Deputy Minister Harsha de Silva speaks on the Security Exchange Commission Act

Deputy Minister Harsha de Silva speaks on the Security Exchange Commission Act

Deputy Minister Harsha de Silva speaks on the Security Exchange Commission Act

Written by Tharushan Fernando

24 Jul, 2015 | 9:31 pm

Certificates were presented to over 100 recipients as part of a programme conducted by the SEC, to uplift the securities and financial services of the industry. Speaking at the event Deputy Minister of Policy Planning and Economic Affairs, Harsha de Silva said

I am disappointed that we have still not made sufficient progress in making sure that we have done the expected job in dealing with those people who acted in ways that contravene the Security Exchange Commission Act.

He further questioned as to what happened to those who breached that act queried – where are the files, cases, filed against these people?

He further noted:

You will see in our manifesto that we are going to merge the Provident fund with the Trust Fund and we will create a bigger fund and also the management of that fund will not be the same as it is being done at the moment and the new entity will certainly be owned by the government. But there will be certain changes in the way it is managed and the combined fund will be responsible directly to parliament and those who sit on their boards will have to be those with the concurrence of the constitutional council.

Chairman of the Securities and Exchange Commission Thilak Karunaratne added that educating the mind, without educating the heart, is not education at all and financial literacy entails correct attitudes and behaviour.

He said:

so remember that investor confidence may suffer and financial system may collapse if we deter professionalism in terms of knowledge and integrity.

He added that we should not forget what happened during 2010 and 2012 in the capital market and that the SEC is entrusted with the profound duty of safeguarding the interest of the investors specially minority investors, and this gives us a mandate to maintain that industry participants maintain utmost integrity in the market.

 

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