Right of Reply

I was dismayed when I read the Daily FT article ‘Heraymila Securities CEO Ravi’s broadside on John Keells; ‘Pump and dump’ and key challenges for capital markets’ published on 24 June 2011.

My presentation at the workshop was motivated by the need for constructive engagement by the key players in the capital markets to address issues of a fundamental nature rather than destructive criticism, which is disruptive and counterproductive.

I fear that your readership could have easily misinterpreted my presentation which was made in the interests of encouraging healthy debate and a rigorous approach to dealing with ongoing issues in the development of our capital market.

I wish to stress that I was not indulging in attacking a market intermediary or company in particular, or even the regulator, an impression which may have been created by the aforesaid article. I have striven “to make a difference” to our capital market in various capacities over the last 15 years.

The objective of the presentation was to clearly identify the vital components to sustain and build our capital market and to address key issues with regard to them.

Trust being one which the industry must address rigorously rather than have the subject kicked under the carpet with adverse consequences, both short and long run, for the market and its participants.

In my view it is crucial that market participants are able to address problems and issues dispassionately, understanding the perspectives of the different players in the markets, evaluating best practices whenever relevant to the issues at hand and constructively pursuing solutions, regulatory or otherwise in the best interests of the capital market and the country!

If we do not do that, as I very clearly pointed out in my presentation, the outcome would be a deepening of the distrust in the markets rather than the deepening of the capital market itself.

I would be obliged if you give equal prominence to my letter to facilitate a process whereby all those genuinely concerned with the development of the capital market would be encouraged to take this opportunity for constructive engagement in addressing real issues which obstruct its development.