'The Ceylon Chamber of Commerce notes with concern the statements made by Thilak Karunaratne, Chairman of the Securities and Exchange Commission (SEC) to the media on his impending resignation. The resignation of two SEC Chairpersons within a period of less than one year will be viewed with concern by investors, corporates and other stakeholders. An effective and stable regulatory framework is critical to ensure a robust and sustainable capital market, which delivers long term value to all stakeholders,' the chamber said.
The Chambers statement is obviously watered-down and half hearted, and probably too late, but it is, nonetheless, an indictment on the government, the shady investors and crony brokers who believe the country s stock exchange does not need regulation, that market offences were an integral part of the system which should not be disturbed.
As highlighted in these pages, a plethora of respected persons, including four broker firms, have stood up in support of the SEC. All they had asked for is equity, justice and that the rule of law prevailed.
But as Treasury Secretary Dr. P. B. Jayasundera told the SEC, political considerations come first. He wanted the SEC to compromise. The SEC refused, and now its Chairman can do nothing but resign.
Discipline who cares !
Edited By - Damed - 15 Aug 2012 20:58:24 GMT