Dr Karunaratne tried to do his best to the SEC and the market, but for some unknown reasons he failed to achieved his task. There may be many reasons for his failure which may be known or unknown to general public. But I trust it is a good idea to analyze the same, so that we could learn something from this.
My reasons for his downfall are as follows:
a) Trying to assume executive role to non executive position. According to SEC Act, the Chairman position is non executive and does not have any executive powers. But Dr Tilak tried to portray himself as the supreme authority of the SEC and the Capital market in Sri Lanka.
b) Trying to play to the gallery and be popular instead of doing the job. Taking too much to the media and as usual finally media turned against him.
c) Openly going against HNWI, who had lost their shorts, trousers and underwear's. Going behind helpless HNWI was suicidal and was similar to holding the tail of a cornered tiger. Being vindictive is self destructive according many religious philosophies. Dr Tilak failed to understand this.
d) Creating division within the SEC and adpoting divide and rule policy. Deserving and knowledgeable people like the Head of the investigation Dammika Perera was sidelined.
e) Taking action against the wrongdoers of the NSB-TFC deal without a proper inquiry. Laws of natural justice was not followed and wrongdoer however wrong they were, should have be given a fair hearing before penal actions of suspension was carried out.
f) Lack of knowledge of capital market and unwillingness to learn from peers.
g) Not being diplomatic and secretive about the investigations and intended action to be taken against the perpatrators. It is not fair to openly accuse HNWI or anyone of wrong doings until such time investigations are concluded and offenses are proved beyond reasonable doubt
These were few in drops in the ocean. Please feel free to contribute to this thread.
Last edited by Sandstorm on Mon Aug 13, 2012 1:52 pm; edited 1 time in total