SEC going nowhere under Yahapalanaya Chairman

Tuesday, 7 April 2015 00:03 - - {{hitsCtrl.values.hits}}

The Securities Exchange Commission under the previous regime despite many shortcomings (not as bad as the Mahendran Bond) did many progressive interventions to keep the regulation up to speed and above all to prop up the Colombo Stock Exchange by giving confidence to the market. However, under the current Chairman who made many pronouncements before the election that the market was corrupt and he knew what do,

which got him the job back from the Prime Minister, has helped only dent the confidence of the entire system. His forgetfulness and unwillingness to meet or listen to his own staff that he thought did not support him during his previous tenure are being side-lined. He is determined not appoint the next in line as the Director General of the Exchange. The Chairman is so outdated in his thinking there not much hope for the exchange. His promises to get to the bottom of the EPF frauds during the 100 days has been more noise than action. It would be best to appoint a young dynamic leader or a balanced private sector leader who has worked in the private sector as chairman, if we are to make Sri Lanka a dynamic business hub. The current Chairman has too many vested interests in the exchange to function effectively. If he needs to be given a job, give him something else. Maithripala Sirisena and Ranil Wickremesinghe need to find their own version of a Dr. PB or a Gota to get this country moving again. The classic example is the state of the Colombo Racecourse and how the 100-day Budget was done. So far it has been a disaster. Please publish this in the name of Yahapalanaya. Charith Perera