COLOMBO (EconomyNext) – South Asian countries should develop common rules and boost regulatory consistency to draw international investors, head of Sri Lanka’s Securities and Exchange Commission said.
"I wish to reiterate the importance of formulating a joint regulatory mechanism while safeguarding the sovereignty of the respective nations and unique characteristics in each of our markets," SEC Chairman Tilak Karunaratne said in Colombo
"Joint initiatives should be taken to address overlapping concerns and interests.
"This might be a tedious task as each of our markets are at different levels of development, yet not impossible."
He was addressing a forum held by South Asia Federation of Exchanges and the Colombo Stock Exchange.
Karunaratene said Sri Lanka was updating is SEC law to keep pace with developments in the market.
An act of parliament to demutualize the Colombo Stock Exchange was also in the works.