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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Downfall of the SEC Chairman and Lessons to Learn!

Downfall of the SEC Chairman and Lessons to Learn!

+14
aj
Sumanadasa
KAROSH9
raa
Whitebull
Redbulls
sanju351
sureshot
worthiness
SECsux
UKboy
BullFan
Market Sucker
Sandstorm
18 posters

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Go down  Message [Page 1 of 2]

Sandstorm

Sandstorm
Manager - Equity Analytics
Manager - Equity Analytics

Current SEC Chairman Dr Tilak Karunaratne is a good man. He once sacrificed his parliamentary seat to Buddhist Monks for the good of the country. He is likely to do the same thing again. This time it is for none other than the famous SEC hot seat.

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

Market Sucker

Market Sucker
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

these buggers dont know how to adopt a growing kid(Emerging market) Evil or Very Mad

go home SEC officlas who made PORA TALKS Laughing Twisted Evil

BullFan


Senior Equity Analytic
Senior Equity Analytic

yes. they killed the Kid before he became a man. idiots!!!! go home go home!!!

UKboy

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

"Thamaage arakshawa thama bala gatha uthuya @ CSE"

SECsux


Manager - Equity Analytics
Manager - Equity Analytics

Thilak bugger out or still not out???I had 100000 portfolio and when i buy some odd shares they send me warnings.Wonder how many got letters and stop trading.

worthiness


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

Refers to item a) above.

As a qualified person, i suppose Dr. K is competently conscious of empowered authority & the contractual obligations stipulated. Perhaps, he would have been given a sort of empowerment from top to revive the organization in disarray. it proves that despite the objections given by close circle ( as media revealed) president placed him in much confidence. Nevertheless, things are changing in every moment with unknown reasons to majority that cause such positions become vulnerable.
If other facts are closely accurate, survival is difficult. Human behavior is unknown to another as gone with wind.

sureshot

sureshot
Vice President - Equity Analytics
Vice President - Equity Analytics

Carder hondai waagai.......... Very Happy

8Downfall of the SEC Chairman and Lessons to Learn! Empty Go Home Thilak Mon Aug 13, 2012 6:21 pm

sanju351

sanju351
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Market Sucker wrote:these buggers dont know how to adopt a growing kid(Emerging market) Evil or Very Mad

go home SEC officials who made PORA TALKS Laughing Twisted Evil

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 ..

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

sanju351 wrote:
Market Sucker wrote:these buggers dont know how to adopt a growing kid(Emerging market) Evil or Very Mad

go home SEC officials who made PORA TALKS Laughing Twisted Evil

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 ..

CSE is not casino.

Whitebull


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

UKboy wrote:"Thamaage arakshawa thama bala gatha uthuya @ CSE"

Why wena SE wala thamaage aarakshaawa wena kawuruwath balala denawada ? Very Happy

SECsux


Manager - Equity Analytics
Manager - Equity Analytics

Redbulls wrote:
sanju351 wrote:
Market Sucker wrote:these buggers dont know how to adopt a growing kid(Emerging market) Evil or Very Mad

go home SEC officials who made PORA TALKS Laughing Twisted Evil

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 ..

CSE is not casino.
CSE is not also a parliament,What this guy knows about financial markets?I doubt whether he knew what a share is before taking the seat.

raa


Manager - Equity Analytics
Manager - Equity Analytics

...he was appointed. If he wasn't capable then they wouldn't have appointed him. That's an irresponsible thing to say if you don't understand the due process.

Besides, if you do not think that there is a lot of pressure from HNWI's and the brokers on the SEC head then you are living in your own little world my friend.

SECsux


Manager - Equity Analytics
Manager - Equity Analytics

raa wrote:...he was appointed. If he wasn't capable then they wouldn't have appointed him. That's an irresponsible thing to say if you don't understand the due process.

Besides, if you do not think that there is a lot of pressure from HNWI's and the brokers on the SEC head then you are living in your own little world my friend.

This is Sri lanka.

raa


Manager - Equity Analytics
Manager - Equity Analytics

Lol. ok fair point... Razz

...but doesn't mean there isn't more to whats going on.

Market Sucker

Market Sucker
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

raa wrote:...he was appointed. If he wasn't capable then they wouldn't have appointed him. That's an irresponsible thing to say if you don't understand the due process.

Besides, if you do not think that there is a lot of pressure from HNWI's and the brokers on the SEC head then you are living in your own little world my friend.


what you know about his qualifications?

did you knew that Mrs Indrani didnt knew the meaning of share when she appointed to SEC? That she just a mere SLAS officer? Laughing

hay bro understand the CORE of srilanka Very Happy tongue

SECsux


Manager - Equity Analytics
Manager - Equity Analytics

Market Sucker wrote:
raa wrote:...he was appointed. If he wasn't capable then they wouldn't have appointed him. That's an irresponsible thing to say if you don't understand the due process.

Besides, if you do not think that there is a lot of pressure from HNWI's and the brokers on the SEC head then you are living in your own little world my friend.


what you know about his qualifications?

did you knew that Mrs Indrani didnt knew the meaning of share when she appointed to SEC? That she just a mere SLAS officer? Laughing

hay bro understand the CORE of srilanka Very Happy tongue
EX: asantha de mel and hedging Very Happy

raa


Manager - Equity Analytics
Manager - Equity Analytics

Mrs. Indrani is head of the insurance regulatory board still despite resigning from the SEC and being "just a mere SLAS officer". Mind you she left not due to incompetence but due to frustration and pressure.

Even if she was unqualified, she didn't leave because of that so whether she is qualified or not is irrelevant. Doesn't matter how good the batsmen is, if you have to bat with one hand tied behind, its going to be tough.

KAROSH9


Equity Analytic
Equity Analytic

As with everything Sri Lanka, Stock market has become a scam which has been set up to plunder public funds like EPF and poor retailers which will benefit influential gamblers and and brokers at the top. They are so greedy and corrupt they don't let anyone change their "rules" that is pump n dump in expense of other peoples money without acting upon fundamentals . So when retailers realize this they may be too late. Now the ever great leadership has decided to give the top post for one of those punters to start the same game and a fake bull run which will ultimately bring down this SCAM to the ground for good! Its like changing the doctor instead of treating the illness which will kill the patient!

Sumanadasa


Stock Trader

I refer to statement made by the SEC chairman to Reuters yesterday which appears in todays FT:

Shame on you Chairman. As the head of SEC you should not make irresponsible statements such as these, You have brought the Capital Market and the country to disrepute. You should be promoting SL instead you do the opposite. Mrs. Sugathadasa was a lady with principles hence she resinged with dignity without playing the blame game, on the the contrary you want to hang on to the position you hold and blame the rest of the world. Mr. Chairman, we have a better story to tell the world. You as a former extremist, continues to show how you intent to kill the idealogies of a free market. Please pack your bags and go home without further ruining Sri Lanka's image. You have done the worst as no Chairman have ever done to the capital marktes in the history of SL.

raa


Manager - Equity Analytics
Manager - Equity Analytics

Haha, from ruining capital markets, now its ruining Sri Lanka's image. Sumanadasa, do you have any personal views that you would like to share without blindly following an agenda to discredit the SEC.

Do you lack the free thought to express yourself. The only quote in that article you "refer" to is:

“You just can’t change the SEC chairman as and when you wish,” said a stockbroker on condition of anonymity. “If that happens, investors will lose confidence further.”

This isn't even by the SEC chairman!! The only thing this article says is that he is under pressure to resign. Mrs. Indrani was "under pressure to resign". Malik Cader was under pressure to resign. Why dont' you first ask who's putting all this pressure on these people before you say irresponsible things you know very little about.

http://www.ft.lk/2012/08/14/stocks-down-on-reports-sec-chief-under-pressure/

aj


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

a) As soon as SEC chairman started working first thing he did was stop SEC people from making news, making statements. He said they shouldn't make sensational news.
b) As far as I know this person runs a business and active as a stock investors for a long time. But the most important thing is you don't have to have a 10 year experience in the stock market or a phd in stock market run it. You just have to be intelligent. That's it.
c) Catching criminals is their *duty* whoever they are. Imagine your daughter got gang raped and the police don't catch the criminals because it would make sensational news and fear the public.
d) When you find an officer did something wrong first thing you do is suspend his duties. If it's a broker suspend their work. Then start investigations. You never let the suspected murderer out in the public.

The reason the criminals are against this man is because he's doing his duty and he has something very rare in Sri Lankans, a backbone.

Sumanadasa


Stock Trader

This is exactly my point. Without beating about the bush pls come up with names. This should be the case and not otherwise.

D.G.Dayaratne


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

If you do not have backbone and tolerate corruption you can hold any high post in the public sector
There may be problem s of Management style of Mr Karunaratna.That is completely different from Management Style of this govt that is SHAPE THEORY

kmchandra1


Equity Analytic
Equity Analytic

Market Sucker wrote:these buggers dont know how to adopt a growing kid(Emerging market) Evil or Very Mad

go home SEC officlas who made PORA TALKS Laughing Twisted Evil

player

player
Moderator
Moderator

Sandstorm wrote:Current SEC Chairman Dr Tilak Karunaratne is a good man. He once sacrificed his parliamentary seat to Buddhist Monks for the good of the country. He is likely to do the same thing again. This time it is for none other than the famous SEC hot seat.

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.

agree with you,he just boasting and spreading fear among retailers,..Giving statements to newspapers without thinking the consequences,just bulshit.

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