Business Times

New SEC chief to address capital market irregularities

The Securities and Exchange Commission’s (SEC) new Chairperson Indrani Sugathadasa is on a mission to address any irregularities in the capital market in a bid to improve its efficiency and prepare the share market for a takeoff in the post-war era.

“My primary target is to achieve the SEC mission in a very efficient and transparent Amanner with the support of the SEC staff and also the stakeholders,” Ms. Sugathadasa told the Business Times.
When asked about the stockbroker licenses where some applicants who were rejected are said to be appealing to the SEC, she said, “If they appeal we’re prepared to investigate as to see whether there was any injustice or irregularity.”

She had also had a meeting with the stockbroking community on the new transaction cost.
“They suggested some changes to this cost which we’re looking at,” she said. About private superannuation funds which are to be brought under the Insurance Board of Sri Lanka where she is also the chairman, Ms. Sugathadasa said the matter is under discussion. “The concept is good, but there’ll be practical issues in executing it,” she added.

She also noted that now is the time that the capital market will leapfrog in Sri Lanka. “Right now there’s huge potential in this area. Presently the SEC is looking at ways to improve the potential with necessary regulation,” she added.

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