He said the shady Rs.393 million National Savings Bank premium shares purchase deal where Taprobane Securities came into the picture as a broker was another eye-opener to the need.
Pointing out that always it was the regulator which had to do the pedaling to catch up with errant dealers, the SECSL Chairman said, “The SECSL has been working for sometime on upgrading the stock exchange rules. As to the NSB deal, Karunaratne pointed out that the SECSL was not the banking regulator. Meanwhile, the banking regulator – the Central Bank is remaining silent on the NSB issue and it casts a question mark. This was particularly in view of Central bank Governor, Ajith Nivad Cabraal, recently telling media men that the matter was being investigated by the CESL.