COLOMBO (EconomyNext) – Thilak Karunaratne, the new head of Sri Lanka’s capital market regulator, Securities and Exchange Commission, has said he was working to strengthen regulations and prevent irregularities to ensure all investors can trade on equal terms.
"The common aim of the Colombo Stock Exchange and SEC is to see a well-regulated capital market where all investors get a fair deal," he said at a ceremony to mark the start of trading Thursday.
"It is our duty to ensure it," declared Karunaratne, who was recently reappointed SEC chairman by the new government which took power after the ousted of president Mahinda Rajapaksa in the January 8 presidential poll.
Karunaratne quit as SEC chairman during a previous stint, complaining that the Rajapaksa government interfered with his investigations into stock trading irregularities, after his predecessor also quit for similar reasons, both within a year of each other.
"We’re now working to strengthen weak points in (our regulations)," said Karunaratne at the ‘Bell Ringing’ ceremony to signify opening of trading by visiting Malaysian envoy Dato’ Seri Utama S. Samy Vellu who is Special Envoy (Ministerial rank) to India & South Asia on Infrastructure, Prime Minister’s Department, Government of Malaysia.
The law governing capital markets might needed t be amended "to give teeth to take care of shortcomings happening in the capital market," Karunaratne said.
"Over a period of time we hope to correct shortcomings not only in the Act but in the workings of the market as well."