Business
SEC, CSE enlighten listed companies on new Securities and Exchange Commission Act
The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) organised a symposium on 6th December 2021 to enlighten senior officials of listed companies on the features of the new Securities and Exchange Commission Act No. 19 of 2021.
SEC Chairman Viraj Dayaratne PC delivered the keynote address with a presentation featuring the salient aspects of the new SEC Act particularly in relation to listed public companies. He focused on Part III of the Act which particularly deals with ‘Issue of Securities’ and elaborated on the duties and obligations of listed public companies. It was stated that provisions with regards to the public offer of securities had been introduced to ensure accountability of funds solicited from the public. Speaking further on issue of securities, he spoke about the ability of the Commission to issue stop orders preventing an issuer from allotting, issuing, offering or making an invitation to subscribe or purchase or sell further securities relating to public offers in situations where the Prospectus contains a statement or information that is false or misleading. Another change that has been introduced was the expansion of the interpretation to the term ‘relation’ to include step children, step brother and step sister that becomes applicable in situations where securities are gifted.
The Chairman went on to brief the audience on obligations pertaining to public disclosures to be made by listed public companies and highlighted the requirement for Directors of such companies to comply with fit and proper criteria specified by the Commission by way of its rules or the rules of an Exchange approved by the Commission. In addition, he also touched on the specific duties of an auditor of a listed public company.
In his keynote delivery Dayaratne also spoke about the main market offences and in particular Insider Trading and the criminal as well as civil proceedings that can be instituted. The various checks and balances on the powers and discretion of the Commission were also discussed. In conclusion, the Chairman emphasized that the companies need to embrace good corporate governance practices and thereby protect the interests of investors and ultimately to maintain a level playing field and ensure confidence in our capital market. He also noted that if companies function with self regulation and act in compliance with the law, most provisions contained in the new SEC Act will have little bearing.
The Keynote address was followed by a lively panel discussion moderated by Rajeeva Bandaranaike, CEO -CSE where Manil Jayesinghe, Commission Member, SEC, Chinthaka Mendis, Director General, SEC, Dumith Fernando, Chairman CSE, Renuke Wijayawardhane, Chief Regulatory Officer, CSE, Krishan Balendra, Chairman, JKH PLC, Dr. Hans Wijayasuriya, CEO,-Telecommunications Axiata Group, Dr. Harsha Cabral PC, Chairman Tokyo Cement PLC, Asite Talwatte, Chairman –Integrated Reporting Council, Faizal Salieh, Chairman, Sri Lanka Institute of Directors and Dr. Harshana Suriyapperuma, Director –SEC SL shared their perspectives on the new SEC Act.
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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