Business
SEC chairman calls for positive mindset, better housekeeping and collaborative synergies
Capital Market regulator, the Securities and Exchange Commission of Sri Lanka (SEC) held meaningful discussions with the Chief Executive Officers (CEOs) of stock broker firms and other Market Intermediaries in separate stakeholder engagements in January 2024. The meetings were aimed at fostering collaborative efforts to fortify the regulatory framework and operational infrastructure of the securities market. The exchange of ideas and perspectives reflected a shared dedication to upholding the highest standards of integrity and investor protection.
SEC Chairman, Faizal Salieh, Director General, SEC Chinthaka Mendis, Deputy Director General, SEC Tushara Jayaratne, CEO, Colombo Stock Exchange (CSE), Rajeeva Bandaranaike, CSE’s Chief Regulatory Officer, Renuke Wijayawardhane, SEC Director Supervision, Dilum Mahawatte, and other officials of both the SEC and CSE participated at the meeting.
The SEC Chairman emphasized the importance of creating a more capital-friendly market and urged the Market Intermediaries to collaborate closely with the SEC in the new year and engage in doing “the right thing in the right way” in order to build and strengthen the capital market’s integrity among investors. The Chairman called upon the industry players to have a positive mindset in order to help the country come out of the economic crisis and requested the stock brokers to actively pursue and attract capital flows by engaging with investors. Currently, the market composition mix is about 11% foreign investors and 89% local investors and the country needs to attract more foreign investors. The Chairman stressed that a positive mindset and persistent hard work is essential to bring in new investments amidst challenging economic conditions. He cautioned against negativism, negative thinking and behaviour which are counter- productive to the growth of the capital market.
Salieh led discussions on the need for a sound Order Management and Broker Back Office System across the stock broking industry to ensure stability and continuity. The CSE CEO, indicated that this matter was thoroughly examined during the recent CSE Board meeting and will be addressed expeditiously. The industry stakeholders along with the CSE are set to engage in further active discussions to formulate a feasible solution, taking into account the various perspectives presented during the meeting.
The SEC officials stressed the importance of obtaining prior consent from clients for the execution of transactions and highlighted the need for stock brokers to capture and document such consent properly. He informed that the SEC will carefully assess the proposed amendments to the Trading Participant Rules and communicate its decision in due course.
Salieh, aiming for a more agile market, proposed the idea of moving from the present T+3 settlement cycle to T+1, with the ultimate goal of achieving a T+0 settlement cycle. Industry representatives responded positively to the Chairman’s suggestion, recognizing the potential benefits of a shortened settlement cycle. The Chairman reiterated the importance of aligning market practices with global standards, emphasizing the need to eventually move towards a T+0 settlement cycle. It was noted that a tighter settlement cycle will help improve liquidity, reduce risk and make the market more efficient (SEC)
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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Rahuman questions sudden cancellation of leave of CEB employees
