The meeting between stock market stakeholders and President Mahinda Rajapaksa ended without any significant outcome today, as predicted by a number of independent analysts.
According to informed sources, the President had given a patient hearing to all the parties and emphasized that this would be the last time he will listening to their grievances, noting that the Treasury Secretary would hereafter intervene in the case of market related malpractices.
“The only useful outcome of the meeting was the President making a requestto stock brokers to submit market proposals for the budget 2013, thatis to be presented in November.
In addition to stock brokers, high net worth investors, Commissioners of the Securities and the Exchange Commission (SEC) and the Board of Directors of the Colombo Stock Exchange (CSE) and several other top corporate personalities, small share holder rights activists and a former SEC Chairman attended the meeting.
Treasury Secretary got the ball rolling and said the meeting was convened mainly to get views from all the parties concerned about Colombo bourse issues and its development.
Investor Dilith Jayaweera made a presentation highlighting how recent SEC regulations contributed to the downfall of the market. However, the charges leveled by Jayaweera about an overregulated market was countered by a former SEC Chairman C.P. De Silva citingthat nobody linked with misconduct cases wasgivena prison sentence during the past 25 years.
Representing brokers, Colombo Stock Brokers Chairman (CSBA) Sriyan Gurusinghe, Tushan Wickramasinghe also spoke about the over regulation and the lack of positive sentiment in the Colombo bourse while JB Securities CEO Murtaza Jafferjeegave different reasons for the market setback.
Following the speeches by brokers, several others including minor share holder rights activists K.C Vignarajah also spoke. Finally, Chairman Tilak Karunaratne stressed that the Colombo bourse is an under-developed market and emphasized the need to introduce international standards in terms of regulation and risk mitigation.
As far as the market is concerned, this is the best possible outcome!
Manik Friday, 20 July 2012 02:43 PM
Another grand failure by the "Miracle Govt"
peeda mossa Friday, 20 July 2012 03:21 PM
Another NATO. No Action Talk Only.
sri lankan biku Friday, 20 July 2012 04:12 PM
this meeting for eg,,,,,adding black ink for the milk jug...
John Friday, 20 July 2012 04:42 PM
The saddest crisis faced by this country is that there is no one to recognize the gravity of these crises!
Kodage Friday, 20 July 2012 04:52 PM
You need intelligence and a bit of education to solve any problem.
kumaraya Friday, 20 July 2012 05:36 PM
John iks right and from the lack of "thumbs-up", it is sad that even amongst the readers there is no clear understanding!!
Anura Saturday, 21 July 2012 01:42 AM
Meetings usually are useless. Decision makers shd make decisions when needed or leave the post and go home if they can't do what is needed to correct the situation. All else is secondary. Leaders must make bold decisions and make sure they are implemented. U don't need to meet people to study n talk. Just look at then and now and follow what happened and decide.
Nodrog Saturday, 21 July 2012 03:09 AM
This is what happens when he meets with intellectuals who have the guts to speak their mind.
jack Saturday, 21 July 2012 03:11 AM
I think the gravity of stock market crisis is well understood. But no one wants to have a permanent solution as few has been accumulating thumping gains.
Calistus Jayatilleke Saturday, 21 July 2012 07:21 AM
A waste of time : how could one who has not even a basic knowledge of the economy or market conditions contribute anything positive to a meeting of actual players of the share market. Nowadays, all politicians think that they are experts on each and every subject when in fact, they are just "Jacks of all trades but masters of none"
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