President raises concerns about CSE operations

6 August 2022 01:05 am - 10 - {{hitsCtrl.values.hits}}

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Says SOEs will not be listed on CSE where a few can benefit
Calls for changes in the CSE and says if not a new institution will be set up

President Ranil Wickremesinghe yesterday raised concerns about the manner in which the country’s capital market, the Colombo Stock Exchange (CSE), operates, and asserted the need for the entire system to change.

He said that shares of State-Owned-Enterprises (SOE) will not be listed on the Colombo bourse as a part of restructuring efforts as it is controlled by a few investors.

Highlighting the market manipulation that takes place at the CSE, Wickremesinghe stressed he would not list the SOEs on the CSE so that a few investors can benefit from such a move.

“The Colombo Stock Exchange (CSE) is not recognised by the London Stock Exchange. There are many questions about the stock exchange that a few people control it. And a few people rig it.

“Now can I put an SOE shares on to that?” said Wickremesinghe while questioning the credibility of the stock market operations in Sri Lanka.

The President called for changes to take place at the CSE, failing which he said a new institution will be set up.
“I don’t want any arguments on that. If we are to use the present stock exchange, we all should be satisfied that it is neutral and will benefit all,” asserted Wickremesinghe.

Comments - 10

Superb Saturday, 06 August 2022 03:54 AM

Excellent move to restore the credibility of CSE. This should only be the start as there are many more organisations in similar shoes. Well done! JVP don’t cry foul now!

Lion Saturday, 06 August 2022 04:01 AM

Before putting your attention to the operation of the stock market you should first understand that you are heading a government of rouges

Ram Saturday, 06 August 2022 05:14 AM

Raising concerns and talking big is not going to help us. Please Mr President put your thoughts into action for all of us to enjoy the fruits

Ranjith Saturday, 06 August 2022 06:14 AM

Very correct Mr. PRESIDENT.

Anil Fernando Saturday, 06 August 2022 06:37 AM

Drain the swamp

Almonz Saturday, 06 August 2022 07:10 AM

It's a well known fact that there is a group that decides which stocks to push and which to bring down, they pump and dump and make massive profits. They have first hand information as well on company profits and dividend declaration. It's going to be tough to take action against these big boys.

Kumar Saturday, 06 August 2022 07:57 AM

Sri Lanka also need a total change when it comes to the constitution where each MP is answerable to his own electorate. Now a person living in London can become a MP without representing anybody in Sri Lanka.

Shiran fernando Saturday, 06 August 2022 12:16 PM

Then, first send all SEC officials home. So they cannot ensure fair and orderly market. Why we pay them all fringed benefits.

Din Saturday, 06 August 2022 12:34 PM

Talking about system change, how funny. Dude your preaching to the choir. Can he hear what he's saying talking about "System change, control and manipulation by a few people, credibility, being neutral". Now where have we heard all theses demands before. Seriously dude. Wake up people!!!

Nimal De Zylva Walimuni Saturday, 06 August 2022 01:24 PM

Bringing changes and reforms will be way forward ✨️

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President raises concerns about CSE operations

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