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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's beleaguered securities regulator quits after battling market manipulators

Sri Lanka's beleaguered securities regulator quits after battling market manipulators

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
FRIDAY, 17 AUGUST 2012 16:19

Thilak Karunaratne, the no-nonsense Chairman of Sri Lanka’s crisis-hit Securities and Exchange Commission (SEC) finally threw in the towel on Friday, quitting in a losing battle against market manipulators and insider traders.

He is the second head of the exchange, following Indrani Sugathadasa's resignation last December again in similar circumstances. The SEC Chief sent in his resignation to the Treasury Secretary P.B. Jayasundera amidst a chorus of protests and concerns locally and internationally. The Ceylon Chamber of Commerce and the Sri Lanka Institute of Directors, representing the cream of the country’s business leaders, expressed grave concern over the developments.

There were unconfirmed reports that a foreign fund had decided to suspend investments in the stock market as the governing authorities wilted under the pressure of a group of powerful investors. This group has blamed both Mr Karunaratne and his predecessor Ms Sugathadasa for over-regulation of the market and pursuing probes against market manipulation. Sanjay Kulatunga, one of the SEC commissioners also quit. The Commission’s 75-strong staff came out strongly in support of their outgoing chief urging President Mahinda Rajapaksa, in a letter, not to accept Mr Karunaratne’s resignation.
http://sundaytimes.lk/index.php?option=com_content&view=article&id=23159:sri-lankas-beleaguered-securities-regulator-quits-after-battling-market-manipulators&catid=1:latest-news&Itemid=547

malanp


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Manipulators and regulators,,, both are same. they rip investors.

Manipulators rob investors, they escape, then regulators punish investors..at the end we all lose money.

What did this lady, Indrani Sugathadasa, who did not know basics of investments did??? punish investors for mistakes done by brokers..

afruk


Stock Analytic
Stock Analytic
we want one thing green market. if regulators cant do, it let manipulators do it.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@afruk wrote:we want one thing green market. if regulators cant do, it let manipulators do it.
Welcome to the forum.
How many days or month or years manipulators can keep the market in green?

No one can play with the market my friend, temporarilly you can achive the green and Manipulators off load the craps on the retailors head.
Again all of of you will start to cry for another manipulators arrival.

afruk


Stock Analytic
Stock Analytic
Retailers also must use the brain and engage in business.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
No one may allow the neighbor to manage their wallets.

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
UPDATE 2-Sri Lanka SEC head resigns, blames powerful traders

Fri Aug 17, 2012 5:35pm IST

(Adds analyst quotes, official quote)

By Shihar Aneez and Ranga Sirilal

Aug 17 (Reuters) - The head of Sri Lanka's Securities and Exchange Commission resigned on Friday, saying he had come under pressure from stock market players under investigation for stock manipulation making false allegations against him.

Tilak Karunaratne's resignation was the second in less than nine months after his predecessor left amid complaints from brokers that tougher regulations were hurting stock prices.

"Just about half an hour ago, I have sent it," Karunaratne told Reuters, referring to his resignation letter.

The SEC chief had been pushing investigations into stock market malpractice, including so-called pump-and-dump deals in which investors are lured into apparently cut-price equities.

"I don't even call them investors. They are crooks. The pressure from those crooks goes elsewhere and then in turn that party is exerting pressure on me," Karunaratne said. He did not elaborate.

Sri Lanka's stock market has fallen more than 20 percent since the start of the year.

The Finance Ministry said Karunaratne's resignation had yet to be accepted.

Last month, President Mahinda Rajapaksa, who is also the finance minister, met Karunaratne, high net worth investors and top Colombo Stock Exchange officials to discuss the persistent weakness in the market.

Analysts said the resignation of the SEC head could make matters worse.

"The signals are not good and this will affect the market's integrity," said an analyst on condition of anonymity. "This means the group of investors behind forcing Karunaratne out will not want any future SEC head to investigate anything."

Some stockbrokers said his resignation would come as a relief.

"Investors and stockbrokers were intimidated under this SEC chairman," said a CEO of a local brokerage, asking not be identified. "...Nobody wants to be in the market if he or she is embarrassed with such intimidation." (Reporting by Shihar Aneez and Ranga Sirilal; Editing by Nick Macfie)

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