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Sri Lanka SEC chairperson resigns
01 Dec, 2011 13:11:26
Dec 01, 2011 (LBO) - Sri Lanka's Securities and Exchange Commission chief Indrani Sugathadasa has resigned, within weeks of the watchdog's director general being removed by the cabinet of ministers.
Sugathadasa said she had tendered her resignation "having considered the unfolding circumstances and upholding my principles."

Sugathadasa and former director general Malik Cader started a crackdown on widespread microcap fraud and insider dealing and came under pressure from powerful investors.

Cader was kicked upstairs to a position in the finance ministry and the post has now been re-advertised.

Sugathadasa is a retired public official who has been in many senior positions in government service.
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READER COMMENT(S)
25. siri Dec 05
Whats the news for today?
24. meerkat21 Dec 03
Boycott the stock exchange , traders and brokers and buy stock directly from the issuing company- it can be done. And avoid fly - by night micro-caps.

Another strategy is to get reputable companies to offer regular investment plans. The best thing about these plan are are that they are low cost and the dividends are invested automatically without a charge. Buying and selling costs are fraction of what a brokers charge. Many companies in UK, such as AVIVA, offer this service. Better still, go into property. You can do so many things with a property- renovate it, refurbish it, landscape it or completely re- model it. A property will keep you occupied, Improve your DIY skills --and if you do it right-- it can be a nice little earner. You can do so many things if you have a piece of land- grow veggies, keep a few pets or turn it into a Garden Centre -- A great hobby that's also profitable. Much better than looking at a screen and watch numbers going up and down.

The best part is, unlike with stocks, it's all under your control.

23. ToneBone Dec 02
This is really sad. First the nationalisation, and now this... Why is Sri Lanka going backwards again??? You will never ever bring in credible foreign investors with this kind of policies. Only people you will attract are Rogues like Rajaratnam
22. damitha Dec 02
What are the stocks that should run if credit issues have been relaxed???
21. Holmung Dec 02
If only we had more such principled civil servants around- who dont bow down to political pressure, money & threats. How well the country could REALLY progress...
20. a way out Dec 02
Be the spider and not the fly!
19. DINESH Dec 02
'Quite Contrary' dont buy!!! watch and wait... ours is a manupilated and speculative market.. if u know exactly what your doing its a place for easy money!
18. Quite Contrary Dec 02
Buy, buy, said the spider to the fly (with apologies to Mary Howitt)

The Spider And The Fly

"Will you walk into my parlor?" said the spider to the fly;
"'Tis the prettiest little parlor that ever you did spy.
The way into my parlor is up a winding stair,
And I have many pretty things to show when you are there."
"O no, no," said the little fly, "To ask me is in vain,
For who goes up your winding stair can ne'er come down again."

Said the cunning spider to the fly, "Dear friend, what shall I do, To prove the warm affection I've always felt for you?
I have within my pantry good store of all that's nice; I'm sure you're very welcome; will you please to take a slice?
"O no, no," said the little fly, "kind sir, that cannot be; I've heard what's in your pantry, and I do not wish to see." "

The spider turned him round about, and went into his den,
For well he knew the silly fly would soon be back again:
So he wove a subtle web, in a little corner sly, And set his table ready to dine upon the fly.
Then he came out to his door again, and merrily did sing,
"Come hither, hither, pretty fly, with the pearl and silver wing: Your robes are green and purple; there's a crest upon your head; Your eyes are like the diamond bright, but mine are dull as lead."

Alas, alas! how very soon this silly little fly, Hearing his wily flattering words, came slowly flitting by.
With buzzing wings she hung aloft, then near and nearer drew, Thinking only of her crested head - POOR FOOLISH THING! At last,
Up jumped the cunning spider, and fiercely held her fast.
He dragged her up his winding stair, into his dismal den, Within his little parlor; but she ne'er came out again!

And now, dear little children, who may this story read,
To idle, silly, flattering words, I pray you ne'er give heed;
Unto an evil counselor close heart, and ear, and eye,
And take a lesson from this tale of the Spider and the Fly.

17. pooper Dec 02
Sorry to be a party pooper boys, but after buying the rubbish stocks who will buy them? A shareholder like no other?
16. sureka Dec 02
Yes i just heard the news myself.. MR has agreed to 3 times of a brokerage firms assets.. buy up!!
15. DINESH Dec 02
Credit given to firms for up to 3 time their liquid assets, Let the fun begin.
14. Sunil Dec 02
I congratulate Ms Sugathadasa for her strength of character. However she should have continued in her post for the benefit of the SEC and the share holders. I cry for you madam. If all personnel of strength resign where would we end?
13. Holmung Dec 02
The politically connected pump-n-dump boys will have a field day soon at the expense of most!
12. mike Dec 02
Let the (more) rigging begin!
11. Jayantha Dec 02
Mrs Sugathadasa deserves all the praise for her courage and forthritness. Good to see there are still public servents with a backbone and a woman at that.
10. Sumedha Dernando Dec 02
We should bring back Aritta
9. T.S.B.RatnayakeFCMA Dec 02
Stockmarkets during difficult and volatile global & local economic conditions do fluctuate based on investor assesment of unfolding events due to the dynamic nature of its business.Analyse the performance of S&P 500,DOW(US),FITSE,(UK)& DAX(Germany) & all Asian markets for the last one month & this will be confirmed.At the same time attempts to bring in fresh out of the bottle thinking to handle dynamic fluid & rapidly changing situations cautiously too cannot be faulted(Rational attempts long term success whilst irrational attempts vice versa).In this context I do appriciate with respect the attempts by Mrs Sugathadasa to inclucate a culture that would take CSE to a higher platform required for the longer term success.
8. S Munaweera Dec 02
Very interesting."having considered the unfolding circumstances and upholding my principles." Not all powerful presidential secretary's spouse couldn't fight the people behind the unfolding events? Who else could then? Isn't this a clear indication that this regime cannot stand by public officials who would abide by the law and try to perform their job?

2 years ago Colombo was the best performing market. Today, we have the only head and body less regulator. What pathetic depth we can fall in to?

Once Sugathadasa is gone, who will take over her position

7. Pump Artist Dec 02
Jayawewa!!!
6. Perera Dec 01
This is the transparancy of GOSL person did correct thing got the punishment. We salute you for your courrage
welldone Madam.
5. Paul Dec 01
This will negatively affect the already bad impression on investing in Sri Lanka. SEC should be independent and should not be a puppet of the market manipulators and thugs. Eliminating the officials who stood against the market manipulators gives big negative view of the country.
4. rojith de silva Dec 01
It is obvious our country is corrupt and no one with credibility can survive against the powerful forces of corruption. The President meeting stock brokers recently is ridiculous other than for vested interests. Front running through foreign nominee accounts by the powers that be is the game when you control government funds investing in the CSE. No wonder there are no genuine international funds investing in the country along with its high political risks even though the war has ended.
3. Mel Dec 01
Hat's off to the lady. Good to know there are a few people who stand up for what they believe in.
2. Mahesh Dec 01
When the shepherds are gone, wolfs will reign.
1. bandula Dec 01
Good news for the stock market. Very soon the market will boom again with the relaxation of credit restrictions.