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SEC Chief says will resign before Friday

14 August 2012 11:05 am - 5     - {{hitsCtrl.values.hits}}

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The head of Sri Lanka's Securities and Exchange Commission said he will resign before Friday after coming under pressure to step down amid accusations by some investors under investigation for "pump-and-dump" deals

"I'll be doing it within the course of this week definitely. Definitely before Friday," Tilak Karunaratne told Reuters.

Karunaratne has called for investigations into market manipulation and malpractice, including so-called pump-and-dump deals in which naive investors are lured into apparently cut-price equities.

President Mahinda Rajapaksa appointed Karunaratne in December after his predecessor, Indrani Sugathadasa, resigned "to uphold her principles" amid broker complaints that tougher regulations were hurting stock market prices.(REUTERS)
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  Comments - 5

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  • Ruwan Fernando Tuesday, 14 August 2012 02:13 PM

    I understand the challenge but please do not give up. It will be very bad signal to local and international stakeholders.

    hewahata Tuesday, 14 August 2012 11:46 AM

    CSE was best market in the world once, but it isonly for the sake of price manipulation

    ana Tuesday, 14 August 2012 12:02 PM

    Was wondering how long he will last. No room for honest people in Sl

    senavi Tuesday, 14 August 2012 12:03 PM

    The culture of corruption is so ingrained that it has become the law and the enforcer

    Kondeybendapucheena Tuesday, 14 August 2012 12:19 PM

    As long As so called Mafia or Inside Trading exist No one can work properly in that place


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