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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Govt.’s ‘perceived’ stance strengthening market offenders

Govt.’s ‘perceived’ stance strengthening market offenders

+6
Sidath
alexrider
raa
worthiness
Redbulls
sriranga
10 posters

Go down  Message [Page 1 of 1]

sriranga

sriranga
Co-Admin

* Country’s credibility at stake as pressure mounts on SEC Chairman
* SEC fast tracks investigations into stock exchange mafia
* Ceylon Chamber of Commerce supports SEC


The capital market watchdog the Securities and Exchange Commission of Sri Lanka (SEC) has fast tracked investigations into market manipulation and is expected to present the Parliamentary Committee of Public Enterprises (COPE) a detailed report on its outcome before the end of this month.

While some market stakeholders blame the SEC for over regulating the market with various directives that are stymieing investor appetite, analysts point out that there are veiled attempts to prevent these investigations from exposing a mafia in the Colombo Stock Exchange (CSE), with attempts being made to vilify journalists and officials alike who have been working hard to clamp down on market irregularities.

"How can the government not support those working towards a clean market where rule of law prevails?" is the question many are asking today.

As previously reported in these pages, the COPE and other respected individuals such as minority shareholder rights activist K. C. Vignarajah and former Ceylon Chamber of Commerce Chairman C. P. De Silva have acknowledged that the SEC should be empowered to tackle unsavoury elements operating in the CSE. The COPE last week went as far as to urge the government to immediately amend the SEC Act to give the watchdog more teeth to investigate and punish those found guilty of market malpractices.

Several stock brokers have also commended the SEC, especially with regard to the credit restrictions warning that lax credit rules could put the entire system at risk.

However, the government support of the SEC is seriously lacking and questions are being asked as to who the government is trying to shield.

Sources close to the SEC yesterday told The Island Financial Review that SEC Chairman Thilak Karunaratne was under severe pressure to resign. The pressure was coming from high places.

A delegation from the Ceylon Chamber of Commerce led by its Chairman Susantha Ratnayake recently met with top officials of the SEC and vowed to support it, sources said. The COPE has also expressed similar sentiments. But the pressure keeps mounting.

"What is more important, working hard to stamp out market malpractices and build a stable, credible exchange, or abandoning regulation so that the stock exchange can move up again?" a market analyst asked, not wanting to be named.

"The behaviour of the Treasury and the Ministry of Finance and Planning have given the impression that the SEC was not enjoying their support, that those being investigated by the SEC have much more clout.

"The performance of the stock exchange is perceived to reflect the economic health of the country. Perhaps this is what is worrying the government, but then the government cannot be that daft to believe that the regulations and investigations must all go away to make the exchange move up again, and that credibility and rule of law do not mean anything at all as long as a few are making millions in the stock exchange."

Some analysts however, contend that the SEC has gone overboard.

"Some of the regulations are unnecessary and the market should be allowed to speculate more freely. This is the hallmark of the free economy. People should be allowed to take risks and reap the benefits or suffer the consequences what ever the outcome may be. The SEC should relax some of its regulations. But we must draw a line here. While relaxing regulations, the SEC must come down hard on market offenders. These offenders should be named and shamed without fear or favour. The stock exchange must be free, but with a zero tolerance on market offences. The sooner the SEC sends a crook or two to jail the better for all. But this is the crux of the problem isn’t it, we are in a country where who you know is all that matters," another analyst said, also not wanting to be named

"What is at stake is not the SEC Chairman’s post, but the credibility of the country. Let the rule of law prevail, is it too much to ask?" he said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=59130

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

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

"The sooner the SEC sends a crook or two to jail the better for all. But this is the crux of the problem isn’t it, we are in a country where who you know is all that matters,"

We can dream.

worthiness


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

Day by day credibility of top level administrators is diminishing due to lackluster of methodology used. Solid hammer & nail would not help to fix the table with shaky hand. This is the time that COPE should step in to propose the government candidly the action to be taken with the aim of protecting the market.

raa


Manager - Equity Analytics
Manager - Equity Analytics

Thank you, finally a good moderate article to discuss on the forum. I hope the multiple account fraudsters read this and learn some perspective on the issue...

alexrider


Stock Trader

Red Bull! We have been profiling you and monitoring your activities for some time. Take this as a warning and refrain from engaging in anti economic activities or face the repercussions.

Admins and the moderators this is not your cause, so keep out of it.

raa


Manager - Equity Analytics
Manager - Equity Analytics

Who's we?

You know what else is very anti-economic. Threatening someone on a forum Razz

Why so serious?

Sidath

Sidath
Manager - Equity Analytics
Manager - Equity Analytics

alexrider wrote:Red Bull! We have been profiling you and monitoring your activities for some time. Take this as a warning and refrain from engaging in anti economic activities or face the repercussions.

Admins and the moderators this is not your cause, so keep out of it.

Threatening people on your first post??? that is not very democratic is it? I maybe new to this forum as well, but at least I did not go threatening people on my first post. I assume that this is forum where people can express their view no matter what but threatening people??? that is a bit low, not to mention cowardly to do so from behind a false name.

or maybe part of the so called stock market mafia, and only used to do things by force. Very Happy Very Happy Very Happy

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

alexrider wrote:Red Bull! We have been profiling you and monitoring your activities for some time. Take this as a warning and refrain from engaging in anti economic activities or face the repercussions.

Admins and the moderators this is not your cause, so keep out of it.

You can monitor like how we are monitoring your gang.
I or other members in the forum do not want to drag your mum or family to scold yourself which you deserve no doubt.
(I think you can understand what I'm trying to say)
Please stay away from the mafia attack on SEC or others.
We can understand yours and your bosses desparation to off load the craps on us.
Wait and see all of you are going to be behind the bars near future.
This forum is not a place to thrash all of your persnal problems.
Please note I'm ready to meet you where you want to meet me.
I took your Threatening like a dog baking at the moon.
You guys are tasting the soar grapes and will taste much near future.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

OK .. another rider has come here threatening us.. I feel like the organised gang was fed up trying to do something but failed..

Poor guys..

K.Haputantri

K.Haputantri
Co-Admin

alexrider wrote:Red Bull! We have been profiling you and monitoring your activities for some time. Take this as a warning and refrain from engaging in anti economic activities or face the repercussions.

Admins and the moderators this is not your cause, so keep out of it.

This forum gurantees freedom of speech provided you behave as per rules and those who abuse this freedom will have to face its consequances. Use of threat in your first post is suspecious.

You are hereby requested to withdraw the threat (with an apology) levelled against Redbull, a senior member and an Senior Vice President of the forum forthwith or face consequences.



Last edited by K.Haputantri on Tue Aug 14, 2012 8:45 pm; edited 1 time in total

kas

kas
Manager - Equity Analytics
Manager - Equity Analytics

raa wrote:Who's we?


I think they r friends of the so called "sleeping lion" ( who is just a fox in lions clothes) and our forum members should stand up to these people who try to execute their personal agendas in the forum.BTW our forum seems to be catching the eyes of HNWIs I guess and also it shows that SLEF has the ability to have an impact on CSE and the investors. We should be proud of it. Smile and keep fighting the evil Twisted Evil for the sake of small investors.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

We do take actions against these kind of idiots in this forum..

Zero tolerance have been given to those who threaten others and try to disturb the peace in forum..
Immediate BAN without further warnings will be the consequences..

Dont waste yout time creating new user names as those will get banned too..
Hope I made myself clear..

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

To all especially abusive forum rules , Please see below

http://forum.srilankaequity.com/t21429-imporant-message-to-all-forum-members-and-participatants-of-cse#130995

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