Four insiders among the dozen vying for SEC DG post

Four senior executives are among the dozen who are vying for the top but tough post of Director General at the Securities and Exchange Commission (SEC).

The deadline for applications closed on 5 December, and the DG post judging by the number of CVs received remains a favourite despite short span as well as controversial exits by many predecessors.

The Daily FT learns among SEC staff who have applied are Director Investigations Dhammika Perera, Director Surveillance Chandu Epitawala, Director Capital Market Development Vajira Wijegunawardena and Director Capital Market Development and Training Prof. D.B.P.H Dissa Bandara who is on contract.

Among outside applicants speculated were Lankan born US fund manager Esala Epa, a former senior employee from the Attorney General’s Department and now a consultant to a multilateral donor agency, a former senior executive from the Colombo Stock Exchange and now serving as a CEO of a financial institution as well as a CFO of a leading retail firm.

The applications are to be considered and short listed at the newly appointed SEC Chairman Tilak Karunaratne’s first Commission meeting early next week.

The post of Director General at SEC fell vacant with the long-standing staffer Malik Cader moving out after a one year stint to function as Senior Advisor on Capital Market Development at the Finance Ministry.

This was following the Government and the SEC coming under flak from high networth investors and some brokers that the market was being over-regulated leading to its miserable run since mid this year. Chairperson Indrani Sugathadasa also followed suit by resigning early this month.

The SEC under new Chief on Wednesday issued a statement assuring that it will continue with necessary measures to ensure efficient and fair market.