Thursday, September 29, 2011

Capital market to get stakeholder consultative committee

Conceding to requests from various stakeholders, the regulator of the country’s capital market, the Securities and Exchange Commission (SEC), says it would create a ‘Capital Market Industry Consultative Committee’ which would bring together representatives from the range of stakeholders who would meet on a quarterly basis.

"The current positive economic and political environment in the country has emphasised the need for a capital market which can adapt to meet new challenges. Furthermore, the SEC’s task in determining policy has increased in complexity," the capital market watchdog said in a statement.

 "A key recommendation which was put forward by industry participants at the recently concluded Capital Market Development Workshop was to establish a well represented Capital Market Industry Consultative Committee, which will take into account the views of various stakeholders that will have an impact on the capital market of Sri Lanka. This was to ensure that a more robust and inclusive development of the industry as well as to make recommendations for formulation of policy.

 "The SEC at its 283rd meeting gave its concurrence to establish a Capital Market Industry Consultative Committee comprising of the following: Chairperson – SEC, Commission Member – SEC, Director General – SEC, A Deputy Governor of the Central Bank of Sri Lanka, Chairman - Colombo Stock Exchange, Chief Executive Officer - Colombo Stock Exchange, President - Colombo Stock Brokers Association or his nominee, President - Unit Trust Association of Sri Lanka or his nominee, President - Margin Provider’s Association, President – CFA, Debt Market Specialist, Equity Market Specialist, Equity Market Legal Specialist and an Investor Representative.

"It is believed that the expertise and experience of a well represented Committee will benefit the entire capital market of Sri Lanka and this committee is expected to meet on a quarterly basis," the SEC said.

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