CSE CEO appointment referred to AG’s opinion over conflict of interest

Wednesday, 23 July 2025 00:12 - - {{hitsCtrl.values.hits}}

The appointment of the Chief Executive Officer (CEO) at the Colombo Stock Exchange (CSE) has been referred to the Attorney General (AG) for an opinion over alleged conflict of interest.

Following a competitive process, in January this year, the CSE announced the appointment of highly qualified Vindhya Jayasekera as the incoming CEO succeeding Rajeeva Bandaranaike, who was due to retire during the course of 2025 after serving for 11 years in that capacity.

However, with over six months gone and Bandaranaike’s retirement date elapsing, Jayasekera has not been formally appointed and remains CEO-designate.

The Daily FT learns that the status quo was despite the regulator, the Securities and Exchange Commission (SEC) having approved the appointment of Jayasekera.

However, in an apparent whistle-blowing, it has transpired that Jayasekera had not disclosed that she is a first cousin to SEC Director General Chinthaka Mendis. It was alleged that the latter too had not disclosed the same in the process leading up to the SEC approving the new appointment.

Analysts said that both positions—i.e. the SEC Director General and CSE CEO—require impeccable integrity in the course of ensuring investor trust and the confidence of market participants.

Whilst some claimed that the non-disclosure of the relationship was an oversight, given the sensitivities and implications, the SEC Commissioners have referred the new CSE appointment to the AG’s Department for an opinion on the matter, including the issue of conflict of interest.

In its announcement in January, the CSE said Jayasekera brings over two decades of extensive experience in capital markets, encompassing both buy-side and sell-side expertise across the investment banking and asset management industries.

In addition to her professional roles, Jayasekera serves as a visiting lecturer and resource person for many prominent academic and professional institutions, including the University of Colombo, the Financial Services Academy of the SEC, and the Centre for Banking Studies of the Central Bank of Sri Lanka. She delivers lectures on financial markets and related subject areas.

Jayasekera is a CFA Charter holder and a certified Financial Risk Manager (FRM) accredited by the Global Association of Risk Professionals. She is also an Associate Member of the Chartered Institute of Management Accountants (ACMA) and holds the Chartered Global Management Accountant (CGMA) designation.

She is a recipient of the prestigious Fulbright Scholarship, under which she earned her Master of Science in Finance from the University of Illinois at Urbana-Champaign, USA, graduating with a medal for academic excellence. Her academic foundation was established at the University of Moratuwa, where she graduated with a Bachelor of Science in Civil Engineering with First Class Honours.

Mendis was Director Litigation at the SEC prior to being appointed as Director General in 2019.

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