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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Sri Lanka stock market a "cess pool", says former regulator

Sri Lanka stock market a "cess pool", says former regulator

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FXX

FXX
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
The Colombo stock market is a "cess pool" of indiscipline with no proper regulation and a "blood bath" waiting to happen," a former head of Sri Lanka's markets watch dog said.
The CSE is a "gold mine" for a few big investors who make money but a disaster waiting to happen for small investors, says Arittha Wikramanayake of law firm Nithya Partners and former Securities and Exchange Commission director-general.

If regulators do not take action to protect investors and ensure fair play, Sri Lanka will not become a financial hub, he told the 8th LBR LBO CFO FORUM.

It was held on the theme 'CSE: A Blood Bath or a Gold Mine' at the Ceylon Continental Hotel attended by a large gathering of corporate executives.

Wikramanayake said he was amused at the idea of making Sri Lanka a financial hub, a stated goal of successive governments, given the speculative and indisciplined nature of the stock market and high price volatility.

"Look at the state of the Colombo stock market. It's an absolute disgrace, a cess pool of indiscipline, there's no sense of regulation, nobody knows what's happening there and we're waiting for a blood bath to happen."

Wikramanayake said activity on the Colombo Stock Exchange appeared to favour a few and endangered the investments of a large number of small investors.

"It is literally a gold mine. You know how a gold mine works. At the top you get the fat cats who make all the bucks. They are the few people who exploit those people below.

"At the bottom of the mine are all these people slaving away, doing the dirty work - they are people who will get burnt in the end."

Wikramanayake deplored the manner in which prices of illiquid shares of small companies are being pushed up by a few market manipulators, saying retail investors who play the stocks risk losing money.

"How do prices go up? There's ultimately a buyer and those are the retail investors and they are waiting to get burnt.

"Who will take the responsibility for not protecting them when they need protection?," Wikramanayake asked, saying the regulator ought to do more to ensure fair play and protect investors.

"I'm not finding fault with the regulator and I'm not finding fault with the people who make money. They are entitled to make money and obviously they are making money without breaking any laws.

"Because if they are breaking any laws the SEC can take them to court and put a stop to it," Wikramanayake said.

"When there is a disaster staring at you in the face, the regulator has a responsibility to bring in regulations and try to stem the tide.

It is important to create an informed, sophisticated investor, Wikramanayake said.

"The retail investor is staring disaster in the face. It is important for the SEC to bring in regulations and at least educate investors. The SEC is responsible for maintaining a fair and orderly market and protecting the interests of the investors. I don’t see that happening now."

Wikramanayake warned that if no corrective action is taken the market might not be able to recover from a collapse.

"If nothing is done to correct this we're not going to be able to resurrect the Colombo stock exchange after the next debacle. So we can forget about being financial hub. It will never happen.

"So yes, the answer is, it is a gold mine - for people who make money out of a gold mine are the people on top. There are a whole lot of others at the bottom who just slave away and let others make money at their expense."

hungry


Stock Trader
CSE is a place to worship and a goldmine for manipulators who suck every cent of poor investors.

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
@hungry wrote:CSE is a place to worship and a goldmine for manipulators who suck every cent of poor investors.

Friend , What is you are saying is not wrong. But when ppl become share market investors we cant devide them in to groups like poor investor and ( I dont know) " rich investors" . Coz every one when they do trading try to maximize profit. Some one's loss is another investor's profit. For you to make profit someone else will have to lose. Only thing is ppl who are in this business will have to study all aspects of the share market and try to minimize dealings with losses and maximize profits.When we lose money due to our own wrong decisions we have to blaim ourself.

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
He has asked to regulate.....But how..? That is the big question...How do u prevent the manipulation...? It is easy to say but how to do....? Over regulation will destroy the attraction of the market.

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
@rijayasooriya wrote:He has asked to regulate.....But how..? That is the big question...How do u prevent the manipulation...? It is easy to say but how to do....? Over regulation will destroy the attraction of the market.



One hundred % you are correct my friend. We have to face the reality.

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@rijayasooriya wrote:He has asked to regulate.....But how..? That is the big question...How do u prevent the manipulation...? It is easy to say but how to do....? Over regulation will destroy the attraction of the market.

but

if regulators cant regulate what the purpose of having a regulatory body?
why we pay a money with each transaction ?
why we have set rules and regulation?


rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@wiki wrote:
@rijayasooriya wrote:He has asked to regulate.....But how..? That is the big question...How do u prevent the manipulation...? It is easy to say but how to do....? Over regulation will destroy the attraction of the market.

but

if regulators cant regulate what the purpose of having a regulatory body?
why we pay a money with each transaction ?
why we have set rules and regulation?



My orginal question still stands.How to do? I do not think anyone agree with this type of manipulation.HNWI earn even more than the life time net salary of even highly qualified government servants with in 1 or 2 days doing manipulation.But what to do and how to do?

FXX

FXX
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@rijayasooriya wrote:
@wiki wrote:
@rijayasooriya wrote:He has asked to regulate.....But how..? That is the big question...How do u prevent the manipulation...? It is easy to say but how to do....? Over regulation will destroy the attraction of the market.

but

if regulators cant regulate what the purpose of having a regulatory body?
why we pay a money with each transaction ?
why we have set rules and regulation?



My orginal question still stands.How to do? I do not think anyone agree with this type of manipulation.HNWI earn even more than the life time net salary of even highly qualified government servants with in 1 or 2 days doing manipulation.But what to do and how to do?

Take a look at GREG incident, they were only fined 10 mill, then look at the PCH-GREG crossing, even i got the news on Thursday about the Friday crossing. How to do? is a question that the regulators need to find answers cus its their job, they getting paid to do it.

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
What this guy is telling is 100% true. The worthless Greg, HVA share that are at dizzy heights will eventually end up being in the retailers hands in max one years time. So the fatcats would have had their feast on the retailers.

As on regulatory measures, may be you and me can't think of regulatory measures because we are not apecialists on this field. Thats why people like you and me should not be given top posts in the regulatory body.

Investor99


Manager - Equity Analytics
Manager - Equity Analytics
In reality the retail investors can only make the CSE a gold mine or a blood bath. It’s only their mind set (greed of becoming millionaires overnight) that can make the gold mine into a blood bath. What we should understand is it is not the manipulators or the HNWI that make the CSE a blood bath.

The regulator can only impose rules up to a certain point after that the market would become over regulated thus foreigner would shy away.

In my opinion since the end of the war CSE has been a gold mine for me and it will continues to be a gold mine for me for the next few years.

It can be a gold mine for you too if you have patience and can invest in fundamentally strong counters instead of running behind fake rallies to make millions but ending up making a loss.

dr kiru005

dr kiru005
Senior Equity Analytic
Senior Equity Analytic
@FXX wrote:The Colombo stock market is a "cess pool" of indiscipline with no proper regulation and a "blood bath" waiting to happen," a former head of Sri Lanka's markets watch dog said.
The CSE is a "gold mine" for a few big investors who make money but a disaster waiting to happen for small investors, says Arittha Wikramanayake of law firm Nithya Partners and former Securities and Exchange Commission director-general.

If regulators do not take action to protect investors and ensure fair play, Sri Lanka will not become a financial hub, he told the 8th LBR LBO CFO FORUM.

It was held on the theme 'CSE: A Blood Bath or a Gold Mine' at the Ceylon Continental Hotel attended by a large gathering of corporate executives.

Wikramanayake said he was amused at the idea of making Sri Lanka a financial hub, a stated goal of successive governments, given the speculative and indisciplined nature of the stock market and high price volatility.

"Look at the state of the Colombo stock market. It's an absolute disgrace, a cess pool of indiscipline, there's no sense of regulation, nobody knows what's happening there and we're waiting for a blood bath to happen."

Wikramanayake said activity on the Colombo Stock Exchange appeared to favour a few and endangered the investments of a large number of small investors.

"It is literally a gold mine. You know how a gold mine works. At the top you get the fat cats who make all the bucks. They are the few people who exploit those people below.

"At the bottom of the mine are all these people slaving away, doing the dirty work - they are people who will get burnt in the end."

Wikramanayake deplored the manner in which prices of illiquid shares of small companies are being pushed up by a few market manipulators, saying retail investors who play the stocks risk losing money.

"How do prices go up? There's ultimately a buyer and those are the retail investors and they are waiting to get burnt.

"Who will take the responsibility for not protecting them when they need protection?," Wikramanayake asked, saying the regulator ought to do more to ensure fair play and protect investors.

"I'm not finding fault with the regulator and I'm not finding fault with the people who make money. They are entitled to make money and obviously they are making money without breaking any laws.

"Because if they are breaking any laws the SEC can take them to court and put a stop to it," Wikramanayake said.

"When there is a disaster staring at you in the face, the regulator has a responsibility to bring in regulations and try to stem the tide.

It is important to create an informed, sophisticated investor, Wikramanayake said.

"The retail investor is staring disaster in the face. It is important for the SEC to bring in regulations and at least educate investors. The SEC is responsible for maintaining a fair and orderly market and protecting the interests of the investors. I don’t see that happening now."

Wikramanayake warned that if no corrective action is taken the market might not be able to recover from a collapse.

"If nothing is done to correct this we're not going to be able to resurrect the Colombo stock exchange after the next debacle. So we can forget about being financial hub. It will never happen.

"So yes, the answer is, it is a gold mine - for people who make money out of a gold mine are the people on top. There are a whole lot of others at the bottom who just slave away and let others make money at their expense."

this is whats happening today..

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