New SEC Chairman will be Tilak Karunaratne: Rajitha

Thursday, 22 January 2015 01:08 - - {{hitsCtrl.values.hits}}

Newly appointed Cabinet spokesman and Health Minister Rajitha Senaratne yesterday said Tilak Karunaratne will be re-appointed as Chairman of the Securities and Exchange Commission.

The Minister said Karunaratne will be tasked with curbing manipulations in the stock market and described some brokers as being “rogues” and had contributed to the recent slide in the Bourse. Since 9 January, the market has lost Rs. 119 billion in value which analysts linked to investor concerns over policy uncertainty, pressure on interest rates to rise and wait and see attitude till Government presents the mini Budget later this month. Senaratne said Karunaratne during his earlier tenure as SEC Chief was prevented from carrying out his duties and so was his predecessor Indrani Sugathadasa. Karunaratne served only around nine months and resigned citing external pressure.