SEC Chief Thilak Karunaratne was due to step down later today while another commissioner Sanjay Kulatunga resigned this morning.
SLID said it was perturbed by the recent, and ongoing, developments at the SEC and said the independence of regulatory bodies is an important contributing factor towards entrenching confidence in a country’s capital market and economy.
“Therefore, any attempts to negatively interfere with the professionalism and independence of a regulatory body such as the SEC will only lead to widespread indiscipline and a break down in law and order and the resultant negative impact on the workings of the capital market. We urge the Governing Authorities to take the immediate necessary steps in redressing the current situation at the SEC and ensure that regulatory bodies are given the freedom to manage independently,” it said in a statement.
http://sundaytimes.lk/index.php?option=com_content&view=article&id=23155:directors-institute-concerned-over-sec-crisis&catid=77:news&Itemid=563