By Sanath Nanayakkare
Thilak Karunaratne, Chairman of Securities and Exchange Commission of Sri Lanka (SEC) would be able to write an autobiography not only on entrepreneurship and membership in the Legislature but also on his commitment to the regulatory responsibility at the SEC that has consummated his life's work.
However, come mid-January 2018, Karunaratne is going to leave his job at the SEC with unfinished work – most of which – he initiated himself.
It's true that his term ends in mid January 2018, but the list of unfinished work is significant given the circumstances in which the SEC has not even been able to find 'quality personnel' to fill its management positions (this was admitted by the chairman himself) let alone find a suitable chairman to deal with the gaping holes in the existing regulatory system of Sri Lanka's Capital Market.
If one followed the two-day IOSCO (International Organization of Securities Commissions) and SEC forum held in Colombo held on September 20-21, it would be apparent how much work there’s yet to be done to raise liquidity in Sri Lanka's Capital Market to make it attractive to foreign investors.
Apart from that, highly relevant initiatives such as developing sustainable market-based financing for SMEs, rapid developments in innovation and new technologies to achieve greater financial inclusion and growth on par with emerging markets, assurance of robust regulatory frameworks to penalize bad behaviour of errant stock market dealers and addressing the growing need for cybersecurity are just being embarked upon.
Further, the much touted Securities Exchange Bill 2017 which intends to amend and consolidate the law relating to the securities market will not be taken up in parliament until after the Budget debate, which will be followed by the parliament vacation, and eventually when the parliament takes up the Securities Exchange Bill in January 2018, the SEC chief will have vacated his post.
This unfolding scenario can be summed up in a few words. "The SEC Chairman will be quitting his job before the useful work in progress is completed to a reasonable extent".
Thilak Karunaratne, Chairman of Securities and Exchange Commission of Sri Lanka (SEC) would be able to write an autobiography not only on entrepreneurship and membership in the Legislature but also on his commitment to the regulatory responsibility at the SEC that has consummated his life's work.
However, come mid-January 2018, Karunaratne is going to leave his job at the SEC with unfinished work – most of which – he initiated himself.
It's true that his term ends in mid January 2018, but the list of unfinished work is significant given the circumstances in which the SEC has not even been able to find 'quality personnel' to fill its management positions (this was admitted by the chairman himself) let alone find a suitable chairman to deal with the gaping holes in the existing regulatory system of Sri Lanka's Capital Market.
If one followed the two-day IOSCO (International Organization of Securities Commissions) and SEC forum held in Colombo held on September 20-21, it would be apparent how much work there’s yet to be done to raise liquidity in Sri Lanka's Capital Market to make it attractive to foreign investors.
Apart from that, highly relevant initiatives such as developing sustainable market-based financing for SMEs, rapid developments in innovation and new technologies to achieve greater financial inclusion and growth on par with emerging markets, assurance of robust regulatory frameworks to penalize bad behaviour of errant stock market dealers and addressing the growing need for cybersecurity are just being embarked upon.
Further, the much touted Securities Exchange Bill 2017 which intends to amend and consolidate the law relating to the securities market will not be taken up in parliament until after the Budget debate, which will be followed by the parliament vacation, and eventually when the parliament takes up the Securities Exchange Bill in January 2018, the SEC chief will have vacated his post.
This unfolding scenario can be summed up in a few words. "The SEC Chairman will be quitting his job before the useful work in progress is completed to a reasonable extent".
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