Business
Can we stop university ragging?
Following the tragic demise of a Sabaragamuwa University undergraduate, more than fifty articles have appeared in the media expressing views on various aspects of the barbaric tradition of ragging in Sri Lankan universities. However, this discussion is taken into an unprecedented height by the landmark decision by the Supreme Court (SC/FR/216/2020 on 2025-Jul-09) pertaining to a grievous act of ragging that took place in 2020, twenty-two years after ragging was made illegal by the Prohibition of Ragging and Other Forms of Violence in Educational Institutions Act No. 20 of 1998.
One needs not be a constitutional scholar to understand the responsibilities of the three branches of the government; the Supreme Court has fulfilled the responsibility of the judiciary. Now, the other two branches will have to step up. Anyone reading the 48-page judgement or the recent opinion pieces referred to earlier, will clearly see that the core issue is the failure to implement the 1998 law. Those responsible for the failure, as listed in the judgement, include everyone in the University Grants Commission’s payroll, the Head of Police, and the Attorney General. Anything new here?
No, there is no mystery about not being able to stop ragging, it is another clear and loud statement about our broken system: complete disregard for law and order for decades. Generations of elected officials, bureaucrats, and most public using their services broke the law with impunity, while others abated it or put up with it for survival, leading to the current socioeconomic bankruptcy of the country. Let us have no doubt, what is happening in universities and other institutions is not any different from what happened in the country since independence: callous disregard for law and order with complete impunity. This national habit of normalisation of criminal behaviour must be stopped, universities are no exception.
The supreme Court has read the riot act, but that is of limited utility. This is where the legislative and executive branches need to act. If we are to eradicate this menace, there must be a zero-tolerance policy, and the penalties must be swift, substantial, and well publicised to be a deterrent. A slap of the wrist as often happens, or negotiated settlements between the student union and academics sympathetic or connected to the student union are not any worse than ignoring the wrongdoing. The current law must be amended to include a mandatory, minimum one-year suspension for any violation. That is in addition to any criminal and civil penalties.
There will be those who cry foul; such severe punishments will impact on the whole life of a student, they may say. There are several responses to that misguided reasoning. Do we want to eliminate ragging or maintain it in a different form or level? What about the victims – aren’t their lives permanently affected? Other important questions are, was the violation an unintended result of performing a vital function, or was it the result of a provocation, loss of property, dignity, or some other harm to the perpetrator? All such questions can be addressed with a clear negative response, as ragging is a deliberate act that yields no constructive results. Ragging is a well-organised, premeditated activity. The element of planning and prior intent is considered an aggravating factor, meaning it increases the severity of the crime and harsher penalties can be justified.
It must be made compulsory for university students to read and understand the Prohibition of Ragging Act in its entirety. After assessing their comprehension of the law, they should be made to give their consent to abide by such laws by signing a legally binding document, in which the minimum one-year suspension is clearly spelled out, at the beginning of each academic year as a constant reminder of the severity of the consequences. A copy must be sent to their parents or guardians, so that they can do their part in bringing up responsible citizens. This practice must be extended to other affected institutions as well.
The Supreme Court judgement implicated the university and law enforcement communities for failing to implement the law. While the court did not give reasons, the fifty plus writers pointed out the reasons why the university community did or could not perform their duty. With my apologies to those few caring souls who had done their best and were treated as outcasts by their peers, a few of those reasons are worth repeating here.
Most academics have been subjected to mental conditioning of ragging during their own student days, and as a result they have developed sympathy and apathy towards ragging. According to one report, one vice chancellor has asked the perpetrators to limit ragging to two hours, when caught in the act! Is that the right mentality? Another issue is the politicisation of the academic and administrative appointments, which manifests in their perceptions of their roles, their interactions with the university system, and their engagement with social justice issues. Their loyalty is to their political handlers, and they are not answerable to the community.
Politicisation goes into ragging itself. This writer was there to witness how JVP systemised ragging into the sophisticated system found today, including dress codes, cards and so forth, as a recruiting and fundraising machine. It is not the intention to hold the present NPP responsible for past actions as they have clearly changed their ways, but to appeal to their desire and the potential for bringing forth change at grassroots level to do some good. The public, on the other hand, must force the political parties to make it a policy issue to put a stop to the ruinous practice of ragging. They should know that its effects are not limited to the minority that enters the universities, but they permeate through the economy and the culture at large.
The argument can continue, but it is too much for the university community to handle all three aspects of implementation of law, investigation, and prosecution of incidents, and delivering penalties as the first option. Entire university community, everyone in the UGC pay roll for that matter, must be held responsible for the enforcement of the law. They must be trained and held accountable as part of their job description. Unfortunately, due to many decades of conditioning, the university community has become insensitive to this issue. Changing the attitude of the entire university community, from vice chancellors to grounds keepers, and getting all of them involved must be given priority. The student unions, trade unions, and alumni associations can play a leading role in this endeavour.
As for investigation, apprehension, and prosecution of offenders, a separate independent entity must be created. This entity, preferably under the purview of the Attorney General, may be comprised of resources drawn from existing judiciary functions, but it must be a dedicated one so that cases can be concluded swiftly for maximum impact, preferably within weeks, not months. This could be limited to the initial determination of the violation, and the imposition of the compulsory one-year suspension if found guilty.
The criminal and civil cases arising from such offences can continue separately. This may sound like an expensive preposition, but if implemented properly, its services will not be needed after three to four years. We are dealing with the best and brightest of the nation, and they will learn fast, especially when they risk thirteen years of effort, parents’ investments and hopes, and the entire future.
The general sentiment expressed by most writers is that ragging cannot be stopped. As it is so deeply entrenched, only compromises can be made, some of them reasoned. This writer disagrees; if there is a collective will, there are ways for a civilised society to stop barbarism. The Prime Minister has appointed a task force to investigate it, but its scope is a much broader one: review and overhaul the education system.
There is no doubt that the entire education system must be modernised to meet the needs of the 21st century, but this ruinous practice must be stopped immediately as it is a major contributor to the degradation of society. Let us not forget that ragging is the plague that mentally cripple the generation destined to lead the country into prosperity. Without irradicating it, we will be wasting our sparce resources to further degrade our already dysfunctional society, not to mention the economy, and continue to feed an utterly unnecessary cyclical process.
Now that the country has committed to breaking away from the past, this is an ideal opportunity to grab the proverbial bull by the horns and do away with it. The task force appointed by the Prime Minister can facilitate it. This is a problem that can be easily solved, since it is of limited scope compared to irradicating corruption, even though both have common origins. We are focusing on the problem of the nation’s young adults who are fed, sheltered, and supported by the hardworking citizenry to the tune of half a million rupees per student in 2020 money, not to mention the blood, sweat, and heartache of parents.
The question here is whether society should give in to the juvenile whims of a small minority of young adults, whose only qualification thus far is box checking to get through an archaic examination system, or show them the right path. Young minds can be trained; their attitudes can be adjusted. Enlighten them that they are dependent on society, answerable to it, and that they are subjected to the country’s laws. Let them know in no uncertain terms that the times are changing and this behaviour is not acceptable. This goes for those who aid and abate or ignore this behaviour, the academics, administrators, law makers, enforcers, parents, and most importantly the student unions and their behind-the-scenes handlers.
For an administration intent on establishing a just society, stopping a minority that is misguided by a baseless ‘ideology’ of ‘university subculture’ that gives an inviolable right to rag since we were ragged, is undoubtedly within their capabilities. The Prime Minister’s task force must recommend the following: strengthening the Prohibition of Ragging act to make all relevant parties accountable. Establish a dedicated prosecutorial body independent of the university system.
Empower university martials to turn all university employees into a cohesive movement against ragging. Ensure that university students understand the law and that they are not above it, and the repercussions of violations are severe. The systematic brainwashing of the first-year students, even before they enter the university, by politically motivated entities must be stopped. Above all, the executive branch of the government must make sure that the laws are implemented without exception and make everyone accountable with a zero-tolerance policy. Provided they have the political will, which they have demonstrated so far, this curse can be eliminated before their current term ends. At the same time, the public should give their full support to the administration as if they do not do so, their dream of a happy and prosperous society will be just that, a pipe dream.
by Geewananda Gunawardana, Ph.D. ✍️
Business
SL confronting ‘decisive test of fiscal discipline’
Sri Lanka enters the new year confronting a familiar but deepening economic strain, with falling foreign reserves, a weakening rupee, rising public debt and mounting disaster-related losses posing what analysts describe as a decisive test of fiscal discipline and policy coherence.
Sri Lanka Human Rights Centre Executive Director and former Provincial Governor Ranjith Keerthi Tennakoon has warned that the country urgently requires a coordinated economic response to prevent further deterioration, particularly as the cost of post-disaster reconstruction threatens to exert fresh pressure on already strained public finances.
“While the government has succeeded in revenue augmentation through heavy taxation and repeated increases in electricity and gas tariffs, its performance in maintaining fiscal discipline remains weak,” Tennakoon said in an economic indicators statement issued on January 5.
According to figures cited by Tennakoon, Sri Lanka’s domestic debt stood at Rs. 17,595.05 billion when President Anura Kumara Dissanayake assumed office. By the end of September 2025, that figure had climbed to Rs. 18,701.46 billion, reflecting an increase of Rs. 1,106.41 billion within a year.
External debt has also trended upward. From Rs. 10,429.04 billion at the end of 2024, foreign debt rose to Rs. 10,974.34 billion by September 2025. As a result, Sri Lanka’s total public debt stock now stands at Rs. 29,675.81 billion, underscoring the scale of the country’s fiscal exposure.
“This trajectory raises serious concerns about long-term debt sustainability,” Tennakoon warned, noting that debt servicing costs will intensify further if currency depreciation continues.
Foreign reserves under pressure
The steady decline in foreign reserves remains one of the most critical challenges facing the economy. Gross official reserves fell from USD 6,531 million in March 2025 to USD 6,033 million by the end of November, a contraction of nearly USD 500 million.
Tennakoon cautioned that upcoming reconstruction needs following widespread floods and landslides will necessitate substantial imports of construction materials, machinery and industrial inputs, inevitably drawing down scarce foreign exchange reserves.
Although Sri Lanka managed to maintain a current account surplus in 2024, the balance slipped back into deficit during September and October 2025, before returning to surplus in November. While a surplus is not required at all times, Tennakoon said the November turnaround offered a “cautious but positive signal” regarding the economy’s direction.
The rupee’s depreciation continues to amplify macroeconomic risks. The exchange rate has weakened from Rs. 293.25 per US dollar last year to around Rs. 309.45, increasing the rupee cost of foreign debt servicing while driving up import and production costs.
More troubling, Tennakoon noted, is the widening gap between commercial bank exchange rates and the informal undiyal (black market) rate, reflecting growing uncertainty and eroding confidence.
“This was precisely how the 2021–2022 economic crisis began — with a widening divergence between official and informal exchange rates,” he warned.
The economic fallout from recent floods and landslides adds another layer of urgency. Tennakoon criticised the government for failing, thus far, to prepare a comprehensive estimate of financial losses and reconstruction costs.
Preliminary assessments by the World Bank estimate disaster-related losses at USD 4 billion, while the International Labour Organization (ILO) places the figure as high as USD 16 billion, equivalent to 16 percent of GDP.
“Massive tax resources will be required for relief payments, while reconstruction will demand substantial foreign exchange for imports,” Tennakoon said, stressing that the government must urgently prepare credible financial assessments to mobilise both domestic and international support.
He also warned that delays in providing adequate relief have already become a serious concern for displaced communities struggling to rebuild their lives.
By Ifham Nizam
Business
Driving Growth: SEC and CSE collaborate to expedite listings
The Securities and Exchange Commission of Sri Lanka (SEC) in collaboration with the Colombo Stock Exchange (CSE) conducted an awareness session for Corporate Finance Advisors focusing on enhancing regulatory compliance and streamlining the listing process.
The forum brought together Corporate Finance Advisors and senior officials from the SEC and CSE to enhance the listing process by addressing regulatory expectations, identifying prevalent shortcomings in applications, and establishing best practices to strengthen investor confidence and market integrity.
Addressing the participants, Senior Prof. D.B.P.H. Dissabandara, Chairman, SEC highlighted the vital role Corporate Finance Advisors play in building market confidence beyond their traditional functions in facilitating listings, mergers, and acquisitions.
“Your screening process, your due diligence supports market confidence directly in addition to your key major roles,” the Chairman stated. “As a regulator, our main job is to look at investor confidence plus investor protection. And indirectly your job facilitates that as well.”
The Chairman emphasized that the overall reputation of the Sri Lankan capital market depends on the professional judgment and performance of Corporate Finance Advisors, as investors make decisions based on their assessments and recommendations.

Senior Prof. D.B.P.H. Dissabandara
Reinforcing this message, Mr. Rajeeva Bandaranaike, Chief Executive Officer, CSE emphasized the importance of collaboration in improving market efficiency. “The objective is to completely revamp and improve the overall listing experience for companies and issuers,” he stated. “This is a journey that we need to go together with the community. We cannot do this alone.”
He also noted the complexity of public listings compared to bank financing, explaining that heightened scrutiny is necessary when dealing with public money. “At the end of the day, if the prospectus is not clean and accurate, we’re going to face problems. We don’t want companies going into the watchlist after one or two months of listing.”
Building on this framework, Ms. Kanishka Munasinghe, Vice President, Listing, CSE highlighted critical gaps in recent listing applications, particularly regarding litigation disclosure and legal due diligence. The CSE has expanded its disclosure requirements to cover not just financial impact but also operational continuity and licensing implications.
Business
nVentures leads US $200K seed round into Flash Health to scale cashless outpatient care in Sri Lanka
Flash Health, a Sri Lankan healthtech startup building cashless, on-demand outpatient care, has raised a US $200,000 seed round led by nVentures, with participation from angel investors across Sri Lanka, Singapore, and the United States.
The funding comes as Flash Health expands its footprint across insurers, large employers, and healthcare providers, positioning itself as one of the country’s most widely adopted digital outpatient platforms addressing everyday healthcare needs.
At the core of Flash Health’s offering is Cashless OPD, which allows employees and policyholders to access doctor consultations, medicines, diagnostics, and telemedicine services without paying out of pocket, removing upfront payments and simplifying access to address a long-standing friction point in everyday healthcare across emerging markets. The platform’s approach has also received global recognition, with Cashless OPD winning at the World Summit Awards, an UN-backed platform recognising startups advancing the Sustainable Development Goals, selected from over 900 applications across 143 countries. Commenting on the investment, Chalinda Abeykoon, Managing Partner at nVentures, said, “We first met Arshad and the Flash Health team in late 2023 and were immediately struck by their ethos, attention to detail, and culture of excellence. As we worked with the team to fine-tune their product roadmap and execution, we saw a team that listens, iterates, and delivers. Flash Health is now operating at real scale, which made this a clear investment decision for us.”
Flash Health’s growth has been driven by partnerships with leading insurance providers, including AIA, HNB Assurance, Janashakthi Insurance, and Union Assurance, enabling policyholders to access services such as medicine delivery, home lab testing, telemedicine consultations, and wellness incentives through integrated digital workflows.
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