The investigations by Colombo's share market regulator, the Securities and Exchange Commission (SEC) are going on as planned sans pressure from any quarters, according to SEC Chairperson, Indrani Sugathadasa.
On the sidelines of the Stock Market Investor Day forum last week, she told the Business Times that the SEC wasn’t subject to any pressure (from the government or otherwise) to halt or suspend any probes.
There has been wide speculation that SEC Director General, Malik Cader is on his way out due to pressure from a handful of high networth investors, some of whom have independently met government higher ups and expressed their concern.
Ms. Sugathadasa further noted that the SEC being the regulator follows procedures to the letter and that it will continue to do so. Mentioning the voluntary and professional role played by commissioners, whose twice-monthly meetings span from 2 to 8 pm, she commended them. “We take decisions that are beneficial for the capital market from a long-term perspective. Our job is to ensure an efficient and fair market,” she added.
Highlighting the quote by the Lord Buddha, “Those who live by the Dhamma are protected by the Dhamma", Ms. Sugathadasa said that there will not be any interference in any of SEC's probes. “They might want us to not to regulate. Then there is no point of having a regulator and the Government can close the regulator. But I don’t think the present Government wants to do that,” she noted.
Mr. Cader in his address at the forum told the large gathering that after the war there was a rebound in the economy with which the capital market’s attractiveness for raising funds by companies as well as to reap higher returns by investors had grown. He also said that in order to double the country’s gross domestic product and the per capital income by 2016, doubling Colombo Stock Exchange's market capitalisation is a must. |
E-mail
