CSE and SEC ring bell for financial literacy

CSE Head of Market Development Niroshan Wijesundere, SEC Assistant Director of Investor Education and Advocacy Suneth Perera, CSE Chief Regulatory Officer Renuke Wijayawardhane, CSE CEO Rajeeva Bandaranaike, SEC Chairman Ranel T. Wijesinha, SEC Director General Vajira Wijegunawardane, CSE Director Dumith Fernando, CSE Director Shanil Fernando and SEC Director of Investor Education and Advocacy Tushara Jayaratne - Pic by Lasantha Kumara

The Colombo Stock Exchange (CSE) in association with the Securities and Exchange Commission of Sri Lanka (SEC) joined stock exchanges from around the world to ring the bell for financial literacy, as part of the World Investor Week 2019 global campaign. The event gathered senior representatives of the capital market fraternity as a call to action to improve financial education and literacy in Sri Lanka.

The International Organization of Securities Commissions (IOSCO) recently launched its third annual World Investor Week campaign following campaigns that previously paved the way for more than 1,000 financial organisations to showcase their initiatives for promoting investor education and protection across the globe. 

A total of 38 stock exchanges have joined ‘The Ring the Bell for Financial Literacy initiative’ in 2019, which is an initiative pioneered by the World Federation of Exchanges to bring stakeholders together for a call to action on improving financial literacy. These ceremonies also provide an opportunity for exchanges to promote the work being done within respective jurisdictions to improve financial education and literacy. 

‘The Ring the Bell for Financial Literacy’ ceremony organised at CSE was part of a series of initiatives organised in Sri Lanka for the World Investor Week campaign by the CSE and the SEC. Other initiatives organised include a social media campaign on financial literacy, press advertisements, activations and workshops for stakeholders, investors and students. An intake of the Advanced Diploma in Financial Markets and the CSE Masterminds Quiz will also be launched during this period to support the World Investor Week campaign. 

These events are in addition to the programs conducted by CSE and SEC covering a broad range of socio-economic and demographic segments around the country targeting various aspects of financial literacy.

Chairman Ranel T. Wijesinha, Director General Vajira Wijegunawardane, SEC Directors and other officials of the SEC were present at the event. The CSE was represented by Directors Dumith Fernando and Shanil Fernando, CEO Rajeeva Bandaranaike and the management of the CSE.

 Speaking at the ceremony, SEC Chairman Ranel T. Wijesinha called for all stakeholders in the business community to join forces to create awareness on the potential of the Sri Lankan capital market among communities in all socio-economic and demographic segments around the country. 

Wijesinha also went on to state that the SEC was committed to the cause and would continue to play an active role in educating investors and potential investors in order to pave the way for a higher level of financial literacy in the country.   

Delivering the opening remarks at the ceremony CSE Director Dumith Fernando commended IOSCO for promoting the world investor week campaign and said: “Financial literacy is the underpinning factor that allows financial markets to grow and it is an important time for us to recognise the imperative here given the nature and stage of our own capital market.” 

Fernando went on to state that it was the responsibility of financial sector participants to play a greater role in financial education and encouraged stakeholders to continue to endeavour to make our community more financially savvy, for the benefit of both our community and the prosperity of our nation.  

SEC Director General Vajira Wijegunawardane, who also spoke at the event, noted that the extensive effort made by the SEC towards educating the Sri Lankan investment community has been recognised internationally and played a pivotal part in the SEC being included on IOSCO’s Committee on Retail Investors in 2016. 

Wijegunawardane went on to urge stock broker firms, unit trusts and professional institutions to play an active role in reaching out and contribute towards increasing the current modest levels of financial literacy that prevails in the country.