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was perturbed to read in your esteemed journal, “The Business Times on Sunday” of 4th September 2011 that powerful forces were interested in removing Ms. Indrani Sugathadasa, from the post of Chairperson of the Securities & Exchange Commission (SEC).
She performed her duties in an exemplary manner under difficult conditions and enormous pressures. I have stressed to her critics, who thought that she and the SEC were not acting fast enough, that she had perforce been slowed down by the devils’ quoting scriptures and the devil’s advocates! Now I am sure that all the evil forces are in the list of those who want to get a person such as her removed, in order to continue with their devilry unchecked.
Ms Sugathadasa has given great leadership in pushing through measures like the price bands to possibly reduce insider trading and market manipulation. Other measures include the mandatory holding of private placements for at least one year and the allotment of shares under IPOs in a more equitable manner. These moves were meant to curb the huge profiteering by big timers getting the lion’s share through bank guarantees whilst the average decent shareholder got next to nothing for his/her troubles. Her stance in supporting the Director General and other positive forces at the SEC on the ‘Public float’ and her contemplated strong actions on various transgressors in fields which affect the rights and properties of decent Independent Minority Shareholders (IMS) must also be commended.
Other areas which need honest and determined leadership are the full restoration of broker credit, the vigorous implementation of the minimum ‘Public float’, thwart attempts to ‘restructuring associate/subsidiary companies’ to the detriment of the IMS, and amendments to the SEC and Companies Acts, to fill in the great void or lacunae in distinguishing the Controlling Interests (CIs) from the IMS. The latter group does not have necessary access to material and price sensitive information in a timely manner to make informed decisions on par with the CIs.
She has brought much needed fresh air into the leadership of regulatory mechanisms of Government. It would be in the interests of the nation and the President to not only retain her, but also to enhance her powers to act swiftly in the public interest without any fetters.
It is a great pleasure to note that you (Editor) have urged the authorities to resist any attempts to remove or transfer Ms. Sugathadasa. I trust that you will be able to continue unhindered in wielding your mighty pen to espouse the cause of fairness and equity in this matter, as you have done in many other vital instances.
K.C. Vignarajah
(Acting in the interests of the IMS and the
investing public)
Colombo
http://www.sundaytimes.lk/110911/BusinessTimes/bt43.html
She performed her duties in an exemplary manner under difficult conditions and enormous pressures. I have stressed to her critics, who thought that she and the SEC were not acting fast enough, that she had perforce been slowed down by the devils’ quoting scriptures and the devil’s advocates! Now I am sure that all the evil forces are in the list of those who want to get a person such as her removed, in order to continue with their devilry unchecked.
Ms Sugathadasa has given great leadership in pushing through measures like the price bands to possibly reduce insider trading and market manipulation. Other measures include the mandatory holding of private placements for at least one year and the allotment of shares under IPOs in a more equitable manner. These moves were meant to curb the huge profiteering by big timers getting the lion’s share through bank guarantees whilst the average decent shareholder got next to nothing for his/her troubles. Her stance in supporting the Director General and other positive forces at the SEC on the ‘Public float’ and her contemplated strong actions on various transgressors in fields which affect the rights and properties of decent Independent Minority Shareholders (IMS) must also be commended.
Other areas which need honest and determined leadership are the full restoration of broker credit, the vigorous implementation of the minimum ‘Public float’, thwart attempts to ‘restructuring associate/subsidiary companies’ to the detriment of the IMS, and amendments to the SEC and Companies Acts, to fill in the great void or lacunae in distinguishing the Controlling Interests (CIs) from the IMS. The latter group does not have necessary access to material and price sensitive information in a timely manner to make informed decisions on par with the CIs.
She has brought much needed fresh air into the leadership of regulatory mechanisms of Government. It would be in the interests of the nation and the President to not only retain her, but also to enhance her powers to act swiftly in the public interest without any fetters.
It is a great pleasure to note that you (Editor) have urged the authorities to resist any attempts to remove or transfer Ms. Sugathadasa. I trust that you will be able to continue unhindered in wielding your mighty pen to espouse the cause of fairness and equity in this matter, as you have done in many other vital instances.
K.C. Vignarajah
(Acting in the interests of the IMS and the
investing public)
Colombo
http://www.sundaytimes.lk/110911/BusinessTimes/bt43.html
