Business
New SEC Act designed to attract and protect foreign investment – Viraj Dayaratne P.C.
By Steve A. Morrell
The new SEC Act is designed to attract and protect foreign investment, Securities and Exchange Commission chairman Viraj Dayaratne P.C. said.
Dayaratne was addressing a recent SEC-organized symposium for public listed companies on the New SEC Act at the Galle Face Hotel.
The discussion panel also comprised CEO, Colombo Stock Exchange Rajeeva Bandaranaike, chairman SLID Faizal Salieh, chairman, Tokyo Cement PLC Dr. Harsha Cabral, president, Institute of Chartered accountants of Sri Lanka Manil Jayasinghe, Group Executive Vice President and CEO Telecommunications Business, Axiata Group Bhd. Dr. Hans Wijayasuriya, Director General, SECSL Chintaka Mendis, chairman, CSE Dumith Fernando, chairman, JKH PLC Krishan Balendra, chairman, Integrated Reporting Council Asite Talwatte, CRO, CSE Renuke Wijewardane and director, SECSL Dr. Harsitha Suriyapperuma.
Dayaratne introducing the content of the Act said the new law was enacted in September 2021. Section 2 applies to securities and the SEC network overlooking fair and orderly securities markets. Stock brokers and stock dealers were covered by section 188 of the new legislation, particularly in relation to duties and obligations of listed companies. The prospectus clearly spells out the aim of the Companies Act.
Dayaratne went on to explain, among other things, that wrong-doing will be subjected to inquiry, inclusive of the application of fit and proper criteria for effective corporate governance.
Of special relevance was the fact that the new legislation was designed to encourage foreign investment and that such investors would be protected. The corporate governance framework was drafted to also minimize market misconduct, through for example, declaration of false statements and also provided for curbing market malpractices, misleading ambiguity and uncertainty that would result in a negative impact on the market, Dayaratne said.
‘The new act would help capital markets. It is also of importance that whistle blowers would be protected by this law, the SEC Head said.
At the panel discussion Chintaka Mendis said the new Act was a progressive piece of legislation that ensured a level playing field.
Krishan Balendran made the point that the new Act would prevent irregularities and go a long way to ensure red tape is avoided. By stressing the value of good corporate governance, the new legislation would prove a factor in attracting investments.
Hans Wijesuriya said, among other things, that Sri Lanka rates quite well among foreign investors. That would be a plus factor in taking the investment process forward and the new Act provided the basis for this.
Bribery and corruption would also be addressed and that would give added credibility to the SEC, he said.
Faizal Saleh and other panelists were of the general view that the new legislation would lead towards Colombo being recognized as an investor hub in the region.
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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