It all started with SECs directive issued in 2010, to clear all the margins by 1st of Jan 2011.
SEC was never a visionary institute for the last 2 years. It has no vision for the future of CSE according to my knowledge. Because, They first came up with a directive to clear all the margins by 1st Jan 2010.
And then when the market was dipping to unbearable limits, they ammended the directive and tried clearing the margin by a phased approach, by giving time till 1st June 2011.
After sometime they again changed this and came up with another rule to allow margins based on the liquidity of the brokering firms.
Why are they so irresponsible ? These SEC officials are playing with our hard earned money. All these have only resulted in our portfolio values being wiped off by almost 50%.
Why can't they sit and discuss what is best and stick with it.
Truly Sri Lanka is the wonder of Asia. Because, no other country with such a positive economic forecast could have a Stock Exchange like us.
When the country's is on a boom, our stock exchange is having its worst of times.
No one can wipe their hands on this. The regulators and other responsible authorities, have to act with caution and take CSE back on track.