Sri Lanka securities watchdog removed

Rapaport · 1 Sri Lanka securities watchdog removed Wed Nov 02, 2011 2:45 pm

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Sri Lanka securities watchdog removed
Nov 02, 2011 (LBO) - Malik Cader, the director general of Sri Lanka's securities and exchange commission, who came under fire for cracking down on widespread micro cap fraud and insider dealing has been made an advisor of the finance ministry.

SEC sources said Cader would be taking up his new duties next week.
Cader started cracking down on microcap fraud following mounting concern over widespread manipulation, hype and dump and chopstock fraud.

But his actions angered powerful players in the market.

Sources said Cader has been kicked upstairs as an advisor to the finance ministry by a decision of the cabinet of ministers.

Colombo's benchmark index rose 3.0 percent with steep gains in illiquid stocks and some large caps, as punters cheered Cader's removal.

The SEC director general's removal came a day after reports that a former mayor of Sri Lanka's central hill town of Kandy who was jailed for misappropriating 1.8 million rupees in public money was given a presidential pardon.

bakapandithaya · 2 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 2:55 pm

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Good Bye Mr. C... & pls don't come even to invest lol!

OneRupee · 3 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 2:57 pm

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Good bye Mr. watch DOG

Rapaport · 4 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 3:02 pm

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Even though he is out, manipulators and insider trading must be kept on check!

Universalgoal · 5 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 3:22 pm

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not a wotchdog a Slum dog

Appuhamy · 6 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 3:28 pm

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Really ................ Very Happy

mark · 7 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 4:03 pm

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you have dne a grt job,gud ppl will miss you...former DG let the bubble to grow,bt u taken gud steps to crackdown blood suckers,thanks for that..gud luck to you and god bless to retailers.

cseradar · 8 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 4:06 pm

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Ah.... ha.... We have found the 1st "Mourner"

light · 9 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 4:10 pm

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cseradar wrote:Ah.... ha.... We have found the 1st "Mourner"

Concerns over the future of the market is not Mourning. If so I would say we don't have enough mourners.

Rapaport · 10 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 4:26 pm

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Mark and Light i agree with you. Corruption is making its way into the CSE aswell!

Good Luck to M C!

cseradar · 11 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 4:39 pm

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light wrote:

cseradar wrote:Ah.... ha.... We have found the 1st "Mourner"

Concerns over the future of the market is not Mourning. If so I would say we don't have enough mourners.

@ Malik - I don't know about you... However, majority of the people in CSE made huge losses thanks to the regulatory body's "great" work...! Think of,

1. What they did to IPOs - Have anyone got confidence about the IPO
2. What they did to the credit ruling - I am sure majority of the stock brokers and investors suffered heavily.
3. What they did in the "name of Anti Manipulation" - Did they even manage to catch 1 BIG FISH...?

If you want to mourn it is open to you... But most of the investors are happy since they will get back at least what they invested... (I am sure you must be having a all GREEN portfolio to mourn)

Rapaport · 12 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 4:44 pm

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cseradar,

The big fish knew they were next in line so that is why they all jumped out and ran haywire to remove him.

Secondly if mourners DO HAVE green portfolio's, then they are very successful in my opinion to manage a Green PF in Red times! Those are the damn good smart investors!

Cheers!

econ · 13 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 4:47 pm

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bye bye mr. stupid who ruined the market with idiotic regulation policies.

CSE.SAS · 14 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 5:12 pm

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mark wrote:you have dne a grt job,gud ppl will miss you...former DG let the bubble to grow,bt u taken gud steps to crackdown blood suckers,thanks for that..gud luck to you and god bless to retailers.

I m agree with your point mark

Rapaport · 15 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 5:19 pm

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Nov 2 (Reuters) - The director general of Sri Lanka's Securities and Exchange Commission (SEC) has been appointed as a senior adviser on capital markets to the finance ministry, the island nation's treasury secretary said on Wednesday.

Treasury Secretary P.B. Jayasundera said that SEC Director General Malik Cader would join his ministry as a senior adviser on capital markets policy and development. Cader himself confirmed the change, but said he had not resigned yet.

"It's a higher-elevated post in government," Cader said. Asked if he would keep his director general role at the capital markets regulator, Cader said: "I will have to assume my duties there (in the finance ministry. You can't have both."

The SEC had no immediate comment. (Reporting by Shihar Aneez and Ranga Sirilal; Editing by Bryson Hull)

lokuayya · 16 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 5:31 pm

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i think the appointing authority should conduct a very tough IQ test to filter people when appointing to positions like DG of SEC.fools should not be given high profile government positions.
I am telling this because most of the regulatory acts brought in by former DG are foolish ,ill timed acts.they didnt have even just common sense.otherwise who is the fool order sell off of 50% of the market within a short time .
i think we need a man with a brain for this position.

light · 17 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 5:54 pm

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cseradar wrote:

light wrote:

cseradar wrote:Ah.... ha.... We have found the 1st "Mourner"

Concerns over the future of the market is not Mourning. If so I would say we don't have enough mourners.

@ Malik - I don't know about you... However, majority of the people in CSE made huge losses thanks to the regulatory body's "great" work...! Think of,

1. What they did to IPOs - Have anyone got confidence about the IPO
2. What they did to the credit ruling - I am sure majority of the stock brokers and investors suffered heavily.
3. What they did in the "name of Anti Manipulation" - Did they even manage to catch 1 BIG FISH...?

If you want to mourn it is open to you... But most of the investors are happy since they will get back at least what they invested... (I am sure you must be having a all GREEN portfolio to mourn)

Hey I think we are having two different definitions for mourning. Having concerns over the fair play is not mourning at all. Look at some of today's best performers HVA, LHCL.

A market with PE 25 was not sustainable even without regulations. If you can prove HVA is fairly priced I'm willing to "Celebrate" with you.

BTW I'm not malik.
Cheers.

Hash-gin · 18 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 5:59 pm

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lokuayya wrote:i think the appointing authority should conduct a very tough IQ test to filter people when appointing to positions like DG of SEC.fools should not be given high profile government positions.
I am telling this because most of the regulatory acts brought in by former DG are foolish ,ill timed acts.they didnt have even just common sense.otherwise who is the fool order sell off of 50% of the market within a short time .
i think we need a man with a brain for this position.

Its a pity that there are so many in these forums with views such as yourself.
Obviously small investors have lost monies not due to the CSE but been regarded as fools by these big manipulators who use / will continue to use small investors to make thier unscrupilous margins whilst the small investors chases piddly returns on a horse with no legs... (illiuid stocks lacking fundamentals).

do not have petty minded insular views on such things... the DG was pushed upstairs because corrupt market manipulators could not have thier way and were very close to being exposed.

Even with regulation do not complain about things like margin / credit trading.... small investors extend themselves more than what they can afford by using borrowed monies (most of them). In the event of a crash no only do you loose your capital but you can end up being in debt to the banks etc... This market is far from transparent / liquid and mature in terms of investor ability and knowledge to have concepts widely used such as margin trading, short selling etc.

Also the brokers themselves are a law unto themselves who ( i have not come acorss too many) work only to the benefit of the said corrput mainpulators and do not even bother providing advice to small investors other than the occassional encouragement to buy parcels of overvalued pumped up stock parcels which are being dumped by a manipulator or vice versa.

Investors in this market (both in equity, banking, property) have no appreciation for regulation thatnot only makes the market sustainable and transparent in the long term. Look at the obvious pitfalls of HPT, Ceylinco, Pramuka etc... all small time investors driven by market hype of larger investors or mere greed. Remember in the above situations none of the big boys / girls lost money...

Its the small time investor.....

I strongly beleive this will come to bare very soon and those small - medium size investors will face the brunt of such a crash.

Appuhamy · 19 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 6:04 pm

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I you a professional day trader, these manipulations are ideal for you.
There are people who blame manipulators because they don't have enough time to do day trading while working at office.

Rapaport · 20 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 6:20 pm

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It is pleasing to see that atleast some wise people realise today's negative move at the SEC. The market will suffer in the long run with the manipulators!

Good one Hasi Gen

Roboticfx · 21 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 6:27 pm

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We want both watch dog and big players but not as a bomb that going to explode. The ratio should be 1:1

Hash-gin · 22 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 6:58 pm

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Most of us also need to understand that these so called "big players" who are proxy launderers are not the real market investors needed for this market. Its a shame that most of the small and medium investors prostitute themselves to apease the appetites of these "big players" .

If you want to chamipon a cause challenge the market regualtors to bring in the real big investors .. i.e. foregin funds, hedge funds and gloabal custodians the likes of CALPERS, Browns, deleted, State Street etc... these are the real investors in a market... medium to long term views who invest in stocks with fundamental value and potential to grow.

Why are these funds are foregin invesotrs constantly moving away from a market that is supposed to be one of the best performing when global markets are plummetting and not providing the required returns. They must be either blinking mad to loose such opportunities or is it that the market lacks transparency, governance in terms of regulation which in effect leads to money laundering and related corrput activities through the market.

Also remember by you the small investor championing the cuase of these drug, murder and extortion fuelled individuals .. you are very much hand in glove in promoting such anti social and illegal acitivities. From an economic and social stand point it is you who will feel the negative effects as this will further propmote drug distirbution. extortion, murder and unethical practices that will effect you and your wider community.................
This is akin to support a terrorist front organisations by investing in companies related to such fronts through contributing funds or eve n purchasing of the said companies products etc... which the money goes towards funding drugs,war and ends up in destroying your very own community etc...

Its a crying shame to see so called educated and urban investors behaving with scant disregard to such ramifications and geeting on the band wagon of such investors purely to see a market turn green... shame on you.

Please note .. my thoughts are not in support of any person or position. My views are based on a principal of governance and doing whats right.. alien to most Sri Lankans. I too have lost money in the market but due to my lack of attnetiveness and own misjudgements ( biggest being sticking with my existing broker and advisor ... due to my tardiness).

The only blame I lay on the regulators (see my previous posts) have been them not acting faster on such investors and brokers.

godswen · 23 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 7:39 pm

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Thumbs up Hash-gin!

swan03 · 24 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 7:44 pm

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mark wrote:you have dne a grt job,gud ppl will miss you...former DG let the bubble to grow,bt u taken gud steps to crackdown blood suckers,thanks for that..gud luck to you and god bless to retailers.

Agree with you markii.

rijayasooriya · 25 Re: Sri Lanka securities watchdog removed Wed Nov 02, 2011 7:57 pm

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Roboticfx wrote:We want both watch dog and big players but not as a bomb that going to explode. The ratio should be 1:1

I agree with u.Same time I appreciate Mr.Malic's attempt but if he was more flexible he would have been successful.

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