Call to punish errant Sri Lankan stockbrokers

ECONOMYNEXT – Investigations against Sri Lankan stockbrokers engaged in malpractices should be continued and the culprits should be punished, Harsha de Silva, Deputy Minister of Policy Planning and Economic Affairs said.

He said he was “disheartened” to note that certain stock brokers have evaded their ethical responsibilities and engaged in acts and omissions that breach the Securities and Exchange Commission (SEC) Act in the recent past.

An SEC statement said de Silva identified the importance of carrying on these investigations to punish the culprits to build up confidence in the market.

“The market should   create a level playing field,” de Silva said, noting that it is only then that the market could be developed.

De Silva stressed on his concern over the erosion of ethics in the securities industry when making a speech at a certificate and diploma awards organized by the Capital Market Education and Training.

De Silva said he believes in the importance of taking the market to society at large rather than limiting it to a restricted crowd and thereby creating an asset owning middle class. 

(Colombo/July 25 2015)

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