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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » The New Proposed List for SEC Board of Commissioners; Asanga Seneviratne to be the Next Chairman of SEC?

The New Proposed List for SEC Board of Commissioners; Asanga Seneviratne to be the Next Chairman of SEC?

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Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

With new MY3 regime coming in to power following information is gathered from inside sources from Market Sources on appointment of a New Board of Commissioners to SEC and a New Chairman

New Proposed Chairman for SEC

Asanga Seneviratne

Asanga Seneviratne is the founder of Anilana Hotels & Properties Limited, spearheading the launch of the “Anilana” brand, which he owns. He is also a Non-Executive Director of Nation Lanka Finance PLC. Seneviratne was previously a director of Taru Villas Holdings (Pvt) Limited where he was instrumental in developing the hotel chain of Taru Villas, as well as being a Director and Chief Executive Officer of Asia Capital PLC, a public quoted Company on the Colombo Stock Exchange (since 1994). He was previously Managing Director of Asia Securities (Pvt) Ltd, and Chief Executive Officer of Asia Capital Ltd. He has also served as Chairman of the Stock Brokers Association of Sri Lanka (2005/2006), and is currently a Director of the Colombo Stock Exchange.
Seneviratne pioneered on-line trading in Sri Lanka through investor Access Asia (Pvt) Ltd with CDAX, the first on-line trading system in Sri Lanka, enabling direct access to the Colombo Stock Exchange for the first time, directly from the clients' personal computer. He has been involved in key capital market and private investment deals that have taken place in Sri Lanka over the last 20 years, promoting many Direct Investments in Sri Lanka from large Foreign Institutions such as Credit Agricole-Indosuez W.I.Carr, Regent Fund Management, Auerbach Grayson & Company. As well as high net-worth individuals such as Dr. Sena Yaddehige and S.K. Tiog (Malaysia). He has been instrumental in promoting many investor conferences in Sri Lanka. With more than 20 years of extensive finance and investment experience with Asia Securities and Asia Capital, together with his experience within the hospitality industry, Seneviratne is well equipped to lead the emerging Anilana Group of Companies and successfully achieve their progressive business and expansion stratergies, building a new and profitable brand which is quality driven.

SEC Board Commissioners

Ranjith Fernando

Former Director of the Commercial Bank of Ceylon Ranjit Fernando made his name as one of Sri Lanka's Top Development Bankers through his role in transforming the then State owned National Development Bank, which he served from its inception in 1979 until his retirement in 2001. He was appointed as a Director and CEO of the Bank in 1989 and successfully gave leadership to several strategic changes, beginning with the privatization of the Bank through an extremely successful public issue of shares made in February 1993.

In 2001, the NDB successfully bid and acquired the local Branch of ABN Amro Bank, securing a commercial banking license. He steered the Bank steadfastly, achieving its vision of becoming a Universal Bank adding Commercial Banking, Insurance, Venture Capital, Share Broking and Investment Banking to its product portfolio. At his retirement from the Bank's service, he took up office as the Secretary of the Ministry of Enterprise Development, Industrial Policy, Investment and Constitutional Affairs which position he held till early 2004 under Ranil - Chandrika Regime. He is currently the Chairman of United Motors Lanka , Orient Financial Services, and Latex Green. He also serves as a Director of Kelani Tyres, Piramal Glass Ceylon, Sarvodaya Economic Enterprises Development, ICICI International - Mauritius and Prasac Microfinance-Cambodia.
Ranjit Fernando is an Attorney-at-Law and possesses a Bachelor of Laws (Hons) Degree from the University of Ceylon. He is a Fellow of the Chartered Institute of Management Accountants (UK), Chartered Institute of Bankers (UK) and a Companion of the Chartered Institute of Management (UK).However he failed to bring in much hyped Leopard Capital Investments to Sri Lanka although there was a big launch in 2010-2011 era.

Dr. Dayanath Jayasuriya

He is currently a Director of Soma Edirisinghe's EAP Hodings that is expecting a listing on Colombo Sock Exchange soon. Dr. Jayasuriya was the Director General and CEO of the Securities and Exchange Commission and the Insurance Board of Sri Lanka and held these posts until 2003. In 2004 he was appointed as the Chairman of both these regulatory bodies. Dr. Jayasuriya is the Founder Chairman of the South Asian Insurance Regulators’ Forum. In 2005 he served as the Chairman of the International Organization of Securities Commission (IOSCO) President’s Committee. Former Director General of SEC at the era of 2001 UNP-Chandrika Regime when then SEC Chairman and Aitken Spence Chairman Michael Mack was manipulating shares with Norman Gunewardene, Otara, Ruchi  and Ajith. Dr Dayanath Jayasuriya is currently a Distinguished Visitor at the O’Neill Institute and has held positions as senior state counsel to the attorney-general in Sri Lanka and as director-general of both the Securities and Exchange Commission and the Insurance Board of Sri Lanka. He has been the UNDP Regional Adviser on HIV/AIDS and Development for Asia and the Pacific and the UNAIDS Country Coordinator and Head of the UNAIDS Secretariat in Pakistan.Dr Jayasuria has served in Geneva, Bangkok, Vienna and New Delhi for a period of over 18 years working with various UN and other agencies. A lawyer by profession, he is a vice chairman of the Global Jurists Foundation and was the founder chairman of the South Asian Insurance Regulators' Forum. Dr Dayanath Jayasuriya is a President’s Counsel with a LL.B. from the University of Ceylon and a Ph.D. in Law from the University of Colombo. He has been elected as a Fellow of the International Compliance Association (U.K); Honorary Fellow of the Society for the Advanced Study of Law (U.K.); and Fellow of the International Federation of Adjusting Associations (U.K.). He was also Chairman of the Rating Committee of Lanka Ratings Agency (Former RAM Ratings Lanka).Dr. Jayasuriya has been a Visiting Scholar at Harvard University and has lectured at many leading universities including Oxford University and Cambridge University.

Nishan Sumanadeera

Nishan Sumanadeera a Sri Lankan businessman, director and co-founder of Frontier Capital Partners, a boutique investment consultancy firm specialized in Investment Banking services in Sri Lanka. He also serves as the managing director of Venture Holiday Homes and founder director of Hybrid Homes. He has previously served as the Vice President of Asia Capital, an investment bank, Director Asia Securities, Asia Asset Finance and TKS Securities.
Sumandeera studied at Royal College Colombo.He holds a Masters degree in Business Administration and specialized Investment Banking Diploma from PDCP Bank in the Philippines. He is a Fellow Member of the Chartered Institute of Management Accountants of the United Kingdom of the Chartered Public Accountants of Australia. He is also an Attorney at Law of the Supreme Court of Sri Lanka, Notary Public and registered Company Secretary.

Sumanadeera has been involved in many major capital market deals and investment facilitations in Sri Lanka.In 2011 he was involved in the sale and placement of the controlling shareholdings of Asian Alliance Insurance Company, one of the largest life insurance companies in Sri Lanka, on behalf of Asia Capital and Quest Investments. The transaction was completed for approximately $35 million (US), the largest merger or acquisition (M&A) transaction of the year. In 2010, Sumandeera was instrumental in facilitating a hostile takeover of Confifi Hotel Holdings Group consist of Palm Garden, Riverina and Eden, 3 hotels listed on the Colombo Stock Exchange, and in 2009 he successfully facilitated the sale of CW Mackie and Company on behalf of Aarhuskarlshamn AB of Sweden and Industrialization Fund for Developing Countries (IFU). He has also provided financial and legal advice to many local and foreign companies relating to the restructuring, turnaround and recapitalization. These companies include Asia Asset Finance, Kapila Heavy Equipment, Capital Reach Holdings and Asia Siyaka Commodities.

Nishan Sumanadeera had facilitated the top ‘Deals’, the biggest investments made by listed companies during 2009-2011 three years period in post war emerging Sri Lankan Economy. In 2009, he facilitated the C.W. Mackie sale for Lankem Group worth over Rs.1.4 billion, in 2010 Confifi Hotel Group sale for LOLC and Browns group worth Rs.2.5 billion and this year   Softlogic Holdings’ proposed acquisition of Asian Alliance Insurance  worth over Rs.3.3 billion surpassing all big numbers of major acquisitions that took place in 2011.

Russell de Mel

Russel de Mel ,having been with NDB for over 30 years, retired as the Bank’s Director /Chief Executive Officer in August 2013. Prior to his appointment as CEO he served as Vice President – Head of the Corporate Banking Group and as Vice President – Head of Group Risk Management.

De Mel is a Fellow of the Chartered Institute of Management Accountants, UK (FCMA), a Chartered Global Management Accountant (CGMA) & a Fellow of the Institute of Certified Management Accountants (FCMA), Sri Lanka. Mr de Mel was also awarded a Lifetime accolade by the International Finance Magazine, UK, for his outstanding contribution to the Banking Sector. At present he is a member of the Board of Directors of Regional Development Bank, Richard Peiris Securities PLC, Housing Development Finance Corporation, Maldives Islands.


Moderator to cse. Asangas all businesses are fail. Nation lanka finance is one of the most unsuccessful business in sri lanka. We know how he created anilana too. This will be good for nation lanka equities. They sold their clients to csf at the rate of 14 to 16 in 2014 by stating that company will be baught by malasian investor. When ever asanga is there,there is a right issue and rugger. Cse finished. Teller from 4,590 km away from colombo



Sorry in 2012 to 2013 not 2014

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