SEC DG Malik Cader out or in?

Speculation was rife yesterday that SEC Director General Malik Cader had been either removed or transferred via a Cabinet decision though the Chairperson of the regulatory body Indrani deleted responded saying “not to my knowledge.”
Some circles insisted Cader had been removed or would be removed, whilst others ruled out such an eventuality.
The post of Director General at the SEC is appointed by the Minister of Finance on the recommendation of the Commissioners of the regulatory body.
Efforts to get a confirmation or denial about market speculation from the Ministry of Finance failed.
The SEC has been under attack by certain investors and brokers for excessive or overregulation, which they alleged was the key reason for the stock market’s downfall after being the world’s most consistent best performer until recently. However, others have welcomed the SEC’s tough stance to improve discipline and market stability in addition to describing the recent dip as part of correction from artificially-high levels.

http://www.ft.lk/2011/10/21/sec-dg-malik-cader-out-or-in/

bePositive wrote:Not Found, Error 404

Check your web address, it has also changed because of the forum rules, So go to following link and look up for this article! It is there!

http://www.ft.lk/2011/10/21/

Anyways this could make the market go up since it says,

The SEC has been under attack by certain investors and brokers for excessive or overregulation, which they alleged was the key reason for the stock market’s downfall after being the world’s most consistent best performer until recently.

And now the DG is out and, new one would ease up the regulations! lol

Remember last July when the market was falling, we received a text message bout a positive news :p and the market turned!
Will see what's gonna happen!

I have temporarily removed the word censor to facilitate the display of the full artcle as it appeared in a reputed printed newspaper.

Not only that someone should investigate to find whether he or his related parties have collected stocks at cheap rates since this drop is almost like not for reason but seems like manipulated.

Quibit wrote:I have temporarily removed the word censor to facilitate the display of the full artcle as it appeared in a reputed printed newspaper.

good move as FT is well recognized.

invain saleries paying

"The SEC has been under attack by certain investors and brokers for excessive or overregulation"

That is what we are pointed out.

Has been under attack

Look at funny LBO article.
Malik has been with SEC for several years. Did he catch any big fish ?
Only 5 workers in SMB Leasing who never had accounts in CDS.

bullrun wrote:Not only that someone should investigate to find whether he or his related parties have collected stocks at cheap rates since this drop is almost like not for reason but seems like manipulated.

Well said bullrun.

......Not only that their bank accounts also should be checked.

ashoka1966 wrote:

bullrun wrote:Not only that someone should investigate to find whether he or his related parties have collected stocks at cheap rates since this drop is almost like not for reason but seems like manipulated.

Well said bullrun.

......Not only that their bank accounts also should be checked.

Go to this link below and investigate more.

http://www.cseleaks.com/2011/10/sri-lankas-buckle-tight-regulator-to-go.html

This link will tell you more stories about Regulator

Thanks CSE Leak Professor.

Few extracts from the article.

“There’s an one CEO of a stock brokering firm who is called to be the Cashier of Malik” another source from Colombo Stock Exchange told CSE Leaks adding that the particular CEO charged money from ‘SEC caught investors and brokers’ telling them that he can sort the matter with Director General of SEC according to exclusive sources.

What a revelation this is?

"However it is now learnt that although Malik Cader was acting as a highly disciplined regulator he had a circle of friends who pushed up illiquid shares that has no value in the CSE; and those friends never got caught to Cader’s Rules."

How many investors incurred loses due to this?

"At a time when Sri Lanka’s tourism is booming, in another development Sri Lankan stock market investors had been surprised by a new Hotel Development project coming up in tourism booming Pasikudah beach valued at an investment of nearly Rs.220 million or US $ 2 million that is yet to be constructed which is called to be a project jointly owned by a regulatory official at SEC and CEO of a Stock broking company with couple of Investors."

Any idea who this is? Isn't this illegal "Conflict of interest"?

There are 2 sides of this story. I am bit confused now . Some says Malik tries to stop insider dealings hence big investors/brokers want him to be removed. I personally think this is what is happening since big players/brokers don't mind ethics or long term effects.
From the other side, retailers have no patience during hard time. So they want big players to come to the market at any cost. So the gambling will continue. There are people who are against everything. They want the market to go up every day at any cost. Also, they blame the SEC when a crap share goes above the sky.
I as a long term investor, happy to see any rule that promotes mostly fundamental driven market. It will take some time to clean the mess. I am happy to afford the loss in order to survive longer run.

http://www.lankabusinessonline.com/fullstory.php?nid=1509127439

ninja wrote:There are 2 sides of this story. I am bit confused now . Some says Malik tries to stop insider dealings hence big investors/brokers want him to be removed. I personally think this is what is happening since big players/brokers don't mind ethics or long term effects.
From the other side, retailers have no patience during hard time. So they want big players to come to the market at any cost. So the gambling will continue. There are people who are against everything. They want the market to go up every day at any cost. Also, they blame the SEC when a crap share goes above the sky.
I as a long term investor, happy to see any rule that promotes mostly fundamental driven market. It will take some time to clean the mess. I am happy to afford the loss in order to survive longer run.

http://www.lankabusinessonline.com/fullstory.php?nid=1509127439

You can resolved your confusion by considering the Kadar's actions

LBO article says Malik tries to stop insider dealings. But
how ?
Who are the manipulators/insiders get caught to Cadar ?
What are the legal actions taken by him?

Without proof they can make stories.

ninja wrote:There are 2 sides of this story. I am bit confused now . Some says Malik tries to stop insider dealings hence big investors/brokers want him to be removed. I personally think this is what is happening since big players/brokers don't mind ethics or long term effects.
From the other side, retailers have no patience during hard time. So they want big players to come to the market at any cost. So the gambling will continue. There are people who are against everything. They want the market to go up every day at any cost. Also, they blame the SEC when a crap share goes above the sky.
I as a long term investor, happy to see any rule that promotes mostly fundamental driven market. It will take some time to clean the mess. I am happy to afford the loss in order to survive longer run.

http://www.lankabusinessonline.com/fullstory.php?nid=1509127439

ninja, if u could read the second extract of my post, nothing to get confused. While Malik adopting strict regulations on HNWI's and stock brokers (to show the others that he is a good regulator), he allowed his friends to manipulate the illiquid shares (pumping and dumping).
As a result entire market became unstable/unpredictable.

We can't predict next one will do a better job.

If some one found corrupted and ask him to resign without compensating losses or without taking legal actions then we can't think higher ranking people are not corrupted. Ex : Petrolium Corp, cricket board , Lakehouse, ..

Names of the people who appeared to public will be changed but things will be unchanged
This is Sri Lanka.

Only hope is Mrs. Indrani deleted, I am confident she will sort this out well, unlike any other Govt official. The turn arund today is amazing!!!!!!!

Isuri Roche Dharmaratne wrote:Only hope is Mrs. Indrani deleted, I am confident she will sort this out well, unlike any other Govt official. The turnaorund today is amazing!!!!!!!

Agree with you,,i think she is the person who started this mess

The reality is that we shout at all these corrupt dealings when we go at a loss. This is the mistake you and me do. It happens because we as small investors do not have sufficient power as an individuals. Until we become united and get together, we will not be able to do anything about this. We forget everything when our portfolio becomes green and life goes on.

As responsible people, can't we do anything more than this to persuade the authorities for some corrective actions? Aren't there any formal body to protect small investors in countries like India?

Check out this thread http://forum.srilankaequity.com/t11771-like-or-dislike-manupulation-is-the-best#78624. As I mentioned in my previous post, some of us don't think of ethics and irregularities in the market as long as the market shows up green. This mind set allows the big players to manipulate us and get maximum return in short term. When the market gets overheated in a short term, a disaster is inevitable. But balanced growth is sustainable.
Why we should like fundamentals driven market? bcs It's sustainable, promotes win-win situation.

Its not only the fault of manipulator of the market's getting manipulated. It's our retailers who should also be accused. They too are manipulators. bcs they are also going behind rallies of overvalued share. If you believe ur share worth n will deliver in future, then have faith on them. Be prepared to afford a lose when company is unable to perform at a difficult situation. Then their wont be many manipulators in the market. We may not need to rely on SEC any of these bodies too much.

Deva wrote:

"However it is now learnt that although Malik Cader was acting as a highly disciplined regulator he had a circle of friends who pushed up illiquid shares that has no value in the CSE; and those friends never got caught to Cader’s Rules."

there is a point .... SEC mysterious formula does not took ill liquid share into account when they imposing 10% price band...

CSE Leak Professor wrote:

ashoka1966 wrote:

bullrun wrote:Not only that someone should investigate to find whether he or his related parties have collected stocks at cheap rates since this drop is almost like not for reason but seems like manipulated.

Well said bullrun.

......Not only that their bank accounts also should be checked.

Go to this link below and investigate more.

http://www.cseleaks.com/2011/10/sri-lankas-buckle-tight-regulator-to-go.html

This link will tell you more stories about Regulator

thanx Leak. i dont know y these people are playing with little investors money. where would they be gone???