SEC Chairman to tender Resignation Tomorrow

Redbulls · 1 Tilak to resign on Friday Wed Aug 15, 2012 9:05 pm

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By The Nation

The Chairman of the Securities and Exchange Commission (SEC), Tilak Karunaratne is to tender his resignation on Friday, Karunaratne confirmed to The Nation a short while ago. The Chairman is reported to be under severe pressure to quit by a handful of highly influential investors who have been mainly disgruntled by the way the market is being regulated. A former Parliamentarian and a Chartered Chemist by profession, Karunaratne took Chair of the SEC on December 8th 2011 following the resignation of his predecessor Indrani Sugathadasa, who had resigned in November 2011 citing similar pressure exerted upon her. It has to be noted that Malik Cader, who was appointed Director General of the SEC in November 2010 was also promoted as Senior Advisor to the Ministry of Finance on Capital Market a year after his appointment following pressure for his ouster from SEC. Consequently and almost four months later following the head hunt for the position, Dr. D B P Hareendra Dissa-Bandara was appointed the Acting Director General of the SEC with effect from April 2, 2012.
http://www.nation.lk/edition/breaking-news/item/9332-tilak-to-resign-on-friday.html

traderathome · 2 Re: SEC Chairman to tender Resignation Tomorrow Thu Aug 16, 2012 4:10 pm

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Redbulls wrote:By The Nation

The Chairman of the Securities and Exchange Commission (SEC), Tilak Karunaratne is to tender his resignation on Friday, Karunaratne confirmed to The Nation a short while ago. The Chairman is reported to be under severe pressure to quit by a handful of highly influential investors who have been mainly disgruntled by the way the market is being regulated. A former Parliamentarian and a Chartered Chemist by profession, Karunaratne took Chair of the SEC on December 8th 2011 following the resignation of his predecessor Indrani Sugathadasa, who had resigned in November 2011 citing similar pressure exerted upon her. It has to be noted that Malik Cader, who was appointed Director General of the SEC in November 2010 was also promoted as Senior Advisor to the Ministry of Finance on Capital Market a year after his appointment following pressure for his ouster from SEC. Consequently and almost four months later following the head hunt for the position, Dr. D B P Hareendra Dissa-Bandara was appointed the Acting Director General of the SEC with effect from April 2, 2012.
http://www.nation.lk/edition/breaking-news/item/9332-tilak-to-resign-on-friday.html

So we will see 5000 to 5100 tmrw hooorayyyyyy cheers

Redbull can you confirm what time this news was out ? was it after mkt close or before that .....news says shortwhile ago. did you pick up the story today.... bounce

Slstock · 3 Re: SEC Chairman to tender Resignation Tomorrow Thu Aug 16, 2012 4:18 pm

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I believe this was yesterday news.

traderathome wrote:

Redbulls wrote:By The Nation

The Chairman of the Securities and Exchange Commission (SEC), Tilak Karunaratne is to tender his resignation on Friday, Karunaratne confirmed to The Nation a short while ago. The Chairman is reported to be under severe pressure to quit by a handful of highly influential investors who have been mainly disgruntled by the way the market is being regulated. A former Parliamentarian and a Chartered Chemist by profession, Karunaratne took Chair of the SEC on December 8th 2011 following the resignation of his predecessor Indrani Sugathadasa, who had resigned in November 2011 citing similar pressure exerted upon her. It has to be noted that Malik Cader, who was appointed Director General of the SEC in November 2010 was also promoted as Senior Advisor to the Ministry of Finance on Capital Market a year after his appointment following pressure for his ouster from SEC. Consequently and almost four months later following the head hunt for the position, Dr. D B P Hareendra Dissa-Bandara was appointed the Acting Director General of the SEC with effect from April 2, 2012.
http://www.nation.lk/edition/breaking-news/item/9332-tilak-to-resign-on-friday.html

So we will see 5000 to 5100 tmrw hooorayyyyyy Redbull can you confirm what time this news was out ? was it after mkt close or before that .....news says shortwhile ago. did you pick up the story today....

Redbulls · 4 Re: SEC Chairman to tender Resignation Tomorrow Thu Aug 16, 2012 4:20 pm

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slstock wrote:I believe this was yesterday news.

traderathome wrote:

Redbulls wrote:By The Nation

The Chairman of the Securities and Exchange Commission (SEC), Tilak Karunaratne is to tender his resignation on Friday, Karunaratne confirmed to The Nation a short while ago. The Chairman is reported to be under severe pressure to quit by a handful of highly influential investors who have been mainly disgruntled by the way the market is being regulated. A former Parliamentarian and a Chartered Chemist by profession, Karunaratne took Chair of the SEC on December 8th 2011 following the resignation of his predecessor Indrani Sugathadasa, who had resigned in November 2011 citing similar pressure exerted upon her. It has to be noted that Malik Cader, who was appointed Director General of the SEC in November 2010 was also promoted as Senior Advisor to the Ministry of Finance on Capital Market a year after his appointment following pressure for his ouster from SEC. Consequently and almost four months later following the head hunt for the position, Dr. D B P Hareendra Dissa-Bandara was appointed the Acting Director General of the SEC with effect from April 2, 2012.
http://www.nation.lk/edition/breaking-news/item/9332-tilak-to-resign-on-friday.html

So we will see 5000 to 5100 tmrw hooorayyyyyy Redbull can you confirm what time this news was out ? was it after mkt close or before that .....news says shortwhile ago. did you pick up the story today....

Tilak to resign on Friday
by Redbulls Yesterday at 16:35

traderathome · 5 Re: SEC Chairman to tender Resignation Tomorrow Thu Aug 16, 2012 4:22 pm

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thanks if it was yesterday the guys are waiting for tmrw to happen to up the market to prove market turn around.....for sure.thats the goal/idea at lease for the coming days in the bourse.

Very Happy

Slstock · 6 Re: SEC Chairman to tender Resignation Tomorrow Thu Aug 16, 2012 4:25 pm

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traderathome wrote:thanks if it was yesterday the guys are waiting for tmrw to happen to up the market to prove market turn around.....for sure.thats the goal/idea at lease for the coming days in the bourse.

http://forum.srilankaequity.com/t21513-yet-another-soda-bottle-it-seems-disappointingagain#131328

traderathome · 7 Re: SEC Chairman to tender Resignation Tomorrow Thu Aug 16, 2012 4:27 pm

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Sorry TK your head had to roll for the betterment .......you may have tried your best, but this journey want both sec and the stakeholders to go hand in hand...i guess any regulation on free market is bad,what sec should do is to bring in more participants with longterm view in place.
All the best for your future endevours.

lets see who is next.. Basketball

will the new sec head will play it alone or together..... study

traderathome · 8 Re: SEC Chairman to tender Resignation Tomorrow Thu Aug 16, 2012 4:29 pm

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i am expecting only dividends from my shares these days.... Razz

Redbulls · 9 SEC Chairman to tender Resignation Tomorrow Thu Aug 16, 2012 7:50 pm

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August 16, 2012 07:22 pm
Chairman of the Securities and Exchange Commission Dr. Thilak Karunaratne says he will hand over his resignation tomorrow (Aug 17).

Ada Derana had reliably learnt that pressure was 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 who 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=19265