Reconstitute the Securities and Exchange Commission, punish the wrongdoers
The presidential election has revitalised political democracy, bringing in diverse sections and all shades of majority and minority, to achieve the most desirable national goals.
The Securities and Exchange Commission/Colombo Stock Exchange (SEC/CSE) and errant regulators must be reconstituted to re-establish real economic democracy, a market free of the aberrations, manipulations and the mafia.
Former President Mahinda Rajapaksa selected eminent persons to head the SEC, but allowed the mafia to overrule him! It was unfortunate to allow bribery, corruption and nepotism not only to exist but even overcome the good decent types and consequently devalue the morale and vitality of good creative, competitive, caring honest entrepreneurship.
The fair, just and efficient management of’ a ‘Maithri-Ranil’ leadership combined with honest moderation of Karu, Rajitha, the political vibrancy of Sajith, Anura Kumara, Azath Sally, Mano Ganeshan; the good governance and economic affairs support of Rev. Ratana Thero, M.A. Sumanthiran, Dr. Harsha, Eran Wickremaratne and Sunil Handunhetti, with active support of, and effective monitoring of transparency, by the elected truly independent minority comprising TNA, SLMC, JHU, the “honest Gen. Sarath Fonseka”, guided by the enlightened patronage of Ven. Sobitha Thero and former President Chandrika, can transform Sri Lanka from the not too distant description of a ‘tear drop at the bottom of India’, to the once, ‘Pearl of the Indian Ocean’ and become a true Wonder of Asia. Rule must be not by majoritianism but with consensus and the consent of the governed.
Many thought in January 2014 including the SEC/CSE that I was too optimistic when I predicted an ASPI of 7,500 + to 8000 and an S&P SL20 of 4,500 by the end of 2014, if SEC/CSE acted to correct/improve governance.
My honest opinion is that ASPI will move upto 10,000-11,000 and the S&P20 to 6,000 to 6,500 in 2015 if the unfettered effort of an honest and open government lends the necessary backing to the entrepreneurs hip talent of our great nation united in its rich human diversity. The new SEC leadership must ensure a transparent liquid market with high public float, high dividend payouts, true valuations to improve shareholder value, etc.
The grace that former President Mahinda exhibited in leaving his luxurious abode at Temple Trees must be commended. Sarath Amunugama and others; they must find the all too elusive, corruption free younger members of parliament. They must of course forward the files of the corrupt for action by the new Government which I believe will reconstitute, inter-alia, the judiciary, police and regulators and abolish the 18th amendment.
Transparency and fairness of actions and of investigations: SEC/CSE to note.
• Margaret Thatcher (the Iron Lady) as Prime Minister of UK, with an absolute majority in both Senate and Parliament, froze an avid supporter who ardently advocated a vote by saying, “A majority cannot make a wrong a right”.
• Our famed International Court judge, C.G. Weeramantry said, “Lord Rama, vanquished wrongdoers very effectively using minimal force”.
• Martin Luthur King (Jr) stated “I can understand children being afraid of the dark, but I am amazed when men are afraid of the light!”
(The writer is a good governance activist concerned about the state of the stock market and the absence of rights for independent minority shareholders)