Written by Staff Writer
20 Jul, 2016 | 8:31 pm
The former chairman of the Ceylon Chamber of Commerce, Chandra Jayaratne has written a letter to the newly-appointed governor of the Central Bank Dr. Indrajit Coomaraswamy on the regulatory oversight accountability over government bond issues and related secondary market transactions.
The letter notes that effective and professional best practices embedded regulatory oversight over government bond issues and related secondary market transactions are an essential imperative of a well-governed securities market in Sri Lanka.
It notes that such a governance framework is also an essential investor rights and adds that these rights need to be duly discharged through ensuring that “All associated financial professionals and intermediary organistions are honest, fair, understanding, clear, accurate, complete and transparent”.
Whilst acknowledging that the Central Bank of Sri Lanka has competent professional and infrastructure support to provide the oversight framework as set out above, recent controversial bond issues related experiences have clearly demonstrated that the Central Bank suffers from definite conflicts of interests, due to its role in ;
In addition, the letter says that it is commonly believed that the secondary market information data set maintained by the Central Bank is inadequate and incomplete for effective regulation of market and associated intermediaries.
The letter notes that in the light of above, it is urged that the Monetary Board resolves to assign the role and responsibility for regulatory oversight over government bond issues and the related secondary market transactions to the Securities and Exchange Commission, at the earliest opportunity.
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