New Chairman and DG to be appointed to SEC

Mr NALAKA GODAHEWA AS CHAIRMAN OF SEC

MR PRASAD GALHENA CHARTERED ACCOUNTANT AS NEW DG

Mr KALINGA INDRATISSA AS A COMMISSIONER WILL BE APPOINTED DURING THE NEXT WEEK

DAMMIKA PERERA WILL BE THE ADDITIONAL DG

DJ as mafia the?

stockboy wrote: Mr NALAKA GODAHEWA AS CHAIRMAN OF SEC

MR PRASAD GALHENA CHARTERED ACCOUNTANT AS NEW DG

Mr KALINGA INDRATISSA AS A COMMISSIONER WILL BE APPOINTED DURING THE NEXT WEEK

DAMMIKA PERERA WILL BE THE ADDITIONAL DG

ilak’s resignation accepted, Nalaka to be new SEC Chief
Published : 3:10 am August 25, 2012 | 694 views | No comments so far | Print This Post | E-mail to friend

The resignation of Tilak Karunaratne as the Chairman of the Securities and Exchange Commission (SEC) has been accepted whilst a successor will be named next week, Finance Ministry Secretary Dr. P.B. Jayasundera said.


The confirmation by the Treasury Secretary ends week-long uncertainty whether the SEC Chief’s quit notice would be accepted or not, even though Karunaratne himself said he was firm about his decision to resign.
Daily FT learns top professional Dr. Nalaka Godahewa is tipped to be appointed as the new SEC Chief. However official sources declined to comment.
Apart from Karunaratne, appointed member Sanjay S. Kulatunga has resigned as per the SEC’s website. Other members of the commission are Registrar of Companies D.K. Hettiarachchi (Ex-Officio), Lolitha Abeysinghe (appointed member from private sector), Mohamed Zuraish Hifaz Hashim (appointed member from private sector), B.D.W.A. Silva (appointed member from Central Bank), Chartered Accounts Sri Lanka President Sujeewa Rajapaksha (Ex-Officio), Dr. Prathiba Mahanamahewa (appointed member from private sector) and Deputy Secretary to the Treasury Sajith R. Attygalle (Ex-Officio).
Meanwhile, profit taking and foreign selling impacted the market yesterday. The benchmark ASI closed lower by 0.5% whilst turnover was only Rs. 265.7 million.

The market saw the first foreign outflow in 25 days with offshore investors selling a net Rs. 63.66 million. Foreigners have been net buyers of Rs. 28.3 billion so far this year.
“Market took a breather after a strong run with reduced activity across the board, dragging the indices to negative territory,” NDB Stockbrokers said.
Softlogic Stockbrokers said the heavy index, John Keells Holdings, which defined most of the foreign interest over the past few market days, saw its share price slip 2.01% to Rs. 195.20.
“The premier conglomerate having a dominant position in the CSE’s market capitalisation explained the dip in the indices as the ASPI dipped 25 points but retrieving above the 5,000 mark at 5,012.84 points,” the broker said. The S&P SL20 shed 18.96 points and the MPI dipped by 56 points.
Softlogic said Central Finance, one of the most recently watched counters, witnessed profit taking after climbing 7.7% WoW on Thursday. The counter shed 1.6% at its close of Rs. 136.90 adding onto the MPI decline.
Active participation was visible in Distilleries Company, trading at a trailing PER of 5.7X and at book value, making the counter gain 1.1% for the day at its end of Rs. 119.60. Interest in Commercial Bank was led by two on-board deals counting 175,000 shares at Rs. 103.20.
CIC Holdings went onto touch its 52-week low of Rs. 67.80 during trading, provoking many investors to ponder buying in. Colombo Dockyard saw some renewed play whilst Hatton National Bank (Voting and Non-Voting) and Sampath Bank highlighted the banking counter play. Finance companies; Vallibel One and Singer Finance saw some active play with Ceylinco Insurance racing up by a notable 5.4% for the day at Rs. 7.90.
Retail seeking counters Free Lanka Capital Holdings closed flat at Rs. 2.20 while Regnis Lanka slipped 0.9%. Hydro Power Free Lanka went on to book a gain of 6.45% at its close of Rs. 6.60.
The rupee ended slightly firmer at 132.25/30 against the dollar from 132.28/35 the previous day in dull trade, as banks sold dollars.



http://www.ft.lk/2012/08/25/tilaks-resignation-accepted-nalaka-to-be-new-sec-chief/

Compared to many other countries which had similar opportunities the reason Sri Lanka did not progress economically can be attributable to the attitude of our own people apart from the war. We are inherently negative and critical. Rather than working together to develop the country we are more worried about the success of each other and always hoping that those who are doing well will fail soon. If they don’t we start slinging mud. Friends when can we get out this mentality and look at future positively. Let the new team at SEC focus on market development so that all those who lost money during the last 1 ½ years can return to their normal lives. Let SEC stop focusing on the which hunt for a short while and focus on getting the market back on track.

stockboy wrote: Mr NALAKA GODAHEWA AS CHAIRMAN OF SEC

MR PRASAD GALHENA CHARTERED ACCOUNTANT AS NEW DG

Mr KALINGA INDRATISSA AS A COMMISSIONER WILL BE APPOINTED DURING THE NEXT WEEK

DAMMIKA PERERA WILL BE THE ADDITIONAL DG

Isn't Mr Godahewa, already having interests in a Finance company which maybe listed at CSE ? Would that not be a clear conflict of interest to hold this position?

Sylvester1234 wrote:Compared to many other countries which had similar opportunities the reason Sri Lanka did not progress economically can be attributable to the attitude of our own people apart from the war. We are inherently negative and critical. Rather than working together to develop the country we are more worried about the success of each other and always hoping that those who are doing well will fail soon. If they don’t we start slinging mud. Friends when can we get out this mentality and look at future positively. Let the new team at SEC focus on market development so that all those who lost money during the last 1 ½ years can return to their normal lives. Let SEC stop focusing on the which hunt for a short while and focus on getting the market back on track.

Yes you got a very valid point.
Apart from this what we lack is accountability.
That is paramount if anything to be successful.
How can we get this?
By earnestly demanding it (from you and others) constantly.

Sylvester1234 wrote:Compared to many other countries which had similar opportunities the reason Sri Lanka did not progress economically can be attributable to the attitude of our own people apart from the war. We are inherently negative and critical. Rather than working together to develop the country we are more worried about the success of each other and always hoping that those who are doing well will fail soon. If they don’t we start slinging mud. Friends when can we get out this mentality and look at future positively. Let the new team at SEC focus on market development so that all those who lost money during the last 1 ½ years can return to their normal lives. Let SEC stop focusing on the which hunt for a short while and focus on getting the market back on track.

Next Kahawatta murderers and Thangalle rapists will say the same thing. Let's forget about the past murders and rapes. Let's focus on how to stop murders and rapes happening in the future. So how about stopping publishing about them and killing the ones who talk about them?

Dr. Nalaka Godahewa has resigned as the Chairman of Divasa Finance Ltd. last week.
Analysts widely believe the move as a precursor to the impending appointment of Dr. Godahewa as the new Chairman of the Securities and Exchange Commission (SEC), which the Daily FT exclusively reported on Saturday.

Godahewa however remains as Chairman of Colombo Land and Development Plc, biggest shareholders of which are Singapore investors holding over 30%. Urban Development Authority (UDA) holds17.5% and listed entity Kalpitiya Beach Resort-linked to Diawasa Equity holds 20.2%.
Godahewa though on the Board representing the interests of UDA is the single largest Sri Lankan individual shareholder, though with a 1.15% stake. He had a 1% stake in Waskaduwa Beach Resort as at 31 March 2012 but divested this stake recently as well.
The other listed company directorship he holds is on the Board of Lanka Hospitals, since August 2009.
Apart from being Chairman of the Sri Lanka Tourism Development Authority, Godahewa also serves on the Boards of the Urban Development Authority, Sri Lanka Handicrafts and Sri Lankan Catering Ltd. as an Independent Director.


http://www.ft.lk/2012/08/27/nalaka-steps-down-as-divasa-finance-chairman/

Problem is the appointment of an individual with questionable vested interests with certain companies whether he resigns or not. Many will see the problem of even after resignation, the question of loyalty to those companies?

sanju351 wrote:Dr. Nalaka Godahewa has resigned as the Chairman of Divasa Finance Ltd. last week.
Analysts widely believe the move as a precursor to the impending appointment of Dr. Godahewa as the new Chairman of the Securities and Exchange Commission (SEC), which the Daily FT exclusively reported on Saturday.

Godahewa however remains as Chairman of Colombo Land and Development Plc, biggest shareholders of which are Singapore investors holding over 30%. Urban Development Authority (UDA) holds17.5% and listed entity Kalpitiya Beach Resort-linked to Diawasa Equity holds 20.2%.
Godahewa though on the Board representing the interests of UDA is the single largest Sri Lankan individual shareholder, though with a 1.15% stake. He had a 1% stake in Waskaduwa Beach Resort as at 31 March 2012 but divested this stake recently as well.
The other listed company directorship he holds is on the Board of Lanka Hospitals, since August 2009.
Apart from being Chairman of the Sri Lanka Tourism Development Authority, Godahewa also serves on the Boards of the Urban Development Authority, Sri Lanka Handicrafts and Sri Lankan Catering Ltd. as an Independent Director.


http://www.ft.lk/2012/08/27/nalaka-steps-down-as-divasa-finance-chairman/