SEC Chairman under pressure to Quit

Redbulls · 1 SEC Chairman under pressure to Quit Mon Aug 13, 2012 8:49 pm

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August 13, 2012 08:43 pm
Securities and Exchange Commission (SEC) chairman Dr. Tilak Karunaratne is learnt to be under immense pressure to quit from his post. Ada Derana reliably learns that pressure is being exerted on the former politician by decision makers demanding his resignation from the top seat of the SEC.

Dr. Karunaratne had reportedly mentioned that there is no point in continuing if the regulator does not have the independence to function and execute his duties, sources close to Dr. Tilak Karunaratne disclosed.

Dr. Karunaratne was appointed as the successor to Mrs. Indrani Sugathadasa who resigned from the chairmanship of the SEC earlier.

Tilak Karunaratne is a former Sri Lanka Freedom Party (SLFP) member joined the United National Party (UNP) before joining the Sihala Urumaya. He is also a Chartered Chemist and was the Managing Director of Multiform Chemicals (Pvt) Ltd.

Earlier in November last, amidst a stock market crash in Colombo the then SEC Director General Malik Cader resigned and was later appointed as consultant on Capital Markets by the Finance Ministry. He was followed by Indrani Sugathadasa who also later resigned from the top slot in the SEC.
http://adaderana.lk/news.php?nid=19224

sriranga

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Reuters: The Head of the Securities and Exchange Commission on Monday said he was coming under immense pressure to resign on false accusations by some investors under investigation for “pump-and-dump” deals.

“I am under immense pressure to resign for the reason those concerned know best,” Tilak Karunaratne, the Head of SEC told Reuters.

Karunaratne did not elaborate who was pressuring him to step down, but said it might be the result of false information about his activities as the Head of the SEC.

“This might be mainly due to false information fed by a mafia of high net worth investors and their crony stockbrokers who have been involved in pump-and-dump deals.”

Karunaratne has called for investigations into market manipulation and malpractice, including so-called pump-and-dump deals in which naive investors are lured into apparently cut-priced equities.

His comments come barely two weeks after the Treasury Secretary P.B. Jayasundera said Sri Lanka was ready to make significant policy changes in an effort to revive its faltering stock market which has fallen 20.2% since the start of the year.

Karunaratne was appointed to the post after his predecessor Indrani Sugathadasa resigned in December “to uphold her principles,” amid broker complaints that tougher regulations were hurting stock market prices.
http://www.ft.lk/2012/08/14/sec-chief-tells-world-via-reuters-he-is-under-immense-pressure-to-resign/

aj · 3 Re: SEC Chairman under pressure to Quit Tue Aug 14, 2012 9:15 am

aj

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Tilak Karunaratne is an abnormality among Sri Lankans. Because he has a backbone and he is trying to do his duty. You shouldn't be in this damn country.

Sidath · 4 Re: SEC Chairman under pressure to Quit Tue Aug 14, 2012 9:58 am

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aj wrote:Tilak Karunaratne is an abnormality among Sri Lankans. Because he has a backbone and he is trying to do his duty. You shouldn't be in this damn country.

that is for sure

K.Haputantri · 5 Re: SEC Chairman under pressure to Quit Tue Aug 14, 2012 10:29 am

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Indrani, very influential beaurocract who stood by her principals, resigned on the same grounds and now it is Dr. TK, a man of principles. The next one too will face the same fate if he/she performs his duty without fear or favour (We don't want puppets to this post, anyway). There is no end to this joke.

?Are we living in a country where law & order is frowned upon. ?Where is justice.

The association, to be formed for retail investors shortly, should do its best to prevent such undue influences over the men/women of principles who are trying to fight corruption in the bourse. They should get our support to the hilt as a system failure is evidant and its collapse seems inevitable, allowing free play for manipulators.

We should press the association to raise the issue in courts as it is the only place we have some trust. I see a prima facie case against the culprits as a public interest litigation or as a FR case.