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Dec 14, 2011 (LBO) - The new chairman of Sri Lanka's Securities and Exchange Commission has not been pressured by large investors to stop probes on securities fraud, the regulator said in a statement.
Tilak Karunaratne, businessman and former politician was appointed by the finance ministry to chair the SEC after Indrani Sugathadasa, its former chief resigned to "uphold" her principles.
"In order to ensure the creation and maintenance of a fair, efficient and orderly market the SEC undertakes continuance surveillance of market transactions , conducts investigations into any suspicious transactions and institutes enforcement action against offenders who have not complied with the SEC Act" the regulator said in a statement.
"The SEC will continue to implement these measures under the newly appointed Chairman and he has not been pressurized in any way by investors or any other stakeholders of the Capital Market in this regard."
Sugathadasa's resignation came shortly Colombo's stock brokers went to the President seeking a lifting of credit rules.
The move was seen by some as a show of power by politically connected large investors to stop probes on widespread securities fraud.
SEC director general was also removed by the cabinet of ministers shortly after he launched a much delayed crackdown on hype and dump fraud and insider dealing and the first few were caught.
http://lbo.lk/fullstory.php?nid=643447235
Tilak Karunaratne, businessman and former politician was appointed by the finance ministry to chair the SEC after Indrani Sugathadasa, its former chief resigned to "uphold" her principles.
"In order to ensure the creation and maintenance of a fair, efficient and orderly market the SEC undertakes continuance surveillance of market transactions , conducts investigations into any suspicious transactions and institutes enforcement action against offenders who have not complied with the SEC Act" the regulator said in a statement.
"The SEC will continue to implement these measures under the newly appointed Chairman and he has not been pressurized in any way by investors or any other stakeholders of the Capital Market in this regard."
Sugathadasa's resignation came shortly Colombo's stock brokers went to the President seeking a lifting of credit rules.
The move was seen by some as a show of power by politically connected large investors to stop probes on widespread securities fraud.
SEC director general was also removed by the cabinet of ministers shortly after he launched a much delayed crackdown on hype and dump fraud and insider dealing and the first few were caught.
http://lbo.lk/fullstory.php?nid=643447235
