Udaya New head at SEC

Udaya Sri Kariyawasam, currently chairman of the Insurance Board of Sri Lanka (IBSL) has been appointed chairman of the Securities & Exchange Commission (SEC) with immediate effect, SEC officials said on Saturday.

Incumbent chairman Gamini Wickremasinghe stepped down on Friday at the end of his 3-year term saying he had not sought a renewal (of the term). He told reporters on the same day that the capital markets have seen a lot of development in recent years and the end of the conflict would see renewed interest in the stock markets.

He also said that 'as of now' he planned to step down as Bank of Ceylon chairman when his term ends in mid-2010. Mr. Kariyawasam served earlier as Bank of Ceylon chairman and also chairman of the Ceylon Electricity Board where he clashed with the unions.

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