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Colombo bourse needs a full revamp: Dayasiri

7 November 2011 08:25 am - 28     - {{hitsCtrl.values.hits}}

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UNP Kurunegala District parliamentarian Dayasiri Jayasekara speaking to the Daily Mirror online today said that the stock market is run by a mafia with black money. “The stock exchange is dominated by a few people who are investing their illegal money into the system and at the end of it all they make their millions and the small timers are left wondering what happened to all their hard earned money,” he said.He added that these few players ruin the reputation of the genuine investors who are considered 'big players' in the market and are investing hard earned money. In a revealing interview with Daily Mirror online Jayasekara revealed that it was the few players together with top officials at the SEC and the Central Bank who were involved in this fraudulent racket.

The recent collapse in the stock market and the continued experimenting by the SEC has resulted in a major collapse in the Sri Lankan stock market with speculation being the norm within the CSE. The Director General of the CSE was removed last week and “promoted” to an advisor to the Finance Ministry in the wake of the continuous downturn within the market. “The stock exchange had in the past over 600,000 accounts of which a majority were of small time investors looking to harness their earning through the Stock market, today the operational accounts within the CSE has dipped to a mere 200,000, in all other countries it is the small timers who drive the market therefore, the stock market is seen as a perfect indicator of the Economy and investor sentiments of the country, however, in the case of Sri Lanka none of that can be done because a very few individuals run the whole show,” he said.

Making a sweeping allegation against many of the big players in the market Jayasekara said, “There have been statements by those at the top that a number of foreign investors have entered the market. I challenge the SEC to reveal one genuine investor or company that has come forward to invest in the CSE. What they call foreign investors are all Sri Lankans who send in their black money to Deutche Bank or to Grindlays, in turn these banks open accounts with the CSE and invest all of this black money back into the market, and that is what these people call ‘foreign investors’,” he said.

Jayasekara further went on to point out that one of the main reasons for the fall of the market was due to the interference of the Security Exchange Commission (SEC). “The SEC got involved with the free flow of things at the start and made a mess of it. The Price Band which was brought in as an experiment firstly affected the small timers. If you take the Stock Grain Elevators the price band was brought in after billions were made by the big timers who pushed the stock, then they had a benevolent buyer in the form of the EPF and ETF and once the price band came in the small timers who put their life savings into the market and believed the share was rising for some solid reason and bought the stock were left destitute. Also the SEC brought in regulations to the effect that margin accounts which many small timers rely on were to be closed by March 31. So these small timers sell all their shares at a very low rate which in turn is bought by the sharks,” he said.

He went on to allege that the hierarchy of the SEC have turned a blind eye to the insider trading that goes on day in and day out at the CSE. “They have appointed a chairwoman who has no clue about the workings of the market and these few individuals together with a premier blue chip company and a top official of the Central Bank run the show, the chairwoman is kept happy with a few foreign trips and a speech at some function while these few individuals are making millions at the expense of those poor investors,” he said.

He further went on to add that he is in the possession of  all the details regarding the money launderers and the big time investors who play the market at the expense of the innocent public and he will reveal all these details in parliament in due course. (Hafeel Farisz)
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  Comments - 28

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  • ampare son Monday, 07 November 2011 02:12 PM

    Good job dayasiri.

    ruchira fernando Tuesday, 08 November 2011 10:23 AM

    great .... this is the truth

    Sola Malai Monday, 07 November 2011 04:33 PM

    Well don Daya...your outspoken attitute will save the country from the hands of the mafia's well done good job....

    hamid Monday, 07 November 2011 05:23 PM

    can all unpers find a job and quit politics and do something good for this country, close down your party , you are all a set of jokeres and wasting eyeryones time.

    Big Ears Monday, 07 November 2011 05:29 PM

    This is the stock market, dear patriot. You should be observing the stock market to see the reality.

    The Lankan Monday, 07 November 2011 09:11 AM

    Hon Dayasiri,

    What the country seen of you is talk only no action. Can you please go to courts with all these allegations and bring the culprits to book? You are a lawyer and no need for a citizen Silva to advice you.. Show your capabilities and be a candidate for next Presidency.
    Good Luck
    Sincerely
    Lankan

    Sanje Monday, 07 November 2011 09:12 AM

    Very true sir. But only problem is due to the weakness of oppression you cannot do anything other than making comment like this. Otherwise why should RW appoint John A'tunga as acting Leader when you have two deputy leaders namely Sajith and Karu.

    ravi rajapathirane Monday, 07 November 2011 09:27 AM

    IS THIS MAHINDA CHINTHANA !!!!

    nalin peiris Monday, 07 November 2011 09:27 AM

    Wat has been said is absolutely true. And Sanje, please focus on the issue and not get carried away. Unfortunately even if the UNP was in power these very same scoundrels will be carrying on regardless.

    It is true that even in developed countries we have heard of scams involving the stock market. But, for God's sake this is a Banana Republic. What more do you expect?

    Imran Hussein Tuesday, 08 November 2011 05:18 AM

    Well at least Dayasiri is keeping UNP alive. Where is Sajith?

    Ane Manda Monday, 07 November 2011 09:58 AM

    ohoma yan!!! way to go

    Heamu Monday, 07 November 2011 10:00 AM

    Action ! Action !! Action !!! . Then we believe you!

    Ananda Monday, 07 November 2011 10:18 AM

    Dayasiri When something goes wrong, he latches onto it and just rambles.
    He should first worry about his own party.

    OBSERVER Monday, 07 November 2011 10:26 AM

    Take a bow Mr.Jayasekara ..You are the only person with a backbone to stand against injustice when the other opposition member's are infighting..Also good stuff Daily Mirror..keep up the good work!

    Manjula Monday, 07 November 2011 10:37 AM

    Exactly.. I'm afraid, I don't know what will happen to SL economy. ohh. Please don't reverse Sl economy

    Bullers Monday, 07 November 2011 10:42 AM

    refreshing comments by the MP

    Chandra Monday, 07 November 2011 10:55 AM

    Looks like a bit of essence in the story.

    Big Ears Monday, 07 November 2011 11:00 AM

    Totally agree. The stock market in Sri Lanka rose without any real economic backing. In Sri Lanka the stock market was used for cleansing dirty money. This type of market dive does not help the country to develop. It only helps a few influential individuals.

    Crirtique Monday, 07 November 2011 11:09 AM

    This comment sounds constructive

    hasantha Tuesday, 08 November 2011 07:07 AM

    I agree with Tharuka above.. even if this is the wrong forum I think everyone who is electing to the parliament should be A/L qualified. or at least sat for A/L to begin with and in 5 years to pass A/L

    shehan35 Tuesday, 08 November 2011 07:19 AM

    Probably busy buying shares?

    Ranmali Monday, 07 November 2011 11:17 AM

    Hon. Dayasiri please help us the poor people. Can you do something other than expose these guys. Please Sir do something fast.

    samosa Monday, 07 November 2011 11:52 AM

    This is nothing to do with opposition or their hierarchy....
    He is providing information on what's happening in the stock market and how the government manipulating the economy. Is it wrong to disclose? or should he wait to disclose till UNP get organized their party hierarchy?

    Anyways Dayasiri keep up your good work, people need to know what's happening in the country...

    samosa Monday, 07 November 2011 11:54 AM

    Manipulation is the key strategy in Mahinda Chintanaya

    Anthony Monday, 07 November 2011 12:01 PM

    Dear all

    Once I was a Sri Lankan. But Now I call Australia home.

    Well I was about to invest capital in SEC and made a enquiry from SEC and got good advice. Advice was to study the market. I let that with my accountacy firm.
    During their reserch they found many problems and I would not like to share all that online. Because "You can take man out of country but you can not take country out of man".

    I hope one day we can help Sri lanka to become a paradise.

    But I don't know how ?

    All the best to you.

    Anthony

    Tharuka Monday, 07 November 2011 12:07 PM

    Go to court not only this case. Plase get minmum qualification at least for member of paliment. Person who clean the toilet has qualifaction for the job. why MP has not it? MP got 20 time higher salary. More than 50% of MPs did not pass AL. Some learn less than 8 grade. How they pass acts for development of the country.

    Leslie Monday, 07 November 2011 12:32 PM

    Few months ago a big time trader said that trading with insider information must be permissable. It is people of this stature who are ruining the market.
    The shortsighted regulations of SEC has resulted in a total mess. These must be removed and free flow of the market ensured, allowing it to get back to the status that was few years back.

    Patriot Monday, 07 November 2011 12:58 PM

    Go to supreme courts. Prove your claims. Offer your solutions for the bench of judges to consider, get a order. Don't just bark and go home wagging tail.


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