SEC takes Capital Market to Jaffna

The Securities and Exchange Commission of Sri Lanka (SEC) visited the Jaffna peninsula on July 21 and 22, in keeping with the Government's efforts to develop the North with the conclusion of the war.

It was deemed a timely requirement to be a part of the Uthuru Wasanthaya program and join in accelerating the economic development in the area, through public awareness and education as these are essentials for the development of the securities industry in Sri Lanka.

A fully equipped Capital Market Information Center (CMIC) with Capital market related books and literature was launched at the University of Jaffna under the auspices of the Chairman of the SEC, Udayasri Kariyawasam, Director General of the SEC Channa de Silva, the Vice Chancellor, Prof. N. Shanmugalingam, members of the Faculty of Management and Finance at the University of Jaffna and a team of officials from the SEC.

CMIC is an online data base which offers a learning environment through which market information would be disseminated to students, staff and faculty members seeking to further their understanding of the capital market for research and academic purposes and also upgrade their knowledge in investing. The University of Jaffna is the fifth University to have obtained this resource. The Sabaragamuwa, Rajarata, Sri Jayewardenapura and Ruhuna Universities have already been facilitated with CMICs and it has proved to be a resounding success. Therefore, the SEC intends to set up CMICs in all the other national universities in the country.

The SEC signed a Memorandum of Understanding to give a gold medal and a cash award to the best capital market student each year to encourage students to partake in more capital market related studies.

The SEC together with the Jaffna Managers' Forum conducted a seminar to educate and create awareness among professionals, entrepreneurs and members of the business community with regard to the overall securities market, benefits of stock exchange listing and investments, public, private partnerships and potential business opportunities.

The SEC Chairman highlighted the importance and benefits of moving from a savings to an investment culture which is the key to developing the country's economy.

The response received was very positive and encouraging giving much hope in motivating the northern community to effectively engage in the capital market to generate tremendous financial prospects and employment opportunities to the masses in the North.

As an initial step the SEC will hold discussions with the Colombo Stock Exchange (CSE) and other stakeholders in the industry to set up a CSE branch in Jaffna and it was also made known that the SEC in its efforts to expand the capital market to all parts of the country will issue five new stock broking licences provided that these new entrants would ensure opening provincial branches including the North and East.