Nalaka appointed SEC Chairman

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

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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)

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Comments - 22

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"

Jap Thursday, 30 August 2012 11:28 AM

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

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.

Dayan Wednesday, 29 August 2012 08:27 AM

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

Dan Wednesday, 29 August 2012 07:32 AM

Too many banana's in this little banana republic.

a ahmed Wednesday, 29 August 2012 07:40 AM

He is under unspecified probation period

ash Wednesday, 29 August 2012 07:01 AM

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

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

Basil Illangakook Wednesday, 29 August 2012 06:36 AM

Its going to be party time for the "mafia"

Siri Wednesday, 29 August 2012 06:14 AM

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

Dunya Wednesday, 29 August 2012 06:12 AM

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

Citizen Perera Tuesday, 28 August 2012 02:37 PM

Birds of feather flock together.

Samantha Wednesday, 29 August 2012 05:09 AM

Another DOCTOR........

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.

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.

Sagara Tuesday, 28 August 2012 05:41 PM

Run it like a hotel man :)

Barnes Tuesday, 28 August 2012 05:19 PM

OMG!!! Pump n Dump for ever

konda china Tuesday, 28 August 2012 04:27 PM

Niyamai, Nariyata kukullu bara dunna vage

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

Suny Tuesday, 28 August 2012 02:53 PM

Dan ithin Horage aqmmaqgen pena ahanna puluwan

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.

krishna Tuesday, 28 August 2012 02:40 PM

Let`s the robber barons come in,Sir.

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Nalaka appointed SEC Chairman

Comments - 22

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