Mon, 21 Jun 2021 Today's Paper

Nalaka appointed SEC Chairman

28 August 2012 02:22 pm - 22     - {{hitsCtrl.values.hits}}

A A A

The government appointed the head of Sri Lanka's state-run tourism board, Nalaka Godahewa, to chair the country's markets regulator, the Treasury Secretary said today.

P.B. Jayasundera said Godahewa would join the Securities and Exchange Commission with immediate effect.

The SEC post has been vacant since August 17 when Tilak Karunaratne resigned, claiming he had come under pressure from market participants being investigated for alleged stock market manipulation.

The IMF last week raised concerns over the resignation of Karunaratne, saying that, under his leadership, the SEC had been taking the right steps to ensure its regulations were obeyed.

Godahewa, meanwhile, has been viewed as a market-friendly candidate, and hopes he would succeed to the top regulatory post had boosted the stock market 4.1 percent since Karunaratne's resignation.

Godahewa has worked extensively in the private sector, including as the head of an insurance firm and of the overseas operations of the island's top garment exporter, MAS Holdings.

Godahewa, who will be the third SEC head since December, said he was unaware of the appointment.

Sri Lanka's SEC has been heavily criticised by some market players, who have claimed the stock exchange is over-regulated and blamed this for a 20 percent drop in the index this year.

Karunaratne's predecessor also left amid complaints from brokers that tougher regulations were hurting stock prices.

Analysts and brokers are divided over Karunaratne's resignation with some noting regulations will be difficult to enforce even under a new SEC chief as investors were powerful enough to lobby against any probes.

Karunaratne had been pushing investigations into stock market malpractice, including so-called pump-and-dump deals in which investors are lured into apparently cut-price equities. (Reuters)
See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

  Comments - 22

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 
  • Citizen Perera Tuesday, 28 August 2012 02:37 PM

    Birds of feather flock together.

    krishna Tuesday, 28 August 2012 02:40 PM

    Let`s the robber barons come in,Sir.

    ceylon Tuesday, 28 August 2012 02:50 PM

    A person who was in the Tourism board being appointed as the Sec Chairman . Good luck SL.

    Suny Tuesday, 28 August 2012 02:53 PM

    Dan ithin Horage aqmmaqgen pena ahanna puluwan

    Nadi Wednesday, 29 August 2012 09:34 AM

    No good governance possible until checks and balances on executive power are restored. That is not going happen any time soon. Whoever chairs the SEC is irrelevant. They have probably found an obedient helpmate in this one.

    Jap Thursday, 30 August 2012 11:28 AM

    API goda !!!!!! Anay pow tilak goiya !!!!!!

    Nihal Amarasekera Wednesday, 29 August 2012 03:10 AM

    Katchal everywhere; is it due to "free for all" economy, mismanagement or corruption. Everybody's guess is as good as everybody's.

    richardson Tuesday, 28 August 2012 04:20 PM

    Istok Marakat is stinking to high heaven, worse than the fish marakat.

    Horu Horu Horu OKKOMA HORU

    konda china Tuesday, 28 August 2012 04:27 PM

    Niyamai, Nariyata kukullu bara dunna vage

    Samantha Wednesday, 29 August 2012 05:09 AM

    Another DOCTOR........

    Tikka Wednesday, 29 August 2012 05:35 AM

    What stock market!. We should do away with these western
    & imperialistic gambling dens and have something similar to the Sunday Pola, which would be more understood by our politicians and rulers and then the majority of the people can benefit. Now its like "Godayata Magic"

    Barnes Tuesday, 28 August 2012 05:19 PM

    OMG!!! Pump n Dump for ever

    Sagara Tuesday, 28 August 2012 05:41 PM

    Run it like a hotel man :)

    Dunya Wednesday, 29 August 2012 06:12 AM

    He is the stop-gap player.ever ready ready to step in.

    Jeevan Tuesday, 28 August 2012 06:17 PM

    If you don't leave the post within 6 months, we are more than sure you are a man with integrity, like Basil.

    Siri Wednesday, 29 August 2012 06:14 AM

    He can do well,if allow him to do with out interfere, good luck.

    Basil Illangakook Wednesday, 29 August 2012 06:36 AM

    Its going to be party time for the "mafia"

    j Wednesday, 29 August 2012 06:36 AM

    Any way today soon after his appointment stock market is down as good strategy not to high light that he is friend of market crooks, good eyewash by the market crooks they are more tactful than all of you

    ash Wednesday, 29 August 2012 07:01 AM

    PB himself is a rouge, all his appointees too will be the same.....

    a ahmed Wednesday, 29 August 2012 07:40 AM

    He is under unspecified probation period

    Dan Wednesday, 29 August 2012 07:32 AM

    Too many banana's in this little banana republic.

    Dayan Wednesday, 29 August 2012 08:27 AM

    Another DOCTOR who knows 'CONFLICT of INTEREST' than anybody who is about to 'breach' it now


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment


GSP+: Isn’t there a way out?

The European Parliament’s resolution on Sri Lanka on June 10 was the second

Is Litro Gas above the regulator?

After an in-house battle among members of the top management of the Consumer

Statistical blunders expose administrative weaknesses

Information helps save lives and during a pandemic a free-flow of vital, accu

Vavuniya tusker’s demise DID TOO MANY ‘COOKS’ SPOIL JUMBO’S RECOVERY?

On June 11 Sri Lanka lost another one of its magnificent tuskers that succumb



See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.