Not expected but good to be back at SEC, says Tilak

Thursday, 29 January 2015 01:23 - - {{hitsCtrl.values.hits}}

Tilak Karunaratne, who assumed duties yesterday as the Securities and Exchange Commission (SEC) Chairman, has told the staff that it was good to be back though he didn’t expect to make a return. He also told said stabilising the stock market was a priority and he would resume his job with an open mind and would study all issues carefully. Karunaratne also had a meeting with the heads of divisions of the SEC as well as one-on-one meeting with Officer-in-Charge and Deputy Director General Dhammika Perera. Premier and Policy Planning and Economic Affairs Minister Ranil Wickremesinghe re-appointed Karunaratne as the SEC Chairman, a post the latter vacated after serving nine months (between December 2011 and August 2012) citing external pressure. Market sentiment has been mixed over Karunaratne’s return, with some hailing his reappointment on the basis that the capital market needs a stricter regulator whilst others had expressed reservations, flagging off possible over-regulation, which some attributed to him last time around. Karunaratne replaces Dr. Nalaka Godahewa who resigned after serving for over two years on Monday following the defeat of President Mahinda Rajapaksa’s regime. It was Rajapaksa who invited Karunaratne to head the SEC at that time. After completion of his secondary education at Ananda College, Colombo, he entered the University of Ceylon and graduated with a BSc. in Chemistry. He is also a Chartered Chemist. He was a Member of Parliament for 12 years up to year 2000 when he resigned on his own to re-join the private sector.

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