Ramachandran turns down SEC appointment
The Ministry of Finance has accepted a letter by Chandrakumar Ramachandran turning down an appointment to the Securities and Exchange Commission (SEC), Ministry officials said.
He was amongst the newly appointed five Commissioners to the SEC board. In his letter he has expressed his inability to accept the responsibilities that come with this appointment as his workload prohibits him to do so.
However the Business Times reliably understands that the SEC had probed information on certain incidents nearly two decades ago concerning Mr. Ramachandran.
Following which the newly appointed Chairman, Ranel T. Wijesinha in discussion with the Ministry officials had taken this matter up with Mr. Ramachandran last week. Mr. Ramachandran’s letter had come to the Ministry on Thursday.
The other commissioners appointed to the SEC are Jayantha Fernando, Arjuna Herath, Rajeev Amarasuriya and Manjula de Silva. The Ministry will announce a replacement for Mr Ramachandran this week. The SEC was without a chairman and a commission since January 25 when the last term of the Commission led by Thilak Karunaratne ended.