"The resignation of two SEC Chairpersons within a period of less than one year will be viewed with concern by investors, corporates and other stakeholders," the Ceylon Chamber of Commerce releasing a statement said.
The CCC has called for an effective and stable regulatory framework which it says is 'critical to ensure a robust and sustainable capital market, which delivers long term value to all stakeholders,"
"The Ceylon Chamber of Commerce notes with concern the statements made by Mr. Tilak Karunaratne, Chairman of the Securities and Exchange Commission (SEC) to the media on his impending resignation," the statement further said.
"I'll be doing it (quitting) within the course of this week definitely. Definitely before Friday," SEC chairman Tilak Karunaratne was quoted as saying by Reuters, a news agency.
"It's better to call it a day rather than fight with these people." Karunaratne was quoted as saying.
Karunaratne's predecessor, Indrani Sugathadasa, also resigned amid pressure from some brokers and high net worth investors.
The SEC has been probing so-called 'pump and dump' fraud where fundamentally weak stocks were driven up and sold to small investors during a stock market bubble fired by lower interest rates and liquid from margin loans.