FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



Latest topics

» UNHCR එකේ ලොකූ ටෝක දැම්මට සමහර ඔස්තාර් ලා කියන ආර්තික සම්භාදක අරවා මේවා මුකුත් එන්නේ නැ
by stockchaser Today at 2:42 am

» පෙබරවාරි මාසේ කොළඹ කොටස් වලට මොකක්ද වුනේ - බැසුවාද ? බැස්සාද ?
by xhunter Today at 2:20 am

» GLAS will be winner with Super Gain.
by Eranga87 Today at 2:00 am

» If you are one of those people who can sleep at night while someone else is in control of your destiny, then my advice would be to only invest in stocks
by Asoka Samarakone Yesterday at 9:58 pm

» DFCC will be receiving Rs.594,538,285.50
by SANJAYANM Yesterday at 9:56 pm

» NATIONS TRUST BANK PLC (NTB.N0000)
by chathura123 Yesterday at 8:52 pm

» Price prediction on GRAN and TAFL
by Bakkabwoi Yesterday at 6:22 pm

» SEMB SEMB
by stockchaser Yesterday at 2:57 pm

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by Vishwanarth Yesterday at 2:54 pm

» Bullish sentiment returns with market regulator's assurance
by Vishwanarth Yesterday at 2:52 pm

» BROWNS INVESTMENTS PLC (BIL.N0000)
by Vishwanarth Yesterday at 1:49 pm

» SOFTLOGIC HOLDINGS PLC (SHL.N0000)
by suku502 Yesterday at 1:32 pm

» DIPD/HAYC/HAYL
by Wickyz Yesterday at 1:19 pm

» Chart 25.02.2021
by stockback Yesterday at 12:41 pm

» is it a good time to sell expo shares
by Kipling Yesterday at 8:39 am

» Current 2021 Februray Unit Trust/Unit Fund Per Annum percentages
by agentnrox Yesterday at 8:13 am

» Leading brokers causing market downturn
by Mithooshan Yesterday at 7:40 am

» Must watch this video - unnecessary panic
by Jana Yesterday at 1:03 am

» LOLC HOLDINGS PLC (LOLC.N0000)
by learningthemarket Yesterday at 12:03 am

» Daily Foreign Transactions
by Mr. X Wed Feb 24, 2021 11:28 pm

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » SEC’s directive on related party disclosures helps SL climb business index

SEC’s directive on related party disclosures helps SL climb business index

Go down  Message [Page 1 of 1]

CSE.SAS

CSE.SAS
Global Moderator
By Duruthu Edirimuni Chandrasekera

The directive by the Securities and Exchange Commission (SEC) in 2010 on related party disclosures has helped Sri Lanka climb the index of ‘Ease of doing business’ in the World Bank Doing Business Report, a Central Bank (CB) official said.

“We came up to 89 from 98,” Kumudhini Saravanamuttu, Director Statistics CB told a forum of top corporates on Thursday at the Sri Lanka Economic Summit 2012 organised by the Ceylon Chamber of Commerce. She added that the country’s rank in the report improved over the last two years and that from 183 countries, Sri Lanka’s rank moved from 110 to 98 in 2011 and to 89 in 2012.
‘SEC took us ’9′ notches’

The SEC’s directive sets out certain guidelines for public firms pertaining to related party transactions where disclosures were to be made in their annual reports setting out details of investments of each related party transaction if it exceed 10% of audited equity or 5% of the audited total assets, whichever is lower and called for an immediate disclosure if there are any investments with related parties exceeding 10% of latest equity or 5% of the latest audited total assets whichever is lower. Ms. Saravanamuttu told the Business Times on the sidelines of the plenary session, ‘Ease of doing business – Sri Lanka ranked 89 – Fact or Fiction?’ that protecting investors was the major reason that took Sri Lanka nine notches up.

The World Bank focuses on three areas when measuring ease of doing business – namely the number of procedures, the time taken to complete them, and the costs involved. Ms. Saravanamuttu added that while there’s no ranking system that is perfect, what is more important is the progress in reforms in a bid to have material improvements in the regulatory framework and systems to ease business processes.

“In the area of protecting investors, we have done some work on this but we need to improve. In fact, we need to improve in all areas, even in those areas in which we score fairly high because if we stand still, we will be overtaken by another country,” she pointed out. She added that Sri Lanka is doing quite badly when it comes to enforcing contracts – the procedure takes 1,318 days, which is more than four years. “With commercial courts coming in, there could be some reduction in that area and that is going to be one of our focuses in the future as it is important.”

Improving efficiency
She added that as measures in the future, the Government institutions should improve the efficiency of services provided to the general public, simplify their processes (less procedures, less time taken and less cost of services), and should have their own website with details of services.

“All applications should be available in the website for download, check lists/guidelines should be available, there has to be a method to inform the status of the applications, the institutions need to monitor own performances regularly and there has to be a One-Stop-Shop approach.”

Joining in the panel discussion, Ajith Gunawardena, Deputy Chairman John Keells Holdings said that there are many ‘one-stop shops’, but none seems to be open. “Essentially we are talking about being attractive and globally competitive. We can distill this down to two key areas – being efficient and being highly productive. Focusing on what that means, I think we should focus on three core areas – development of human capital, quality infrastructure and a free and transparent business climate,” he said, adding that as a country we should set ourselves certain goals.

He noted that our literacy is high but that does not give ‘us’ good human capital. “We need to progress to the next level, from secondary to tertiary and vocational education. In terms of our demographics we need to go into providing skills to our labour,” he added, highlighting that capital investment needs to be done in a focused manner. He said that what is needed is not so much labour reforms as it’s not a priority, but that judicial, land and education reforms are needed. “It is important to monitor the indices but it is merely a mechanism to help us focus on priorities. If we set ourselves goals, a lot of action will follow in terms of competiveness and efficiency,” he added.
The panel discussants also said that with the present holiday regime, the country will not be productive.

Highlighting the importance of efficiency and productivity, Roshan Devapura CEO, ICTA said that indices are all relative but if all the other countries (which are below) have done more work, you are still lagging behind. “At the end of the day indexes are good but that is not the end goal. We have to create a more conducive environment so that it is easier for people to do businesses and for the Government to be more efficient.”

Sumal Perera, Chairman Access Group noted that Sri Lankan should have brand based skills. “We need to concentrate on core competencies and not do all things at once. “As a country we are all over with policies,” he said.
http://www.sundaytimes.lk/120715/business-times/secs-directive-on-related-party-disclosures-helps-sl-climb-business-index-5799.html

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum