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Political capture of SEC

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1Political capture of SEC Empty Political capture of SEC Fri Aug 03, 2012 12:48 am

sriranga

sriranga
Co-Admin

Posted in the talk section for further discussions

This is NOT the answer to CSE ills: Harsha

With political pressure mounting on capital markets regulator, Opposition MP Dr. Harsha De Silva, echoing sentiments of many like minded investors, broker firms and others in civil society, said the Colombo Stock Exchange (CSE) could be revived only if macroeconomic conditions improved and concrete steps were taken to wipe out rampant market malpractice.

With regard to white collar crimes and manipulations, such as pumping and dumping, Dr. De Silva is urging the government, as has others in the recent past, to implement the law and punish those guilty of market malpractices, warning that the failure to do so will result in a biased justice system, where those in the good books of the administration were let off the hook.

Dr. De Silva’s made these comments in response to a statement attributed to Treasury Secretary Dr. P. B. Jayasundera in a daily newspaper that the stock exchange must move up.

There is an influential group trying to tie-up the SEC’s hands and the suppression of information is already underway as reported in yesterday’s issue. A press conference regarding the meeting last Tuesday with capital market stakeholders and Dr. Jayasundera was ruled out with the Treasury opting to send a ‘positive’ press release to the media instead. At a previous meeting, Dr. Jayasundera had told the SEC that political considerations would have to be taken into account, asking for a relaxation of regulations.At the time of writing, no such press release was issued by the Treasury.

"The CSE will only move forward in a sustainable manner if two things happen: One, the macroeconomic situation needs to get better, after all the market value today is a reflection of the profitability of the companies listed on the exchange in to the future, and if the macro situation gets better for the listed companies to do better, share prices will move up," UNP Economic Spokesman Dr. De Silva said.

"Here policy consistency and better governance is key. Stability in interest rates, exchange rates and lower inflation expectations will certainly help. So, for a sustainable rise in the CSE one will have to have increasing opportunities for real growth in the economy in general. With growth prospects down it is not possible to expect a sustainable rise in the indices beyond realistic levels.

"Secondly, the CSE itself needs to improve. White collar criminals and manipulators have to be dealt with once and for all. You cannot have a cancer and ignore it. It must be removed before it shuts the entire system down. The CSE and the Securities and Exchange Commission has not done enough to prosecute wrong doers. I don’t recall a single instance since the ERI case. Even there, the directors and SEC agreed to compound the case for a mere Rs. 3 million each. What we need to do is to implement the law not to ignore it. Otherwise the law will be biased; if you are on the good books with certain people you are above the law," Dr. De Silva said.

"We must use the CSE to raise funds for development and for that, that is for the IPO market to take off, the secondary market must function. And this cannot be for a short period after powerful people intervene to direct the SEC what to do, it must be sustained. If not we will have yet another boom and bust," he warned.

Respected personalities such as C. P. De Silva and K. C. Vignarajah have already expressed their opinions on the matter, both calling for tough action against market offenders. Four broker firms have also expressed their opinion that the CSE was not over regulated.

President Mahinda Rajapaksa has refused to intervene in the tussle between the regulator and certain influential investors, assigning the task to Dr. Jayasundera instead.

"At the first meeting with capital market stakeholders, Dr. Jayasundera did not even mention the ongoing investigations, this is a worrying trend," a source close to the Finance Ministry said. "Even the officials from the SEC and CSE were silent throughout the meeting! But what was discussed at length was the negative reporting of the media. A request to hold a press conference was turned down and the Treasury said it would send its own statement."

"All that certain sections of the media have highlighted in the recent past is the need to stamp out market offences, how on earth could this be a bad thing?" a market analyst asked when contacted for his views.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=58247

http://sharemarket-srilanka.blogspot.co.uk/

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

UNP MP Dr. Harsha De Silva claimed yesterday that political capture of the capital market regulator SEC wasn’t the answer to the ills of the Colombo Stock Exchange (CSE).

In response to Daily FT’s lead story yesterday, which featured Finance Ministry Dr. P.B. Jayasundera’s comments following his meeting with capital market stakeholders, the UN MP said the Colombo Bourse would only move forward in a sustainable manner if two things were to happen.

“One is if the macro situation gets better, after all the market value today is a reflection of the profitability of the companies listed on the exchange into the future and if the macro situation gets better for the listed companies to do better, prices will move up,” Dr. De Silva said.

“For this, policy consistency and better governance is key,” he said adding, “Stability in interest rates, exchange rates, and lower inflation expectations will certainly help.”

According to the UNP MP, for a sustainable rise in the stock market, one will have to have increasing opportunities for real growth in the economy in general.

“With growth prospects down due to the multiple reasons, it is not possible to expect a sustainable rise in the indices beyond realistic levels,” he said, though he wasn’t sure whether the “realistic level” had already approached or not.

Secondly, Dr. De Silva said if the micro situation including the CSE itself gets better, the white collar criminals and manipulators must be dealt with once and for all.

“You cannot have a cancer and ignore it. It must be removed before it shuts the entire system down. The CSE and the SEC has not done enough to prosecute wrongdoers. I don’t recall a single instance since the ERI case. Even there the Directors and SEC agreed to compound the case for a mere Rs. 3 million each. What we need to do is to implement the law and not ignore it. Otherwise the law will be biased; if you are in good books with certain people, you are above the law,” opined the UNP MP.

He also emphasised that the CSE must be used to raise funds for development and for that the IPO market must take off, which is also key for a robust secondary market. “That cannot be for a short period after powerful people intervene to direct the SEC what to do; it must be sustained. If not we will have yet another boom and bust!” claimed Dr. De Silva.
http://www.ft.lk/2012/08/03/harsha-says-political-capture-of-sec-not-the-answer-to-ills-of-cse/

3Political capture of SEC Empty Re: Political capture of SEC Fri Aug 03, 2012 3:08 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

"We must use the CSE to raise funds for development and for that, that is for the IPO market to take off, the secondary market must function. And this cannot be for a short period after powerful people intervene to direct the SEC what to do, it must be sustained. If not we will have yet another boom and bust," he warned.

"Imminent", God can't help.

4Political capture of SEC Empty Re: Political capture of SEC Fri Aug 03, 2012 3:51 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Redbulls wrote:"We must use the CSE to raise funds for development and for that, that is for the IPO market to take off, the secondary market must function. And this cannot be for a short period after powerful people intervene to direct the SEC what to do, it must be sustained. If not we will have yet another boom and bust," he warned.

"Imminent", God can't help.


Imminent? Do you not see any hope for CSE ever?

Let be a bit positive for sake of CSE. There are true facts here and lot of "ifs".

5Political capture of SEC Empty Re: Political capture of SEC Fri Aug 03, 2012 10:18 am

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Without independent judiciary system white collar offenders would never be netted & punished. This is what people have been experiencing in the past, present & definitely in unknown future.

Dr. J indicated that " political considerations would have to be taken into account" which need to elaborate what kind of political considerations....if people given a slight chance to have right to access information.

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