By: Staff Writer

November 18, Colombo (LNW): The newly appointed Chairman of the Securities and Exchange Commission, Senior Prof. D.B.P.H. Disbandara is to strike a balance in market development with strong regulatory oversight.

Further capital market potential to contribute towards the economic development of Sri Lanka remains a matter of priority in my agenda.

With challenges as well as opportunities lying ahead, my main goal will be to build a well-regulated, transparent, and dynamic capital market that is reliably founded for both investors and issuers alike,” added the new Chairman.

He said that his  approach, as he embarks on this journey with the SEC, has been market development underpinned with strong regulatory oversight.

Ensuring that the capital market of Sri Lanka operates on a platform of fair, secure and efficient grounds is our number one priority. Innovation and growth are simultaneously encouraged, creating a tailored environment to support sustainable economic development”, reiterated Dissabandara with emphasis.

Towards fulfilling these mandates as prescribed in the SEC Act No.19 of 2001, a set of comprehensive plans are being finalized with the Commission members and a dedicated team at the SEC, namely:

Short-term plan: Immediate challenges at the market are addressed with a view to ensure that day-to-day operations run smoothly, while sustaining investor confidence and ensuring further stability of the market.

Medium-term plan: This focuses on selected key initiatives which are essentially critical for transforming our capital market arena, such as Demutualization of the Colombo Stock Exchange and   Developing the Corporate Debt Market to offer a broader range of investment alternatives.

Product innovation in offering new and diversified products, Development of the Collective Investment Scheme industry, Strengthen participants through education, awareness, and training and Ensure new listings public and private for widening participation in the market are among the other targets.

Priority will be given to attract local and international funds to assure fluidity, Promotion of a Central Counter-party mechanism within the CSE to ensure market efficiency, establishing a multi-asset class derivatives exchange to enhance trading options.

Strengthening the regulatory framework to have a resistant market, Digital transformation in order to modernize market infrastructure, Developing strong market risk management practices for stability were among the other main areas.  

Long-term plan by the new Chairman said with collaboration of all stakeholders. This kind of forward-looking strategy for the next two to three decades seeks adaptation of the capital market in Sri Lanka to the future needs of generations to come.

Our goal is to ensure that Sri Lanka emerges as a dignified player in the world financial arena, said SEC Chairman Dr. Nalaka Dissabandara in a special message to capital market players.

He invited all stockholders, investors, issuers, professionals in the financial services industry, and the general public, to join him and the SEC on the endeavors announced.