Sri Lanka SEC new chairman appointed

Priyantha Fernando, Sujeewa Mudalige, S R Attygalle (from the Treasury), Ananda Silva (Central Bank) are the other commission members.

Godahewa this week resigned from George Steuart Finance (formerly Divasa Finance) a firm connected to investor Dilith Jayaweera, who has received letters from the SEC regarding several deals made by his investment firm.

Tilak Karunaratne, the former SEC chief resigned allegedly following pressure from Sri Lanka's so-called stock market mafia, which has engaged in securities fraud.

He said probes in to 17 cases securities fraud were drawing to a close when he was forced to quit.

Influential investors who helped create a stock market bubble with margin loans has blamed the SEC for a subsequent market fall after a credit bubble collapsed taking Sri Lanka's balance of payments and the exchange rate with it.

Shortly before his ouster, stock brokers and selected investors met Sri Lanka's president.

The SEC chairman before Karunarantne, Indrani Sugathadasa, a retired senior public servant also resigned saying she was upholding her principles.

Sri Lanka has had ever worsening problems with rule of law and justice since a civil service commission was abolished and the institution of 'permanent secretaries' was broken by two constitutions in 1972 and 1978.

READER COMMENT(S)

20. Niro Aug 29

What a farce !
හොරුන්ගේ හොරු කම්බා හොරු

19. Banda Aug 29

CSE - RIP!
Small Investors - Suba Anagathayak!!

18. kibula banis Aug 29

U sell moar sudda buy moar. who no moar?

17. Abbas Aug 29

Wonder of Asia
CSE = Manning market!

Nothing to say about the appointment, its self speaking.

Dan & Kapila,
I am worried whether you can do it. However, i am sure they ( Mafia) will do it. That's why this appointment is so important for them. They are indebted & they want to get of this mess

16. Mafioso Aug 29

No more investigations. Api Okkoma Rajawaru.

15. EX PAT Aug 29

Ditto Gamini & Halitosis Devesurendra
"Godahewa this week resigned from George Steuart Finance (formerly Divasa Finance) a firm connected to investor Dilith Jayaweera, who has received letters from the SEC regarding several deals made by his investment firm."

This explains the reason for above appointment. So much for regulating :)

For the record, the most respected SEC Cheif in recent years Dr. Dayanath Jayasuriya refused a second coming.

14. Kapila Aug 29

Dan - you said it, I am going to do the same.
Meeran - talk about it. There are long term serious consequences of that can follow.

13. Amarasena Aug 29

Now market will be like a buru pola. Crony brokers will run the market. Investors will play casino.

12. Rajive de Silva Aug 29

Ladies and gentleman, now is the time to sell. Make hay while Nalaka lasts and get out of the stock market !

11. Dan Aug 29

I have received an email from my broker , after long lapse mainly during Tilak’s short stay at SEC. email explains how wonderful it all going to be coming months. Good, so i can sell all my stock at high price and get out from this rotten lot, never to be return.

10. meeran Aug 29

From the frying pan into the fire. Another big mess like the appointment of a ponzi schemer to the central bank.

9. HalitosisDevesurendra Aug 29

Horagey ammageng peyna ahanawa wagey. Baduth horagey; naduth horagey. A puppet political crony to keep matters hidden. We are talking billions here

8. anura Aug 29

We all need to realize the boom was only becoze of mamipulation of shares specially by these so called mafia. If raj rajarathnam can go to prison in US why our regulators cant do thier job properly. here whats happening is players are trying to regulate the regulater. very pathetic.

7. raja Aug 28

Is this, cse market mafia win ?

6. gemini Aug 28

Now,Naduth rajjuruwange, Baduth rajjuruwange.

5. Roshans Aug 28

Advance sympathies.

4. miki Aug 28

Be a Watch dog, don't be a Street dog who barks on each n everything...

3. hara Aug 28

Hope he is better than the earlier two idiots, they brought the stock market down to let foreigners buy our shares dirts cheap.

When a referee tries to control a match too much he spoils everything for everybody.

Hope Nalaka will find the correct balance. And conduct investigations discreetly and not leak negative remarks about the market

2. milanka Aug 28

Ayyooo... why this soon you came... you could have come next week. aparade... now market will needs some other news to move. what is it??? anyways welcome on board....

1. Shakeel Aug 28

Bad choice. Political choice and not based on merit. You should get someone new and fresh talent from the Lankan Brain Drain.