The Chairman of the Securities and Exchange Commission, Thilak Karunaratne last week stressed on the importance of adhering to business ethics at a time the Government is committed towards inclusive development. Addressing the Junior Chamber International Biz Meet, the SEC Chairman said he expects market stakeholders in the country’s stock market to inculcate professionalism and ethics in all their dealings in order to foster trust.
“We experienced how the market had to pay dearly during 2010/ 2011 due to the actions of few individuals who resorted to unethical and downright scandalous methods of manipulating the market. It is with great concern and distress I reflect on how attempts were made by again a few investors, stockbrokers, investment advisors and even influential politicians to transform the market to a casino during the previous regime,” Karunaratne said.
He noted that market manipulation was the talk of the day and in the process a large number of innocent and ignorant small time investors who followed with herd instinct got ruined.
“We are still in the process of giving some redress to these investors. These unethical behaviour patterns were well grounded on unlimited greed and power politics,” he said noting that the rainbow revolution paved the way towards an ethical dimension/perspective.
He pointed out that since January 2015, the SEC along with the Secretariat has been committed towards creating a conducive environment to foster ethical behavior in the market through policy, regulation and enforcement.
“Way back in 2012, when I was the Chairman of the SEC I was confronted by the highest in the land when I stood up for what was just as I was not ready to trade my values I handed over my resignation in August 2012,” Karunaratne added.