Some stockbrokers seen ‘jittery’ at CSE event
Some stockbrokers resembled ‘cats-on-hot-bricks’ at a high profile event at the Colombo Stock Exchange (CSE) on Thursday, the Business Times observed.
Malaysian Special Envoy Samy Vellu at the bell ringing ceremony.
Dato’ Seri Utama S. Samy Vellu, Special Envoy (Ministerial Rank) to India and South Asia on Infrastructure, Prime Minister’s Department, Government of Malaysia rang the ceremonial opening bell at the start of trading on Thursday, while at the same time Deputy Minister of Policy Planning and Economic Affairs (Dr.) Harsha De Silva and Chairman of the Securities and Exchange Commission (SEC) Thilak Karunaratne made their first visits to the CSE following their appointments. Many CEOs of broking houses were also present at this ‘Bell Ringing Ceremony’, to signify the opening of trading for the Day at 09.30 am.
Some CEOs were seen shifting from one foot to the other when seeing the top regulator in the flesh – the very same person ‘some of them’ connived with the stock market mafia to oust from this same position he held over two years ago.“The regulator should distance itself from promotions,” Mr. Karunaratne noted, addressing the gathering to which one of them, at this reporter’s earshot remarked, “Apita pita rata yannath ne” (now we can’t even go abroad). Mr. Karunaratne was alluding to the fact that the previous team led by SEC Chief Nalaka Godahewa had been organizing promotion campaigns in overseas capitals. He was making his first public comments since taking over the SEC chair, about few weeks ago, for the second time in three years. He served an earlier stint as SEC chief and was forced to resign under pressure from mafia-type investors who dominated the market.
Adding that “all investors should be given a fair deal”, Mr. Karunaratne noted that more amendments to the SEC will be presented giving it more teeth.
“We have to correct shortcomings not only in the act of all areas of the capital market,” he noted.
This was observed by the alleged mafia cronies – some of whom were present – in pin drop silence. Many are acutely concerned about the probes and were seen questioning some scribes on whether it will happen soon. Some brushed this away saying nothing will be investigated. Dr. de Silva in his address reiterated that wrongdoers need to be punished and everyone given an equal chance of winning and losing. This perked up the attention of some cynical naysayers. “We want to create an asset owning middle class. People in peripheries and rural areas should be able to trade in high value stocks as well and we want people to trade in corporate debt,” Dr. De Silva said, adding that the intention is to broad-base the exchange into the villages.
He added that the new regime’s economy will be built on the pillars of competition and justice. “When we say justice we mean economic, political and social justice.”
Vajira Kulatilaka, Chairman CSE and CSE Board members, acting Director General/ Officer-in-Charge of the SEC Dhammika Perera and Chief Executive Officers of member firms and trading members of the CSE were also present at the event.
After refreshments the CEOs went to the second floor of the exchange to say ‘hello’ to the SEC chairman, which lasted less than half an hour. A top SEC official who was in the ‘other camp’ during the last regime was appearing to be mollycoddling Mr. Karunaratne as he was leaving the exchange.