Ethical conduct critical to attract international financial industry

By Charumini de Silva

The CFA Society of Sri Lanka believes engraving the value of ethical conduct among capital market participants would be critical to garner confidence of the international financial industry, which would ultimately determine the country’s position in the ever-competitive global financial landscape.

“We firmly believe that while a well-structured regulated capital market is vital in achieving global integration, even more important is the need to engrave the value of ethical behaviour among all industry participants,” CFA Society Sri Lanka President Sanjaya Kulatunga said, delivering the opening remarks at the fourth ‘CFA Sri Lanka Capital Market Awards 2016’ ceremony held in Colombo. 

He said although it has been a process perhaps slower than most stakeholders had been expecting in the post-conflict era, the country’s capital market was gradually finding its way more and more into the global economic system. 

“Sri Lanka is becoming more integrated with global value chains, capital flows and also movement of human capital thereby, this situation immensely helps the country to enter the global economic system,” he added.

Kulatunga further stated that CFA Society Sri Lanka was committed to work with all stakeholders in the industry to make the financial sector of Sri Lanka reach its full potential. 

Noting that Sri Lanka’s capital market was in its early stages, CFA Society Asia Pacific Managing Director Nick Pollard said establishing a strong culture of ethical conduct was essential as the diversity, size and professionalism of institutional investors would be key factors in determining how fast and large the capital market in Sri Lanka could grow.

While commending the high standards of ‘CFA Sri Lanka Capital Market Awards 2016’ Pollard said they were differentiated due to the winners not only recognising technical excellence, but importantly integrity, transparency governance practices and best-in-class global investment standards.

‘CFA Sri Lanka Capital Market Awards 2016’ announced winners for the Best Unit Trust Fund, Best Equity Research Report, Best Investor Relations and Best Stockbroker Research Team.

Accordingly, JB Vantage Money Market Fund was crowned as the Best Unit Trust Fund, while Bartleet Religaire Securities’ Vajirapani Bandaranayake bagged the Gold for Best Equity Research Report for her report on Hatton National Bank. Best Investor Relations award was presented to NDB Bank and the Best Stockbroking Research Team was won by NDB Securities.

Winning Silver were Guardian Acuity Money Market Fund for Best Unit Trust Fund, Hasantha Uswatte from Asia Securities for his report Piramal Glass as the Best Equity Research Report and Hatton National Bank for Best Investor Relations.  

Bronze awards were won by Chethana Ellapola from Acuity Stockbrokers for her report on Lanka Hospitals for the Best Equity Research Report, JB Vantage Value Equity Fund in the Best Unit Trust Fund category and Dialog Axiata for Best Investor Relations.  

Meanwhile, commendations were conferred on CT CLSA Securities and LOLC Securities under the category of Best Stockbroking Research Team, and LOLC Securities’ Gayan Rajakaruna’s report on Distilleries Company of Sri Lanka in the Best Equity Research Report category, while Sunshine Holdings gained an Honourable Mention for Best Investor Relations.

Pix by Sameera Wijesinghe