SEC DG Malik Cader out or in?

Friday, 21 October 2011 03:19 - - {{hitsCtrl.values.hits}}

Speculation was rife yesterday that SEC Director General Malik Cader had been either removed or transferred via a Cabinet decision though the Chairperson of the regulatory body Indrani Sugathadasa responded saying “not to my knowledge.”

Some circles insisted Cader had been removed or would be removed, whilst others ruled out such an eventuality.

The post of Director General at the SEC is appointed by the Minister of Finance on the recommendation of the Commissioners of the regulatory body.

Efforts to get a confirmation or denial about market speculation from the Ministry of Finance failed.

The SEC has been under attack by certain investors and brokers for excessive or overregulation, which they alleged was the key reason for the stock market’s downfall after being the world’s most consistent best performer until recently. However, others have welcomed the SEC’s tough stance to improve discipline and market stability in addition to describing the recent dip as part of correction from artificially-high levels.