19th Amendment passed with a vast majority

The 19th Amendment to the Constitution was passed with a vast majority in Parliament, a short while ago on Tuesday (28), with the government gaining 212 votes in favour. 

Upon the conclusion of the voting, President Maithripala Sirisena said that the approval of the 19th Amendment with a two-third majority was a historic victory of the public. He earlier expressed with the much awaited enactment of the new amendment, the people of Sri Lanka will experience the true meaning of ‘democracy and peace’.

The new legislation, which suggested the removal of the Executive Powers of the President, was passed with a majority of 211 votes with 212 voting for and one against.

Ten Parliamentarians including Keheliya Rambukwella, Premalal Jayasekara, Susantha Punchinilame, Jagath Balasuriya, Ven. Ellawala Medhananda Thera, Janaka Bandara, and Basil Rajapaksa were absent at the voting.

In the past few days, there were certain obstacles with regard to presenting of this 19th Amendment to Parliament. The 19th Amendment, which was a major aspect among the key targets to be achieved in the government’s 100-day pledge, had been stuck in a deadlock as the Opposition opposed to extend its support to pass the new legislation.

The Sri Lanka Freedom Party expressed the 19th Amendment and the electoral reforms should come hand in hand.

However, President Sirisena later appealed to all political parties to assist in passing the 19th Amendment to the Constitution in order to firmly establishing freedom and democracy in the country.

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Two-thirds majority for 19A

At its second reading in Parliament a short while ago, the 19th Amendment to the Constitution was passed by a two-thirds majority with 214 MPs voting in favour. SLFP MP Sarath Weerasekara voted against while one MP abstained. Seven MPs were absent at the time of voting.
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BoC GM reinstated after compulsory leave

General manager of the Bank of Ceylon D.M. Gunasekara was reinstated yesterday (27) after being sent on compulsory leave.

His suspension has been annulled after the BoC employees union threatened to strike, alleging it was an authoritarian decision to suspend him.

Gunasekara has been accused of opening of a BoC branch in Seychelles without proper permission, making improper recruitment and over the releasing of money to Perpetual Treasuries for investment in the controversial treasury bonds issue of the Central Bank.

Sri Lanka raises $81.25 mln through development bonds

(Reuters) - Sri Lanka raised $81.25 million through two- and three-year dollar-denominated development bonds on Tuesday, the central bank said.

The government sold $30 million two-year bonds at 6-month LIBOR plus 360 basis points (bps) after receiving bids worth $45 million, while it raised $51.25 million in three-year bonds at 6-month LIBOR plus 377.20 basis points.

The central bank received $63.25 million worth of bids for three-year development bonds.

It had offered $25 million each in two- and three-year bonds. 

(Reporting by Ranga Sirilaland Shihar Aneez; Editing by Clarence Fernandez)

Sri Lankan shares at 7-week closing high; political woes weigh

(Reuters) - Sri Lankan shares edged up to their highest close in seven weeks on Tuesday led by diversified shares, but volume was light as investors awaited cues from the political front ahead of a parliamentary vote on proposed constitutional reforms.

The main stock index ended up 0.13 percent at 7,134.43, its highest close since March 9. It has gained 3.38 percent since the central bank cut key rates on April 15, while yields on t-bills have fallen 41-51 basis points since then.

Investors have been cautious due to political uncertainty as Prime Minister Ranil Wickremesinghe's party does not have a majority in parliament and President Maithripala Sirisena promised to dissolve parliament after the end of his 100-day programme on April 23.

The passage of reform measures, including establishing independent police, judiciary, and election and public service commissions, is seen as a test for Sirisena's government.

"Market was volatile with continued upward trend, but investors are still waiting for a stable political framework," said Reshan Wediwardana, research analyst at First Capital Equities (Pvt) Ltd.

Investors awaited the outcome of the vote on constitutional reforms which could help boost investor sentiment, dealers said.

The day's turnover was 756 million rupees ($5.69 million), compared with this year's daily average of around 1.07 billion rupees.

The market saw a net foreign inflow of 21.2 million rupees worth of shares on Tuesday, extending the net foreign inflow so far this year to 3.8 billion rupees.

Analysts said the market could be dull until the perception of political uncertainty is addressed and many investors were in a wait-and-watch mode before the parliamentary elections.

Shares of Hemas Holdings Plc rose 0.39 percent, while Distilleries Company of Sri Lanka Plc gained 1.49 percent.

Some analysts said the markets would stay volatile until parliamentary elections are announced.

The index lost 6.6 percent last month, its biggest monthly drop since October 2012, as investors sold holdings to settle margin trades amid concerns about political stability and a rise in interest rates. 

($1 = 132.9000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Sunil Nair)

CSE takes over SAFE Chairmanship

The Chairman of the Colombo Stock Exchange (CSE) was unanimously elected as the Chairman of the South Asian Federation of Exchanges (SAFE) at the Annual General Meeting of SAFE concluded on April 26th, 2015. Accordingly, the CSE Chairman Mr. Vajira Kulatilaka succeeds Dr. Muhammad Abdul Mazid as the Chairman of SAFE for a two year term of office. 

Dr. Muhammed Abdul Mazid, Chairman of the Chittagong Stock Exchange and Mr. Nayan Mehta, Chief Financial Officer of the Bombay Stock Exchange were elected as Senior Vice Chairmen while Mr.Rashed Al Balooshi, Chief Executive Officer of the Abu Dhabi Securities Exchange was elected as the Vice Chairman. 

The CSE was one of the founder members of SAFE which was established in 2000 with the objective of promoting the development and harmonization of securities markets in the South Asian Region. 

Presently SAFE has 15 primary members comprising of stock and commodity exchanges from India, Pakistan, Bangladesh, Sri Lanka, Nepal, Maldives, Mauritius, Bhutan and the UAE. It also has several depositories and clearing houses in the region as associate members. 

The permanent secretariat is located in Islamabad, Pakistan. 

The new Executive Board of SAFE would have its first meeting under the Chairmanship of the CSE in Kunming China to develop a ten year vision and plan for the association in June 2015 while the next Annual SAFE conference is to be hosted by the Bombay Stock Exchange in 2016.

CSE