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Ranil Wickramasinghe, PM walked in to the Colombo Stock Exchange on 2nd of December 2015 to ring the trading commencement bell, marking the 30th anniversary, flanked by Arjuna Mahendran and Karunanayake on his either side. One expects the market to respond positively andvre-establish lost investor confidence during his 1 year premiership. But how the market reacted was ....market went down by 32 points after he rang the bell. Such was the investor confidence in them even then, the trio who are directly responsible for the sorry state of our economy today.
This is how a website reported his speech then.
Sri Lanka middle class should have bigger stake in stock market: Prime Minister
Dec 02, 2015 17:08 PM GMT+0530 | 1 Comment
ECONOMYNEXT - Sri Lanka's middle class should own more shares but transparency and governance at the capital markets should also improve, Prime Minister Ranil Wickramasinghe said.
"I wanted to see an expansion in the shareholding in this country," Prime Minister Ranil Wickramasinghe said at a ceremony marking the 30th anniversary of the Colombo Stock Exchange.
"The middle class must have a stake."
The Prime Minister said, he was not satisfied with the current situation. Over the last five years, there has been a concentration of wealth, he said.
"Then there are questions of integrity, which we can't run away from and which we have to address," he said.
Prime Minister Wickramasinghe said Chandra Jayaratne, a governance activist had outlined the conflicts in the market.
He said once oversight committees of parliament once established next year will go into the issues.
He said the Securities and Exchange Commission Chairman Tilak Karunaratne had been 'born again'.
Karunaratne was sacked by ousted President Mahinda Rajapaksa after he started probing the so-called stock market mafia over alleged pump and dump scams during a stock market bubble fired by low interest rates.
He was the second SEC chief to step down under pressure from the so-called stock market mafia. The current administration is also in hot water over a massive bond market scam.
Wickramasinghe said the most modern laws not seen in South Asia will be brought to make Sri Lanka a financial centre with territorial taxation and an overhauled exchange management law.
He said a number of state entities will be listed on the Colombo Stock Exchange next year.
1 COMMENTS
DS
December 03, 07:16 AM
Sadly after he rang the bell to commence trading on 2nd December, the ASPI fell by 32 points. The government need to restore investor confidence to boost investments in to the country
This is how a website reported his speech then.
Sri Lanka middle class should have bigger stake in stock market: Prime Minister
Dec 02, 2015 17:08 PM GMT+0530 | 1 Comment
ECONOMYNEXT - Sri Lanka's middle class should own more shares but transparency and governance at the capital markets should also improve, Prime Minister Ranil Wickramasinghe said.
"I wanted to see an expansion in the shareholding in this country," Prime Minister Ranil Wickramasinghe said at a ceremony marking the 30th anniversary of the Colombo Stock Exchange.
"The middle class must have a stake."
The Prime Minister said, he was not satisfied with the current situation. Over the last five years, there has been a concentration of wealth, he said.
"Then there are questions of integrity, which we can't run away from and which we have to address," he said.
Prime Minister Wickramasinghe said Chandra Jayaratne, a governance activist had outlined the conflicts in the market.
He said once oversight committees of parliament once established next year will go into the issues.
He said the Securities and Exchange Commission Chairman Tilak Karunaratne had been 'born again'.
Karunaratne was sacked by ousted President Mahinda Rajapaksa after he started probing the so-called stock market mafia over alleged pump and dump scams during a stock market bubble fired by low interest rates.
He was the second SEC chief to step down under pressure from the so-called stock market mafia. The current administration is also in hot water over a massive bond market scam.
Wickramasinghe said the most modern laws not seen in South Asia will be brought to make Sri Lanka a financial centre with territorial taxation and an overhauled exchange management law.
He said a number of state entities will be listed on the Colombo Stock Exchange next year.
1 COMMENTS
DS
December 03, 07:16 AM
Sadly after he rang the bell to commence trading on 2nd December, the ASPI fell by 32 points. The government need to restore investor confidence to boost investments in to the country
