SEC advertises DG post

Monday, 21 November 2011 00:19 - - {{hitsCtrl.values.hits}}

By Dinali Goonewardene

Ending speculation over a quick replacement, the Securities and Exchange Commission (SEC) has advertised the vacancy for the post of Director General, prompting analysts to suggest that the process will take some time.

The SEC advertisement published in select weekend papers has given prospective applicants 15 days to submit their CVs.

Previously there was speculation that the Government would appoint an interim or fulltime DG, either after handpicking or headhunting and the market was abuzz with various names. It is likely that some names that were being tossed around would formally apply for the post.

The open recruitment process in keeping with requirement of transparency follows the resignation of Malik Cader from the post of DG on 2 November to take up a consultant job at the Finance Ministry.

Some opined that the process of appointing a new DG would take at least a month or two. In the interim, SEC Chairperson Indrani Sugathadasa aided by the Commissioners and Secretariat staff will manage sans a fulltime DG.

According to the advertisement, the SEC DG equivalent to a Chief Executive Officer post will be responsible for executing the overall policies of the SEC in regulating and developing the capital market, management and direction of all affairs of the SEC and its operating activities and discharging duties assigned by the commission.

The post would involve considerable interaction internationally, particularly in handling work connected with the International Organization of Securities Commissions (IOSCO), the advertisement stated, adding that a maximum age would not be applicable to Government employees and internal candidates. Candidates from other Government agencies would be considered on a secondment basis, it said.

Former DG Cader left the SEC amidst a haze of allegations, accusations of improper regulation and rumours that he had fallen foul of big-time investors who complained of overregulation.

The SEC has a history of DGs leaving the post in dubious circumstances, mostly falling out with the Board of Commissioners. In the case of Cader, however, there was no conflict.