Though some stockbrokers are eagerly awaiting a ‘big change at the top’ the Securities and Exchange Commission (SEC) seems quite unaware of such an event.
According to those who await the change, not only the SEC’s Director General Malik Cader but the rest of the commission will also step down, but top SEC officials insist this is bunkum. “They say that they are doing an honourary job as commission members and appointed by the Treasury. So far they haven’t come across any indication to resign," a SEC official close to commission members told the Business Times.
He said the commission is aware of undue pressure by some investors trying to oust Mr. Cader, but indicated that this attempt won’t succeed. “They are only leveling allegations, but not being specific,” he said.
About a letter sent by some parties against the SEC doing the rounds lately, he said that none of the commissioners had seen it. Another SEC official who had seen this letter noted that it basically ‘screams’ to allow the market traders to play it like a casino. “They don’t seem to want us to regulate,” he added, saying that the fact that no one likes the regulator isn’t a new phenomenon.
He added that if SEC Chairperson, Indrani Sugathadasa cannot straighten out this market, then none can. “This is because she is not biased and nor has she got any baggage,” he noted. |
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