Legal protection available to whistleblowers

No criminal or civil action shall lie against any person who makes a report or disclosure in good faith to the FSC that is required or permitted under the relevant Acts, or that relates to a matter in respect of which the FSC has functions under the relevant Acts, whether or not the person is required to make the report.

The FSC, a member or a staff of the FSC, shall not, without the consent of the person making reports or disclosure under section 45A of the Financial Services Act, disclose the identity of that person except where it is necessary to do so for the fulfilment of the functions of the FSC.

Any person who commits an act of victimisation or retaliation against a person who has made a disclosure or report to the FSC shall commit an offence under section 45A(3)(a) of the Financial Services Act and shall, on conviction, be liable to a fine not exceeding 50,000 rupees and to imprisonment for term not exceeding one year.

Alternatively, any person who knowingly makes a false, malicious or vexatious disclosure shall commit an offence under section 45A(4) of the Financial Services Act and shall, on conviction, be liable to a fine not exceeding 50,000 rupees and to imprisonment for a term not exceeding one year.