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Tilak Karunaratne Sr Lanka’s new stock market regulator

EconomyNext – Sri Lanka is to reappoint Tilak Karunaratne as head of the stock market regulator, a government spokesman said.

Karunaratne served briefly as chairman of the Securities and Exchange Commission before resigning saying the then-government was interfering with his investigations into market irregularities.

Rajitha Senaratna, Minister of Health and Indigenous Medicine in the new government, said Karunaratne would be re-appointed as chairman of the SEC and that there would be a crackdown on market manipulation and other irregularities.

"There are a few stock market players who are manipulating the market. We will launch new investigations into their activities," he told a news conference. 

Karunaratne’s resignation in August 2012 came less than a year after his predecessor, Indrani Sugathadasa, resigned in December 2011 hinting at similiar reasons for quitting, saying she wanted to "uphold her principles".

That was a time when Colombo’s stocks went through wild gyrations with certain big players suscepected of manipulating prices.

Investigations into the wild price swings were shelved for lack of evidence of market manipulation, according to the regulator at the time.

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