SEC’s strategic plan sees 24% completion
More than 24 per cent has been completed in the strategic plan launched by the Securities and Exchange Commission of Sri Lanka (SEC) to transform its capital market, which includes major reforms like the demutualisation of the Colombo Stock Exchange (CSE) and the development of new products and markets such as corporate debt, collective investment schemes, and a derivatives exchange.
“This has been done in less than a month because we prepared for it before the launch in September. The relevant committees meet each fortnight and are expediting this initiative,” Prof. Hareendra Dissabandara, Chairman SEC, told the Sunday Times Business.
The plan also involves introducing new financial products, enhancing investor education, and digital transformation using technologies like AI and blockchain. “Not just shares and bonds, we should be able to deal with digital assets. People are more into cryptocurrency now, so we must facilitate that area,” Prof. Dissabandara said. The SEC seeks to foster continuous innovation within the capital market, ensuring it remains relevant and responsive to the changing needs of both the economy and investors. “There is a commitment to enhancing infrastructure and services, making them more efficient, accessible, and reliable,” Prof. Dissabandara added, noting that the SEC aims to develop a diverse market ecosystem that bolsters the competitiveness and resilience of the overall capital market.
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