By Shabiya Ali Ahlam
The capital market operator, the Colombo Stock Exchange (CSE) has stressed that it is imperative for all stakeholders to gear up and embrace change if Sri Lanka is to keep up with global trends and progress to the next level.
CSE Chairman Vajira Kulatilaka, while sounding upbeat over the capital market’s ability to see “the light at the end of the tunnel” sooner than expected, asserted the industry must not lose focus and confidence despite the dampened current situation.
“The industry is going through a difficult period but we should all keep our heads up. We have gone through these bad times and we will come through.
For that we have to be ready for and change since the world too is evolving at a faster pace. We need to keep up,” said the CSE chief while addressing the top stakeholders of the capital market during a ceremony held to mark the 25-year journey of Central Depository Systems (CDS).
Taking a similar tone, the Securities and Exchange Commission (SEC) too stressed the need for change in the industry to ensure its progression to the next level.
According to SEC Director General Vajira Wijegunawardane, the regulatory initiatives must be supported to help boost the bourse.
“In terms of some of the regulatory initiatives, these are times where all of us together should embrace change and change for the better if we aim at taking the capital market to the next level. The regulator, the Exchange and the industry as a whole must work together and do the necessary reforms,” said Wijegunawardane.
Meanwhile, Asia-Pacific Central Securities Depositories Group Chairman Mohammed Hanif, who graced the occasion as the chief guest, said CDS is to play a significant role in this effort.
Pointing out its relevance, Hanif said, “Infrastructure institutions such as CSD has the technological framework to create meaningful innovation that will mitigate risks and bring in operational reforms. This in turn can boost the capital market and create transformational efficiencies.”
Noting that that CDS not only ensures the smooth functioning of the capital market, he stressed it is also accountable in preserving the integrity and security of the markets.
“We are living in an era where there is immense focus on the financial markets. Regulators and operators are striving to bring in transparency and controls to the system and for this it is imperative for the regulatory institutions to create a conducive environment, he added.