copy of Memorandum (as appropriate) and Articles of Association duly certified by the Chairman and Secretary
• Certified extract of Resolution of the Board of Directors as stated in the Account Opening Form
• Certified list of the Directors issued by the Registrar of Companies of the country where the Company is incorporated
• Specimen signature cards of officials who are authorized to operate the account and copies of their passports duly witnessed by the Chairman/Secretary of the Company
• Letter of Introduction from Institutions Banker overseas
• Central Depository System (CDS) Account Opening Form duly completed

What deposits are permitted to a SIA Account?

• Inward remittances received from abroad through banking channels
• Transfer of funds from NRFC/FCBU/RNNFC accounts of the same account holder
• Sale proceeds realised out of sale/transfer/maturity proceeds of Treasury Bonds/Treasury Bills or any income realised by way of capital gain thereof
• Sale proceeds of share supported by documentary evidence (Broker's Contract Notes and evidence of tax payments, etc.) and dividends
• Dividend income on units of unit trusts net of tax supported by documentary evidence
• Proceeds on redemption of units net of tax supported by documentary evidence
• Commissions relating to share transactions with supporting evidence
• Liquidations proceeds of companies
• Interest received on Treasury Bonds held by the account holder

What withdrawals can be made to a SIA Account?

• Payments for investments in shares/units of unit trusts/Treasury Bonds/Treasury Bills
• Outward remittances of sale/redemption/maturity/liquidation proceeds of shares/units/Treasury Bonds/Treasury Bills and dividends of shares or units
• Payments to brokers, primary dealers, lead managers, management company of a unit trust and bank charges
• Local expense payments in LKR of the account holder
• Transfer of funds to the accounts maintained by the account holder at FCBU

General:

• Transfer of funds between Securities Investment Accounts of the same account holder is permitted
• SIA may be held jointly by eligible investors
• Approval from the Securities and Exchange Commission of Sri Lanka is required for Foreign Institutional Investors to invest in shares
• No taxes on investment in Government Securities (Treasury Bills and Treasury Bonds)
• The following LKR Accounts which were already opened for investment purposes will be re-named Security Investment Accounts (SIA):
• Share Investment External Rupee Account (SIERA)
• Treasury Bond Investment External Rupee Account (TIERA 1)
• Treasury Bond Investment External Rupee Account (TIERA 2)
• Treasury Bonds and Bills Investment External Rupee Account - Deshabhimani (TIERA-D)

Please visit any of our Customer Centres island wide to obtain an Account Opening Form and other documents required to open a SIA.