Cross-talk between investors and SEC at meeting with Rajapaksa

Arguments and cross-talk figured at the meeting between President Mahinda Rajapaksa and stakeholders of the Colombo stock market on Friday, informed sources said.
At the inception, Treasury Secretary Dr P.B. Jayasundera welcomed the participants and said this was a pre-budget discussion to ascertain the needs of the industry. High net-worth investor Dilith Jayaweera, who on Wednesday said he had not received (at that time) an invitation for the meeting, made a presentation of behalf of the investors listing their problems.
The general tone and complaint of investors, brokers and shareholders were that the market is over-regulated, credit should be unrestricted and the Securities and Exchange Commission (SEC) was making ad hoc decisions. Other high net-worth investors included Harry Jayawardena and Nimal Perera, who also said on Wednesday that he has not been invited for the meeting.
Independent shareholders K.C. Vignarajah and Chari de Silva also spoke. SEC Chairman Thilak Karunaratne said unlimited credit could lead to a dangerous situation and eventual collapse as investors were buying on borrowed cash, while responding strongly to other issues including allegations against his staff. No decisions were taken at the meeting.  The President said that henceforth any issues of shareholders and investors should be taken up with the Treasury Secretary and not him (President). – Ends -