Thilak Karunaratne No More at SEC – Mangala Confirms

[nihal123Top contributor]

Minister of Finance and Mass Media Mangala Samaraweera today confirmed and said at that “Securities and Exchange Commission Chairman - Thilak Karunaratne is no more at SEC”.

Minister made this statement in response to a question raised by Ada Derana at a media briefing held today (10) and further confirmed that it has been proposed to appoint Ranel T. Wijesinghe as the new Chairman of the Securities and Exchange Commission of Sri Lanka (SEC).

Speaking further on Minister’s response, Dr. R.H.S. Samaratunga, Secretary to the Ministry said that several approved appointment that should be effective would be announced as a media announcement by coming week.

http://www.adaderana.lk/index.php

[slstockVeteran]

There was lot of love and hate on Dr Karunaratne being head of SEC. Some well know big traders  ( of past government era) stopped trading after his appointment.

So technically this will be good news for some traders  to boost market.
 
But the real question was Thilak K a big all round success or failure ?

I know he was involved in some good acts such as  the

a) anti manipulator act
b) company financial results declaration in time
c) demutization/ revamping CSE


But the real situation is , Sri Lankan big traders/some companies  don t like moves like that so they can't play the games.  

Essentially  CSE was down for 3 years. Is somebody thinking it was totally Thilak K fault and he is relieved of such for that ? We know the  Government did nothing to boost CSE also . I really hope Thilak K won't be a total scapegoat for this mess and was relived for anything to do with that.

[Ethical TraderTop contributor]

Thanks SLS for highlighting the performance of Thilak.

Yes, he has established good systems for the well being of the market, but market was in a downward trend.

No one can blame Thilak for the downward trend in the market. As far as I see three major reasons were behind the current downward trend;-

1. Increasing and volatile trends in interest rates. (When FD rates go up, naturally money is diverted to FDs and not to the CSE). Thilak had no control over it.

2. Constant doubts about the stability of the government and irresponsible utterances by politicians.Thilak had no control over it.

3. Constant selling by HNWIs (who never appreciated his work) after Thilak was made the Chairman . Once they forced him out with the help of corrupt politicians. It was the foreign investors who kept the market running at current levels. In fact, appointment of Thilak increased the confidence of Foreign Investors. Thilak had no control over heavy local selling.

If Thilak was removed unceremoniously by the current Minister due to the downward trend of the market, its another bullish it decision. I do not see any scientific basis for that decision. The Minister must explain the rationale behind his decision.

ඒක හරියට පය බරවායට පිටිකර බෙහෙත් බැන්දා වගෙයි.

[slstockVeteran]

Thanks SLS for highlighting the performance of Thilak.

Yes, he has established good systems for the well being of the market, but market was in a downward trend.

No one can blame Thilak for the downward trend in the market. As far as I see three major reasons were behind the current downward trend;-

1. Increasing and volatile trends in interest rates. (When FD rates go up, naturally money is diverted to FDs and not to the CSE). Thilak had no control over it.

2. Constant doubts about the stability of the government and irresponsible utterances by politicians.Thilak had no control over it.

3. Constant selling by HNWIs (who never appreciated his work) after Thilak was made the Chairman . Once they forced him out with the help of corrupt politicians. It was the foreign investors who kept the market running at current levels. In fact, appointment of Thilak increased the confidence of Foreign Investors. Thilak had no control over heavy local selling.

If Thilak was removed unceremoniously by the current Minister due to the downward trend of the market, its another bullish it decision. I do not see any scientific basis for that decision. The Minister must explain the rationale behind his decision.

ඒක හරියට පය බරවායට පිටිකර බෙහෙත් බැන්දා වගෙයි.

ET yes, I too would like to know why Thilak k was removed.
Most of the point you made are true.

But one thing is , Thilak K  tried to fix more fundamental issues at CSE.

But I feel he should have also made effort to do something practically to make market more active with the help of CSE head.

[Ethical TraderTop contributor]

True. If the Minister keeps quiet of his action, its very appropriate for Thilak to explain what went wrong during his tenure or what was the reason for his removal.