SEC Chairman resigns

Securities and Exchange Commission Chairperson Indrani Sugathadasa has tendered her resignation. Reuters news agency states that it was not immediately clear what prompted her exit, but brokers and influential investors have blamed increased SEC regulation for slumping prices and trading on the $20.2 billion bourse, which was Asia's best performer in 2009 and 2010.

The SEC this year has investigated several cases of share price manipulation; including "pump and dump" schemes involving illiquid shares, and tightened up the amount of credit brokers can extend to clients to avoid a crash. The bourse through Thursday's close was down 8.3 percent on the year, the ninth best return in Asia year-to-date.

That follows two years as Asia's best performer with a total return of 342 percent, surging with the end of Sri Lanka's 25-year civil war in May 2009. (SJ)