Changing Rules

From left: Dr. Fernando Im, Senior Country Economist for Sri Lanka and the Maldives, The World Bank, Hon. Eran Wickramaratne, State Minister, Ministry of Finance and Mass Media, Dr. W A Wijewardana, Former Deputy Governor of the Central Bank of Sri Lanka, Prof. Indralal de Silva, Former (Chair) of Demography, University of Colombo, Prof. Amala de Silva, Department of Economics, University of Colombo at the panel discussion on "Demographic Change in Sri Lanka" moderated by Dr. Ramani Gunatilaka, International Centre for Ethnic Studies.

The securities watchdogs powers were beefed up, after parliament passed its long overdue amendments on Tuesday.
The amendments, which were broadly aimed at strengthening its inspection, investigative and enforcement powers, were brought before the previous government, but failed to make its way to parliament. rn

rn”Reforms in the working of our Securities and Exchange Commission should be geared to not merely regulation but also to the encouragement of private-sector growth,” Finance Minister K N Choksy told legislators. rn

rnThe amendments cover a wide spectrum of activities like margin trading, underwriting, credit rating agencies, investments and portfolio management.rn

rnAmendments also gives SEC the power to hold directors, managers, secretaries or other similar officers of a corporate body liable for offences committed by corporate bodies. rn