Entering a digitalised future: Best is yet to come, says CSE Chief

Colombo Stock Exchange Chairman Dumith Fernando last week assured capital market stakeholders that the best was yet to come, as the Colombo bourse stepped into a digitalised future via multiple initiatives. 

CSE Chairman Dumith Fernando

“In this 35th year of operation of the Colombo Stock Exchange, we are gathered to launch the digitalisation of the CSE and its entry into the future,” he told the gathered audience at the launch ceremony, attended by Prime Minister Mahinda Rajapaksa, Ministers and capital market stakeholders. 

He said the initiatives taken in partnership with, and enabled by, the Securities and Exchange Commission to digitalise the stock market, were a first step towards a transformation that can reposition Sri Lanka in a digital financial marketplace. 

“While this may be the first step, it is a major milestone in the advancement for the CSE,” Fernando emphasised, adding that it was a momentous leap in the nation’s financial infrastructure.

“At the CSE our mission is clear. Our goal is to revitalise long-term capital mobilisation for businesses, and to enable wealth generation for all citizens by providing a trusted venue for trading and depository services,” Fernando said. 

The CSE Chief said to enable wealth generation for all citizens through the CSE, there are 3 things that must be done: 1) make it easier for citizens to access and learn about the stock market; 2) make it easier and more efficient to complete transactions – end-to-end; and 3) make it cheaper to perform all these activities.  

“The digitalisation of the CSE does exactly these things. With the new digitalisation app being launched today, users will be able to open an account at the Central Depository System (commonly known as the CDS) and a stockbroker from anywhere in the country in a matter of minutes, and begin trading within an hour,” Fernando said.

In addition, trade settlements including sending trade confirmations and payment settlement can be done entirely online. With this, the Colombo Stock Exchange can also safely operate completely virtually, even during a lockdown as was imposed earlier this year. 

He said the launch of the new and improved websites of the CSE, CDS and SEC, as well as the SEC’s YouTube channel, will further support digitalisation by instantly delivering much-needed information to issuers and investors.

“This launch is a result of a large team of people who have worked together tirelessly for months. This milestone was achieved through a combination of the leadership given by the SEC, as well as extensive collaboration between the SEC, CSE and the member stockbroker firms,” he said, thanking everyone.

“I feel blessed to have a highly capable group of partners on the CSE Board.  We in turn are blessed with a dedicated management team and staff led by our CEO Rajeeva Bandaranaike, a proactive and collaborative SEC with its Chairman Viraj Dayaratne leading by example, and a government and policy-makers starting with the Prime Minister and the State Minister, who have demanded of the capital market its due role and responsibility in this nation’s growth agenda,” Fernando said. 

“Said simply - the CSE’s stars finally seem to be aligned.  As long as that is the case, Prime Minister, my pledge to you on behalf of the CSE is that we will rise to the challenge of playing the role expected of us, fully and comprehensively, to enable capital mobilisation for your ambitious economic plans for mother Lanka.  Dare I say, for the CSE, the best is yet to come,” CSE Chief Fernando emphasised.