The Chairman of the Securities and Exchange Commission (SEC), Tilak Karunaratne is to tender his resignation on Friday, Karunaratne confirmed to The Nation a short while ago. The Chairman is reported to be under severe pressure to quit by a handful of highly influential investors who have been mainly disgruntled by the way the market is being regulated. A former Parliamentarian and a Chartered Chemist by profession, Karunaratne took Chair of the SEC on December 8th 2011 following the resignation of his predecessor Indrani Sugathadasa, who had resigned in November 2011 citing similar pressure exerted upon her. It has to be noted that Malik Cader, who was appointed Director General of the SEC in November 2010 was also promoted as Senior Advisor to the Ministry of Finance on Capital Market a year after his appointment following pressure for his ouster from SEC. Consequently and almost four months later following the head hunt for the position, Dr. D B P Hareendra Dissa-Bandara was appointed the Acting Director General of the SEC with effect from April 2, 2012.