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Sunday October 1st, 2023

Sri Lanka SEC chief calls for self-governance and responsible action

ECONOMYNEXT – Sri Lanka’s new Chairman of the Securities and Exchange Commission, Faizal Salieh has called for self-governance and responsible action from market intermediaries to build investor trust and confidence.

Stock brokers are the front liners in the market who engage with clients directly and therefore should act with due responsibility in advising clients and trading on the Exchange and the “market grow by doing the right thing the right way,” he was quoted as saying at a meeting.

Market participants were urged to move away from short-termism towards long-term sustainability collectively in order to build investor trust and confidence in the capital market,’ the statement said.

A new SEC had more teeth but the regulator was “mindful in playing a balanced regulatory role with due consideration to both market development and market facilitation,” according to the statement.

“Our capital market must become a good alternative source for capital funds, like in other jurisdictions and that we are being watched by overseas and local investors on how the market behaves and is regulated,” he had said.

Salieh encouraged the stock brokers to develop in-house research capabilities which is now a requirement under the new SEC Act, review risk mitigation policies and processes, ensure succession planning and strengthen the compliance function.

He jihad suggested that a Compliance Officers Forum be created to enable exchange of views, best practices and improve compliance in the market.

Listing of state enterprises, attracting pension funds to the market, and listing Green and Blue and infrastructure funds were discussed, the statement said. (Colombo/Mar26/2023)

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  1. sacre blieu says:

    It will be ineffective without justice being done to the investors who were taken for suckers and played out a few years ago. There was blood flowing on the trading floor, shockingly it was criminalized to be the worst-managed market. The perpetrators are free to roam.

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  1. sacre blieu says:

    It will be ineffective without justice being done to the investors who were taken for suckers and played out a few years ago. There was blood flowing on the trading floor, shockingly it was criminalized to be the worst-managed market. The perpetrators are free to roam.

Sri Lanka National Christian Council opposes Online Safety Bill

ECONOMYNEXT – The National Christian Council of Sri Lanka (NCCSL) in a statement on the Online Safety Bill, said that the existing legal regime is adequate to deal with instances of harmful speech, making it unjustifiable to enact such “stringent laws”.

The Council called upon the government to withdraw the bill immediately.

The body expressed “deep concern” over the proposed bill, detailing its potential to curtail freedom of speech and how, according to the Council, the piece of legislature is inconsistent with the principles of democracy.

“The bill proposes the establishment of an entity named the Online Safety Commission without provisions to guarantee its independence and impartiality,” the statement said.

Chapter 3 imposes restrictions on online communication of certain statements, many of which are vague and overbroad, leaving room for executive control and the curtailing of legitimate criticism and dissent that are basic features of democracy, the statement said.

“The laws granting wide discretion to the executive and its investigative agencies with expansive reach have been misused in the past.”

The Council said that the bill was not drafted with the process of public consultation and discussion, which might have ensured the bill would be less draconian in nature.

“The National Christian Council of Sri Lanka calls upon the government to withdraw this anti-human rights and anti-democratic bill immediately.” (Colombo/Sep30/2023)

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Sri Lanka to implement new vehicle revenue licence issuing system

ECONOMYNEXT – A new system of issuing vehicle licences called eRL 2.0 is to be implemented in 5 provinces, excluding the Western Province, from 3 October onwards.

The new system is to be implemented beginning in the North West, South, North Central, Central and Sabaragamuwa provinces, respectively. The existing vehicle licence issuing system eRL 1.0 will continue to be used in the Western Province.

The issuing of revenue licences islandwide at Department of Motor Traffic head offices and regional branches will be temporarily halted on October 2.

The facility of obtaining vehicle permits online will also be temporarily halted on 6 October till midnight.

The Sri Lanka Information and Communication Technology Agency (ICTA) and the Provincial Motor Traffic Departments are working to modernize the current vehicle revenue license issuance system.

The implementation of the new eRL 2.0 system is expected to be an important step in the digitalisation of Sri Lanka. (Colombo/Sep30/2023)

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Sri Lankan Airlines flights cancelled as aircraft grounded

ECONOMYNEXT – State-run SriLankan Airlines has apologized to passengers who were stranded as multiple aircraft were grounded at the same time.

The airline said it has strict procedures which requires aircraft to be grounded when technical issues are discovered.

“Unfortunately, in this case we suffered a number of groundings at the same time,” the airline said.

“We apologize for the disruption and inconvenience caused and assure all our loyal customers that we are working diligently to minimize such occurrences moving forward.”

The airline said it was booking passengers on other airlines while some have been accommodated at hotels. (Colombo/Sept30/2023)

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