SEC chairman commences stakeholder meetings

The Chairman, Securities and Exchange Commission of Sri Lanka (SEC), Faizal Salieh, met with representatives of the stock broking industry on 20thMarch 2023 at the SEC and deliberated issues that currently impact the capital market and the way forward.

Director General, SEC Chinthaka Mendis, Chairman, Colombo Stock Exchange (CSE) Dilshan Wirasekara, Chief Executive Officer, CSE Rajeeva Bandaranaike and other officials of both the SEC and CSE, participated at the meeting.

The meeting commenced with the Chairman explaining that, although the SEC has more teeth under the new Act, it is mindful in playing a balanced regulatory role with due consideration to both market development and market facilitation. He emphasized the need to safeguard investors while helping the market grow by doing the right thing the right way and added that the stock brokers are the front liners in the market who engage with clients directly and therefore should act with due responsibility in advising clients and trading on the Exchange.

During the meeting, Chairman, SEC stressed the importance of self – governance at the market institution, market intermediary and market operator levels and their responsibility to safeguard and uphold public interest. Salieh urged the participants to move away from short-termism towards long-term sustainability collectively in order to build investor trust and confidence in the capital market. He added that, “Our capital market must become a good alternative source for capital funds, like in other jurisdictions and that we are being watched by overseas and local investors on how the market behaves and is regulated”.