SEC Chief says ready to hand over baton

Monday, 25 November 2019 01:22 - - {{hitsCtrl.values.hits}}

Against the backdrop of the recent Presidential Election and the reconstitution of the Cabinet, SEC Chairman Chartered Accountant Ranel Wijesinha last night said he is ready to hand over the baton.

“A smooth transition from the present Chairman and Members of the Securities and Exchange Commission to a newly reconstituted 10-member Chair and Commission is an urgent and vital step and all my Commissioners and I are committed to cooperate towards an immediate transition,” Wijesinha told the Daily FT.

“In accordance with the provisions of the SEC Act, we were appointed 15 months ago by a minister who has resigned, and it is essential that we pave the way for a complete handover to a Chair and Commission of the choice of the new Minister, the Cabinet, the Government and the new President,” he added.

“I have accordingly conveyed to the new Treasury Secretary Sajith Attygalle, who I have had the privilege to work with from 2015 when we both served on the Board of Directors of the Bank of Ceylon and the SEC as Commissioners, moments after he took office as Secretary Treasury, about my desire to hand over to a new Commission, with no gaps in time like I have witnessed many times in the past with regard to the SEC and the BOC. These gaps with no quorum, are not a reflection of good governance and is not responsible,” Wijesinha opined.

He said it was an imperative that the apex capital market regulator has a legally enabled Commission to guide and direct its affairs through a seamless transition. “As such I like to see the appointments made early so that we can formally hand over.

“I have therefore requested my fellow Commissioners that we should not kneejerk react and resign but do so, all at the same time the moment the new Commission is constituted. I have also conveyed the same message to SEC nominees on the Board of our main licensee the Colombo Stock Exchange,” he said.

Wijesinha also thanked all for their patience, and their professionalism, commitment and dedication throughout the 15 months he had the privilege to work together with them, and the unanimous decision making on a wide variety of long overdue capital market regulatory and development activities.

“I wish the new President and the new Government the very best for the future, and I am very optimistic that the new dynamism in the bourse, will help propel the capital market to realise its yet unrealised full potential,” Wijesinha added.