SEC appoints Consultative Committee for capital markets

The Securities and Exchange Commission (SEC) yesterday announced the appointment of a top-level and well represented Consultative Committee for the development of capital markets currently facing challenging times.

The move was a direct outcome of the two-day Capital Market Development Workshop which the SEC held in Negombo in June.

“A key recommendation which was put forward by Industry Participants at the recently concluded Capital Market Development Workshop was to establish a well represented Capital Market Industry Consultative Committee, which will take into account the views of various stakeholders that will have an impact on the capital market of Sri Lanka,” SEC said in a statement yesterday.  “This was to ensure that a more robust and inclusive development of the industry as well as to make recommendations for formulation of policy,” the SEC added.                

The SEC also said the current positive economic and political environment in the country has emphasised the need for a capital market which can adapt to meet new challenges.

 Furthermore, the Securities and Exchange Commission of Sri Lanka’s (SEC) task in determining policy has increased in complexity.

The SEC at its 283rd meeting gave its concurrence to establish a Capital Market Industry Consultative Committee comprising of the following: Chairperson – SEC, Commission Member – SEC, Director General - SEC, A Deputy Governor of the Central Bank of Sri Lanka, Chairman - Colombo Stock Exchange, Chief Executive Officer - Colombo Stock Exchange, President - Colombo Stock Brokers’ Association or his nominee, President - Unit Trust Association of Sri Lanka or his nominee, President - Margin Provider’s Association, President - CFA, Debt Market Specialist, Equity Market Specialist, Equity Market Legal Specialist and An Investor Representative.

SEC said the expertise and experience of a well represented Committee will benefit the entire capital market of Sri Lanka and this committee is expected to meet on a quarterly basis.