Another Resignation

Mar 22, 2013 (LBO) – The director general of Sri Lanka’s securities regulator, resigned Friday, becoming the fourth top official to leave the regulatory body in controversial circumstances in the last three years. “Based on my principles, considering the present set up I decided to resign,” Hareendra Dissa Bandara said, closely echoing the words of a former chairperson.

Dissa Bandara, a professor of finance at Sri Lanka’s Sri Jayewardenepura University, will go back to full time teaching. Even while at the SEC he continued to lecture at the university.

In December 2011 then SEC chairperson Indrani Sugathadasa said she resigned after “having considered the unfolding circumstances and upholding my principles,” weeks after then DG Malik Cader was made a consultant in the finance ministry by the cabinet of ministers.

Her replacement, Tilak Karunaratne also resigned later.