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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Matara Investors Association on ‘Who is responsible for bringing the stock market down?'

Matara Investors Association on ‘Who is responsible for bringing the stock market down?'

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Following is a statement issued by an entity styling itself as Matara Investors Association on the current state of the Colombo stock market:

Even after the meeting with Dr. P.B. Jayasundera, where it was assured that the SEC would not be giving information/articles to the media, articles scaring the public are still appearing.

Hence, we investors have decided to write to the print media to create awareness.

The SEC and CSE are taking the moral high ground writing articles after articles and inserting in the media stating that it is catching wrongdoers, although there is no evidence to charge anyone as they cannot be defended in court. Actually what they are doing is trying to defend themselves for wiping out Rs. 300 billion from the stock market by issuing 14 anti-investor Directives and sending thousands of letters to investors while attacking investors by putting mud on them continuously.

The SEC Commission members are divided due to the way in which activities of the SEC Secretariat and SEC Commission have been handled in the last two years. All were silent in the past but will not be so in the future.

Dr. Dissa Bandara has an invalid post – ‘Acting Director General SEC’. According to the Attorney General’s Department, there cannot be an Acting Director General when there is no Director General. However, over 1,000 letters have been sent by the Acting Director General to investors who have bought five stocks nearly one year ago, whereby a fear psychosis has been created in the minds of investors who were making the market lively. Simply, the investors do not have to reply these letters as the letters are null and void. All this damage to the net worth of investors and the economy has been inflicted as influenced by a handful of anti-Government financial activists.

The Chairman and the Secretariat have been continuously making statements officially and unofficially as ‘SEC source’ in the last two years to four newspapers about manipulators, insider traders, fundamentally weak, and mafia traders, thereby making it impossible for new investors to get convinced to enter the market and old investors to re-enter the market.

If a prospective foreign fund manager surfs the web, he would get hundreds of fearful articles that have originated from the SEC, and therefore almost no new fund manager would enter the Colombo Bourse. The Chairman of the SEC has conveniently said market promotion is not the task of the SEC, as it is probably the only SEC in the world which actively works to bring down the market.

When the CSE should create the rules with the stock brokers, the SEC has also taken over this function and gone further to almost daily inserting articles against investing in at least four newspapers.
http://www.ft.lk/2012/08/06/matara-investors-association-on-who-is-responsible-for-bringing-the-stock-market-down/

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Is this legally accurate?

"Dr. Dissa Bandara has an invalid post – ‘Acting Director General SEC’. According to the Attorney General’s Department, there cannot be an Acting Director General when there is no Director General."

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@slstock wrote:Is this legally accurate?

"Dr. Dissa Bandara has an invalid post – ‘Acting Director General SEC’. According to the Attorney General’s Department, there cannot be an Acting Director General when there is no Director General."

Generally it "should be " like this:

An acting officer serves in the absence of a permanent appointee. "Absence" means when the big fellow is away out of the country, not coming to work long period due to illness etc. වැඩ බලන = ලොක්ක නැති වෙලාවට එයාගේ වෙනුවෙන් වැඩ ආවරණය කරන්නා .

If you appoint someone temporary for the post when no one hold the post , it should be an interim appointment, interim officer serves through a period between permanent appointees. තාවකාලික අද්‍යක්ෂ ජනරාල් ??

BTW, I have see people use the term "Acting" for temporary appointments in Sri Lanka. උදා : විදුහල්පති මාරු වී ගිය විට අලුත් කෙනෙක් පත් කර එවන තෙක් වැඩබලන විදුහල්පති ලෙස ගුරුවරයෙක් වැඩ කිරීම.

This is my personal view. I do not know what the law says.

But I feel that statement is correct. If there is no General there cannot be an Acting General.
ඔබට නිතයනුකුල බිරිඳක් නොමැති නම් "අනියම් බිරිඳක් " ද සිටිය නො හැකිය . Smile

K.Haputantri

K.Haputantri
Co-Admin
Another feeble attempt by the manipulators throgh FT to attack the SEC. MIA seems to be a front organization used by them.

As far as I am aware, the Establishments Code which governs Govt. appointments allow acting or covering the duties appointments to avoide breakdown of work when-ever there is no permanant appointee.

It is the Public Enterprises Department of the Treasury who should look into the legality or otherwise of such appointments. AG has no role in this regard unless there is a court case against such appointment. Even then, the interpretation of such administrative rules is the responsibility of the Public Enterprises Department of the Treasury and not the AG.

Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Chinwi wrote:
@slstock wrote:Is this legally accurate?

"Dr. Dissa Bandara has an invalid post – ‘Acting Director General SEC’. According to the Attorney General’s Department, there cannot be an Acting Director General when there is no Director General."

Generally it "should be " like this:

An acting officer serves in the absence of a permanent appointee. "Absence" means when the big fellow is away out of the country, not coming to work long period due to illness etc. වැඩ බලන = ලොක්ක නැති වෙලාවට එයාගේ වෙනුවෙන් වැඩ ආවරණය කරන්නා .

If you appoint someone temporary for the post when no one hold the post , it should be an interim appointment, interim officer serves through a period between permanent appointees. තාවකාලික අද්‍යක්ෂ ජනරාල් ??

BTW, I have see people use the term "Acting" for temporary appointments in Sri Lanka. උදා : විදුහල්පති මාරු වී ගිය විට අලුත් කෙනෙක් පත් කර එවන තෙක් වැඩබලන විදුහල්පති ලෙස ගුරුවරයෙක් වැඩ කිරීම.

This is my personal view. I do not know what the law says.

But I feel that statement is correct. If there is no General there cannot be an Acting General.
ඔබට නිතයනුකුල බිරිඳක් නොමැති නම් "අනියම් බිරිඳක් " ද සිටිය නො හැකිය . Smile

ඉතා හොද පැහැදිලි කිරීමක් Very Happy Very Happy Very Happy

Dasunh


Equity Analytic
Equity Analytic
there is a guy who became an investment advisor after being an investor. when he was an investor he used to collect money from people and invest in the market. that was completely illegal. he is behind this Association. he had given unlimited credit to investors and now cant even face those investors.

Over to you SEC. Please checkout these people and take action against them. do your job properly

Universalgoal


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
there are peaple who cry on behalf of sec (who are they)
* point a single step sec has taken to save sinking investers

* i still remember one forum friend said "we are the Last batch of CSE"
* do you think last batch advice junior batch to invest at CSE i dont think and i am not

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