SEC nod for capital market consultative committee

The Securities and Exchange Commission (SEC) at its 283rd meeting gave its concurrence to establish a Capital Market Industry Consultative Committee.

The committee comprises of SEC Chairperson, SEC Commission Member, SEC Director General, A Deputy Governor of the Central Bank of Sri Lanka, Colombo Stock Exchange Chairman, Colombo Stock Exchange Chief Executive Officer, Colombo Stock Brokers Association President or his nominee, Unit Trust Association of Sri Lanka President or his nominee, Margin Provider's Association President, CFA President, Debt Market Specialist, Equity Market Specialist, Equity Market Legal Specialist and an Investor Representative.

A key recommendation which was put forward by industry participants at the recently concluded Capital Market Development Workshop was to establish a well represented Capital Market Industry Consultative Committee, which will take into account the views of various stakeholders that will have an impact on the capital market of Sri Lanka. This was to ensure that a more robust and inclusive development of the industry as well as to make recommendations for formulation of policy. The reason behind this move is the current positive economic and political environment in the country which has emphasised the need for a Capital Market which can adapt to meet new challenges.

Furthermore, the SEC task in determining policy has increased in complexity.