Jayaweera said told a media briefing that was not a 'high networth investor' who bought stocks on his own account but key stocks were bought by a corporate entity Divasa Equity with bank leverage.
Sri Lanka's SEC chairman Tilak Karunaratne resigned last week saying he was under pressure following 17 probes related to stock market frauds.
A so-called 'stock market mafia' was alleged to be behind his ouster.
Karunaratne's resignation came after select investors and an association of stock brokers - from which several had dropped out following a previous meeting with the president and the resignation of a different SEC chief - met President Mahinda Rajapaksa in July.
Another broker dropped out following the second meeting with the president.
Jayaweera made a presentation at a meeting with the President to which the SEC was also called which said among other issues that actions of the regulator in curbing speculative rises of stocks helped bring down the stock market.
The presentation also alleged that the media which 'loosely' used terms including pump and dump, manipulation, fundamentally weak, high P/E were 'anti-government'.
Asked whether he questioned the right of the public or media to dissent with an administration or the right of the media to explain the basis behind fundamental analysis, Jayaweera said no.
Jayaweera said he requested to make a presentation from the organizers before going to the meeting.
He said the presentation he made and the subsequent resignation of Karunaratne was not connected.
Jayaweera said media reports that connected him to the removal of the SEC chief had potential to damage his firm and a foreign investor who was to discuss a property project had already cancelled a meeting following a google search.
Karunaratne had told the media that he was pressured to resign while there were 17 probes related to securities fraud were in the last stages.
Jayaweera said he had received '4 or 5' letters from the SEC for transactions dating back over two years. Many others had also received letters from the regulator.
He said the Karunaratne and the previous SEC chief, Indrani Sugathadasa were possibly misled by SEC secretariat staff but they were both people with high integrity.
Sugathadasa resigned saying she was acting on 'principle'.
Until 2011 Sri Lanka's stock rose to new highs fired by margin credit and loose monetary policy, but the bubble began deflate from late 2011. In mid 2011 monetary policy tightened after credit growth put pressure on the island's dollar peg.
During the credit bubble the time many fundamentally weak stock illiquid were pumped up with sometimes with margin loans.
Some stockholders and brokers with positions in some illiquid stocks were asked not to sell by those who were pumping up the shares, sources familiar with some knowledge of the methods used to pump up stocks say.
Stock - or any asset price bubble - forms during loose monetary policy, and collapse when they run out of steam.
During a bubble all kinds of questionable activities happen and even sophisticated investors can get burnt in the feverish run of stock price gains, rights issues, initial offers, stock splits and a plethora of exotic instruments that naturally come up in such periods.
Jayaweera said factors other than the SEC rules could have contributed to the market fall including higher interest rates and sentiment.
The world's first SEC in the US was formed after a massive stock bubble collapsed in the late 1920s following money printing by the Federal Reserve which eventually plunged the world in to the Great Depression.