Sri Lanka’s Securities and Exchange Commission (SEC) should not be involved in marketing and promotions, SEC Chairman Thilak Karunaratne said on Thursday.
Speaking at the traditional ‘bell ceremony’ opening trading for the morning at the Colombo Stock Exchange, he said, “The regulator should distance itself from promotions.”
He was alluding to the fact that the previous team led by SEC Chief Nalaka Godahewa had been organizing promotion campaigns in overseas capitals.
Mr. Karunaratne was making his first public comments since taking over the SEC chair, about few weeks back, for the second time in three years. He served an earlier stint as SEC chief 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. - DEC
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