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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Quit calls!

Quit calls!

+5
RANGANA PERERA
K.Haputantri
sahan8896
Slstock
sriranga
9 posters

Go down  Message [Page 1 of 1]

1Quit calls! Empty Quit calls! Mon Aug 13, 2012 12:25 am

sriranga

sriranga
Co-Admin

SEC Chief Tilak Karunaratne is reportedly under pressure to call it quits.

Some said it was on account of his recent remarks which have put President and Finance Minister Mahinda Rajapaksa in an embarassing spot, hence he was told to quit. It was alleged he had overstepped his mandate of capital market regulator.

Others maintained Karunaratne is calling it quits on his own volition as he doesn't find the environment conducive to function independently.

He has received both criticism and bouquets from different market participants as the head of SEC.
http://www.ft.lk/2012/08/13/quit-calls/

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

2Quit calls! Empty Re: Quit calls! Mon Aug 13, 2012 2:08 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Not another if it is true. Who can survive in this position? Please HNWI, Govn and retailers at the same time is no easy task.

3Quit calls! Empty Re: Quit calls! Mon Aug 13, 2012 6:03 am

sahan8896


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Changing seats want help CSE, It happened once & did it help the market??.

4Quit calls! Empty Re: Quit calls! Mon Aug 13, 2012 6:47 am

K.Haputantri

K.Haputantri
Co-Admin

Good governance canot be restored by mere words utterred on stages, it should appear to the general public to be done by good & well thought of deeds. Indrani's resignation shatterred the hopes of genuine investors already.

If this news is true, it surely sends bad signals to the foreign investors. FDI canot be expected as dreamt by the CB and resurrection of the bourse will be at stake. My faith on the system is gradually fading.

5Quit calls! Empty Re: Quit calls! Mon Aug 13, 2012 8:16 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Am not talking about Dr K specifically, but when someone tries to do their job obstacle are the first to come from those whose have different interests. Taking courage to compromise, correct any blunders you made and stand straight to the opposition in just way will make you stonger.

6Quit calls! Empty Rumour is now Thilak out Mon Aug 13, 2012 12:16 pm

RANGANA PERERA


Manager - Equity Analytics
Manager - Equity Analytics

Rumour is now Thilak out... but 100% sure MRS THILAK IN

7Quit calls! Empty Re: Quit calls! Mon Aug 13, 2012 1:05 pm

anubis


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Hmmm, doesn't it look like this is another one of those "atheesarayata amuda gaseema" ? I don't think Tilak had anything to do with the current bearish sentiments (which I believe is the whole reason for flipping heads like this).

Cheers!

sanju351

sanju351
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Thilak is always an extreme character even in politics and every field - For a stock market for an emerging nation from a 30 Years old war we need a liberal moderate gentlemen who knows the tricks of the Stock and the risks comes along with it ..

Fortune favors the brave and all the time high profits coems along with high risks - Thats mordern day stock playing ..

Heard the Good news - Dr Tilak has Rendered his resignation and Market player Mr Dhamika Perera is going to succeed him according to speculative news .. cheers cheers cheers cheers cheers cheers cheers cheers

In spite of the commendation the Securities and Exchange Commission (SEC) Chief Tilak Karunaratne received from the Committee of Public Enterprises (COPE) last week for ‘excellent performance’, the regulator is believed to be under extreme pressure, which may eventually lead to his stepping down, Mirror Business reliably learns.

According to sources close to SEC, the pressure is mounting on Karunaratne, who has taken a tough regulatory stance against market misconduct and revived investigations which were in the backburner since he assumed duties as the SEC Chairman.

“He is extremely frustrated as there is little help from those who are supposed to back him in doing the right thing. It also seems that the decision was prompted by his unwillingness to cause difficulties to those who appointed him to this high office,” a SEC source on the grounds of anonymity said.

According to him, Karunaratne is most likely to handover his resignation during the early part of this week and, the resignation letter, in detail, will explain the reasons for his decision to quit SEC.

Certain high net worth investors and some stockbrokers have taken arms against the SEC, specially against Karunaratne, alleging that their regulatory actions have created a ‘fear psychosis’ among investors which has kept both big and small investors away from the Colombo Stock Exchange (CSE) alike.

Though these influential investors were able to arrange a meeting with the President, who is also the Finance Minster and the market stakeholders including the SEC a few weeks back, it bore no material outcome, except a couple of follow-up meetings between the market stakeholders and the Treasury Secretary P.B.Jayasundara.

“During any of these meetings, the SEC was neither ready to bring the investigations it was carrying out to a halt nor alter its position on broker-credit. This has agitated many stock brokers and influential investors who are highly connected,” a stockbroker who attended these meeting said.

Relaxation of credit rules has been a sticking point between the brokers and the SEC as some stockbrokers wanted fewer regulations on credit they provide to their clients, though certain brokers stressing extensive credit may lead to systemic risks.

“With the SEC trying to take actions against market misconduct, sanity returned to the Colombo bourse together with foreign investors. To-date, foreign inflow to the market has topped Rs.26 billion. A change in the top position of the regulator can certainly unsettle this trend,” an independent market analyst told Mirror Business.

Bowing down to pressure exerted by powerful investors during December last year, the then SEC Chairman Indrani Sugathadasa resigned from her post claiming it was to ‘uphold her principles’.

“It will be worrying to see the same fate befalling on the person who succeeded Sugathadasa, who also tried taking correct measures for market development. This clearly shows that how powerful the big investors who operate in the bourse are,” a senior economist who preferred anonymity said.

“In recent news reports, it was reported quoting COPE Chairman D.E.W.Gunesekara that COPE would support SEC to the hilt. This would be a good time for them to step up and protect the independence of the SEC,” he added.

Meanwhile, following the likely resignation of Karunaratne, the fate of the acting Director General of SEC, Dr.Harendra Dissa Bandara also hangs in the balance, sources said.

According to them, Karunaratne’s attempt to make Dissa Bandara the SEC Director General has so far failed and this also has contributed towards Karunaratne’s decision to step down.

As per the sources, Dissa Bandara is likely to be removed from his position following Karunaratne’s resignation.

Those tipped to be the new Director General are present Director Investigations at the SEC, Dhammika Perea and Sri Lanka Tourism Development Chairman Nalaka Godahewa. (IS)


Link :
http://www.ft.lk/2012/08/13/quit-calls/



Last edited by sanju351 on Mon Aug 13, 2012 6:26 pm; edited 1 time in total

9Quit calls! Empty Re: Quit calls! Mon Aug 13, 2012 6:23 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

We do not need speculative news.
If there is source provide us or otherwise Admin could send this thread to the prison.

sanju351

sanju351
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Redbulls wrote:We do not need speculative news.
If there is source provide us or otherwise Admin could send this thread to the prison.

Heloo Mr Bull ..

Did some body paid you to bring the CSE down to collect shares at their will - You are all the time negetive and acting like a master of echonomics ..Go home Mr Bull See the the news and watch News Tonight or tomorrow it will come as black and whte

11Quit calls! Empty Re: Quit calls! Mon Aug 13, 2012 6:33 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

sanju351 wrote:
Redbulls wrote:We do not need speculative news.
If there is source provide us or otherwise Admin could send this thread to the prison.

Heloo Mr Bull ..

Did some body paid you to bring the CSE down to collect shares at their will - You are all the time negetive and acting like a master of echonomics ..Go home Mr Bull See the the news and watch News Tonight or tomorrow it will come as black and whte

I can go home and watch, but you guys are looking to dump your crap for long time and couldn't.
Anyone can go through your posts and find your desparation.
Anyway why you didn't start a poll as usual?
Good luck.

12Quit calls! Empty You are again wrong Mon Aug 13, 2012 6:45 pm

sanju351

sanju351
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Redbulls wrote:
sanju351 wrote:
Redbulls wrote:We do not need speculative news.
If there is source provide us or otherwise Admin could send this thread to the prison.

Heloo Mr Bull ..

Did some body paid you to bring the CSE down to collect shares at their will - You are all the time negetive and acting like a master of echonomics ..Go home Mr Bull See the the news and watch News Tonight or tomorrow it will come as black and whte

I can go home and watch, but you guys are looking to dump your crap for long time and couldn't.
Anyone can go through your posts and find your desparation.
Anyway why you didn't start a poll as usual?
Good luck.

Bull i feel sorry for you ..i have invested in CSE as lonng term investment ..am not a trader ..But these bull shit extreeme Regulators will not help anybody my friend

13Quit calls! Empty Re: Quit calls! Mon Aug 13, 2012 6:48 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

sanju351 wrote:
Redbulls wrote:
sanju351 wrote:
Redbulls wrote:We do not need speculative news.
If there is source provide us or otherwise Admin could send this thread to the prison.

Heloo Mr Bull ..

Did some body paid you to bring the CSE down to collect shares at their will - You are all the time negetive and acting like a master of echonomics ..Go home Mr Bull See the the news and watch News Tonight or tomorrow it will come as black and whte

I can go home and watch, but you guys are looking to dump your crap for long time and couldn't.
Anyone can go through your posts and find your desparation.
Anyway why you didn't start a poll as usual?
Good luck.

Bull i feel sorry for you ..i have invested in CSE as lonng term investment ..am not a trader ..But these bull shit extreeme Regulators will not help anybody my friend

Certain extend I do agree with you.

14Quit calls! Empty Re: Quit calls! Tue Aug 14, 2012 5:31 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Here's the source for Sanju's news;
http://www.dailymirror.lk/business/stock/21063-history-repeats-tilak-to-quit-sec-.html

Sanju - Next time u need to add the correct source without blaming others for your stupidness.. We still know ur long term investment BLUE...

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