Business
New SEC Act seen as an efficient stock market regulator and developer
By Hiran H.Senewiratne
The new Securities and Exchange Commission Act to regulate the stock market in keeping with current international best practices, passed by Parliament on September 1, will efficiently regulate the market to create a strong, developed stock market in the country, Securities and Exchange Commission Chairman Viraj Dayaratna said.
“The new law, which will replace the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987, will enhance the powers of the Commission and auditors and deals comprehensively with market misconduct, with fines for those violating the law ranging from Rs. 1 million up to Rs. 25 million and jail sentences between five to 10 years. It also sets strict rules for market intermediaries, Dayaratne said at a forum on the new SEC Act via online recently.
Dayaratne said that Act consists of 188 sections and provides for deterrence and enforcement action against all types of market manipulation, including false trading, market rigging, securities fraud and insider trading, with a view to establishing a fair, orderly and transparent securities market.
In addition to establishing the SEC, the objectives of the Act are to create, maintain and regulate a fair, orderly, efficient, and transparent securities market, to protect the interests of local and foreign investors and ensure the maintenance of high professional standards in the provision of services in relation to securities markets, he said.
Dayaratne, a President’s Counsel, said that the Act also regulates the issue of securities by way of public offers to ensure the disclosure of financial information by listed public companies; mandates auditors to disclose financial irregularities of listed public companies; allows for the licensing of market intermediaries and registering of their representatives; and allows for the protection of assets of the clients.
The SEC Chairman said the Act also provides whistle-blower protection, prohibiting an employer from discharging, terminating, demoting or harassing an employee on account of them having provided information to the Commission concerning violations or potential violations of this Act. Such employees may include directors, partners, Chief Executive Officers, chief financial officers, company secretaries, internal auditors, or any other employee.
The Commission will have powers to grant a reward to a whistle-blower who is the first to provide such information which leads to the successful prosecution or any other sanction by the Commission against a person for a contravention of the provisions of this Act, Dayaratne said.
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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