New SEC Commission by end April?
The Securities and Exchange Commission (SEC) has been rudderless for the past three months. Officials say a new commission will be appointed before the end of this month but others dismiss this as just rhetoric.
This is the first time the capital market regulator is without a Chairman and a commission in its entire history, according to SEC officials. “It’s expected that a new commission will be appointed after the cabinet reshuffle,” a SEC official told the Business Times. The last commission meeting was held more than three months ago, he said. This too is unusual.
This turn of events came following the expiry of the three-year term of the commission led by Chairman Thilak Karunaratne on January 25, this year.
The earlier commission had six appointed members – Thilak Karunaratne (Chairman), Suresh Shah, Ranel T. Wijesinha, Marina Fernando, Dilshani Gayathri Wijayawardana, Rajeev Amarasuriya together with four ex-office members – C.J.P. Siriwardena, S.R. Attygalle, Jagath Perera and D.N.R. Siriwardena.
It’s learnt that at least four former appointed members had sent letters to the National Policy and Economics Affairs Ministry early this year saying that they aren’t interested in being reappointed.
Many names are being proposed by certain parties with countless political agendas for SEC chairmanship.
The SEC came under fire by State Minister. Dr. Harsha de Silva, whose ministry overseas this subject, saying that its inaction on the suspected securities frauds he himself spoke against during the Rajapaksa government weren’t progressing.
The SEC official said that as a result of the current situation, many policy decisions are held up. “Certain policy decisions are in limbo and we aren’t sure which way they will go,” he said.
The SEC is carrying out probes pertaining to the Rajapaksa regime, in addition to certain new ones, Business Times reliably learns. But they are moving at a snail’s pace owing to resource issues.