A former securities regulator is calling on authorities to mount a public education campaign to increase awareness about pyramid schemes.
Central Bank has already drafted some legislation to combat pyramiding as part of their come in their upcoming Banking Act, but there is no sign that the parliament will pass it any time soon.rn
rnldblquote Even without the laws being there, I think the state, or some of the regulatory bodies that are have a responsibility to look at these activities and see what the risks are, dblquote says Senior Partner of Nithya Partners and former Securities & Exchange Commission (SEC) Director General Aritta Wikremanayake.rn
rnldblquote Run advertisements, educate the public tell them what the risks are, because there are so many cases where people have been played out over and over again all over the world. dblquotern
rnThe SEC of Sri Lanka for example works on the basis of disclosure regulation. Rather than going into the merits of each investment security, the watchdo