SEC chairman under pressure to quit

Securities and Exchange Commission (SEC) chairman Dr. Tilak Karunaratne is learnt to be under immense pressure to quit from his post. Ada Derana reliably learns that pressure is being exerted on the former politician by decision makers demanding his resignation from the top seat of the SEC.

Dr. Karunaratne had reportedly mentioned that there is no point in continuing if the regulator does not have the independence to function and execute his duties, sources close to Dr. Tilak Karunaratne disclosed.

Dr. Karunaratne was appointed as the successor to Mrs. Indrani Sugathadasa who resigned from the chairmanship of the SEC earlier.

Tilak Karunaratne is a former Sri Lanka Freedom Party (SLFP) member who joined the United National Party (UNP) before joining the Sihala Urumaya. He is also a Chartered Chemist and was the Managing Director of Multiform Chemicals (Pvt) Ltd.

Earlier in November last, amidst a stock market crash in Colombo the then SEC Director General Malik Cader resigned and was later appointed as consultant on Capital Markets by the Finance Ministry. He was followed by Indrani Sugathadasa who also later resigned from the top slot in the SEC.