Sri Lanka without SEC chief while awaiting presidential nod

ECONOMYNEXT – Sri Lanka’s Securities and Exchange Commission is currently operating without a chairman while approval is awaited from the Presidential secretariat, Finance Minister Mangala Samaraweera said.

Ranel Wijesinghe, an accountant, has been nominated by Samaraweera to chair the SEC.

"Usually we refer our appointments to the Presidential secretariat," Samaraweera told reporters. "It is just a procedural delay, that is all."

There has been speculation that officials at the Presidential Secretariat had been blocking Wijesingha’s appointment in a bid to get a different person of their own choosing.

"Not that I know of," Minister Samaraweera said.

Under the SEC the minister has to appoint a deputy governor of the central bank nominated by the Governor and, "six persons drawn from the private sector possessing professional expertise, wide experience and proven competency in the fields of law, finance, banking and business.

"These appointments shall be made to facilitate a Commission with a multi-disciplinary capacity."

The deputy secretary to the Treasury, the Registrar of Companies, the chairman of Institute of Chartered Accountants of Sri Lanka were automatically members.

The SEC law says the minister shall nominate from among the members of the commission one member to be chairman. (Colombo/May23/2018)





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