SEC renews hunt for elusive full time DG!

• Qualifying maximum age of external applicants revised to 55; submissions by 9 March

The Securities and Exchange Commission (SEC) has begun a fresh effort to recruit a permanent Director General, a post which fell vacant over three years ago with previous efforts drawing a blank. The post of DG was advertised over the weekend with qualifying candidates asked to submit their applications on or before 9 March 2015 or around two weeks from now. The important post in the capital markets regulatory body fell vacant in November 2011 with the exit of Malik Cader. Thereafter the SEC Director Capital Market Education and Training Prof. H. Dissabandara functioned as Acting DG (since April 2012) and DG for a temporary period between September 2012 and May 2013. This was after the first attempt failed to draw a qualified or competent candidate. After Dissbanadara left, a fresh advertisement was placed and that exercise too failed. Under a new administration, the senior most official Dhammika Perera, the then head of investigations with 28 years of service, was made Deputy Director General and subsequently also as Officer in Charge. As per the latest advertisement, the SEC said it is inviting applications a dynamic, energetic, team players with a high level integrity and an ability to maintain confidentiality. The DG is under the supervision and control of the Commission and is responsible for the execution of the overall policies of the SEC pertaining to the regulation and development of capital market, management and direction of all affairs of the SEC and its operating activities as well as to exercise, discharge and perform powers, functions and duties along with the administration of the SEC. The ideal candidate should be between the ages 40-55 years, revised upwards as opposed to below 50 specified in previous advertisements. However, the maximum age will not be applicable to Government employees hired on secondment basis and internal candidates. The candidate also should posses a Bachelor’s Degree from a recognised University in Law, Finance, Economics, Management or Business Administration or an Attorney-at-Law or be a Member of the Institute of Chartered Accountants of Sri Lanka or an equivalent Finance or Banking qualification or be a Charterer Holder of the Chartered Financial Analyst Institute of USA and a Master’s Degree from a recognised university along with 10 years of relevant work experience at a senior managerial level. Alternatively, the candidate having all or any of the above with a Master’s Degree and 20 years of relevant work experience at a senior managerial level could also apply. He or she will be required to be articulate, analytical and decisive with excellent writing and presentation skills along with well developed interpersonal and management skills and a balanced outlook. Regulatory experience and negotiating skills will be a distinct advantage. The SEC also said the DG post offers an excellent working environment which is professional, challenging and intellectually stimulating with an attractive and negotiable remuneration package in keeping with the qualifications and experience of the successful candidate. Newly appointed SEC Chairman Tilak Karunaratne has guaranteed that due process would be followed in selecting and appointing a permanent DG. The decision to advertise the vacant post was made last week at the first meeting of the new Commission.