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SLID webinar on New SEC Act

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The Sri Lanka Institute of Directors (SLID) in partnership with the Asian Pathfinder Legal Consultancy & Drafting Services held a public webinar on Directors’ Rights, Duties & Liabilities under the New SEC Act recently. The purpose of the session was to educate company directors on the relevant provisions of the Act and bring them up to date on the significant implications arising from it with regard to their role and responsibilities.

The two expert panelists, Dr. D. C. Jayasuriya P.C. and former Director General and Chairman of the SEC and Malik Cader, Attorney at Law and former Director General of the SEC in conversation with Faizal Salieh, Chairman of The Sri Lanka Institute of Directors provided several insights on the new Act and on how directors, auditors and company secretaries can adapt themselves to the new and tough regulatory regime.

Dr. Jayasuriya at the outset said that the new Act was comprehensive and has around 189 sections compared with the previous Act which had 40. While the objectives of the two look very much similar it is noteworthy that there are two significant changes in the new Act, one of which is that it highlights the efficient and transparent securities markets and the second being the protection of foreign investors. Stating that there were 4 approaches to the regulation of securities markets around the world such as merit, disclosure, and self-regulation, the new Act falls into an overkill situation with very strict regulation and penalties.

He also stated that it is very difficult to find any provision relating to the duties of the Directors under the Act and added that in comparison with the previous legislation, the new legislation has a broad regulatory reach and covers many products and market players. The new Act also goes beyond an individual director particularly in the context where a determination has to be made as to whether a person is acting in concert with regards to a takeover or merger situation. Dr Jayasuriya outlined 25 Do’s and Don’t’s for directors so that they will not be caught up under the Act.

Malik Cader stated that there is a perception among directors that the Act was “a draconian piece of legislation”, particularly in the context of the penalties that could be imposed. He highlighted the key areas of concern arising from the new Act and said that directors of listed companies have to take serious note of some of its provisions and described them as a paradigm shift from what it used to be. He mentioned specific areas such as good corporate governance practices including Fit & Proper criteria, duties of the auditor, issuance of securities, civil and criminal powers, and provisions relating to implementation.

Quoting that ‘no amount of rules and regulations will make a crooked man straight’, he stated that the fit & proper criteria included in the new Act was very commendable and that it is an effort to move toward a better governance structure for the capital markets. He further emphasized that some of the provisions that relate to enhancing corporate governance is in the appointment of a director, CEO or CRO (Chief Regulatory Officer) of a market institution where one must obtain prior approval from the SEC notwithstanding the provisions of the Companies Act No. 7 of 2007.

Moderator Faizal Salieh observed that the SEC is of the view that the new Act will enhance investor confidence in our capital markets by strengthening its hands and teeth in dealing with market manipulators and offenders on a wider canvass. He added that Sri Lanka is in a global setting where market manipulations and offences are beginning to see pronounced levels of increase; that Sri Lanka has had its share of market manipulations and therefore appropriate regulatory intervention was necessary to build trust and credibility in the capital market. He said that companies should consider aligning their internal policies to the SEC Act provisions on insider trading and handling of “inside” information, such as professional secrecy policies; codes of conduct; access to information policies, etc.

The discussion noted that given the globalization of capital markets, sharing of information among regulators is crucially important. Sec 171 (2) provides for this. Education of investors and market participants on ethical behavior standards; increasing the level of expertise of prosecutors and judges in dealing with capital market crimes and strict disclosure requirements that limit the scope of inside information and the time for keeping such information unpublished would help limit the potential for insider dealing.



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Business, healthcare and civic leadership unite to drive Sri Lanka’s fight against cervical cancer

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Dr. Nadija Herath addressing the gathering at Dilmah Genesis

In a powerful demonstration of how responsible business, public healthcare and civic leadership can work together for national good, Sri Lanka this week renewed its commitment to eliminating cervical cancer through an expanded screening programme backed by corporate funding, Rotary leadership and the Ministry of Health.

The initiative, supported by Dilmah, the Rotary Club of Colombo, the Family Health Bureau and the Sri Lanka Cancer Society, aims to strengthen nationwide HPV DNA screening, public awareness and prevention efforts at a time when cervical cancer continues to claim hundreds of lives annually despite being one of the most preventable forms of cancer.

Dilmah Chairman/CEO Dilhan C. Fernando said the programme reflects the values of his late father, Merrill J. Fernando, who believed companies exist not merely to generate profit, but to create lasting value for society.

He added:”Businesses do not exist to make profit. Businesses exist to create value. Value begins with people and livelihoods, continues through nature, and only then earns the right to secure economic value.”

Fernando announced a fresh commitment of Rs. 50 million this year, which will fund 20,160 screenings, following an earlier Rs. 75 million pledge made in January 2024 under a Memorandum of Understanding signed with the Ministry of Health and Rotary.

“That value may seem like a big number, but it is insignificant when you consider that it has saved thousands of women from the scourge of cancer,” he said.

He described the continued deaths from a preventable disease as deeply troubling.

“Learning that so many women were losing their lives annually to cervical cancer was something really quite abhorrent to us,” Fernando said.

Representing the Rotary Club of Colombo, K.R. Ravindran said the campaign is proof that strategic partnerships can change national health outcomes.

“This is not a discussion. This is a promise of early detection,” Ravindran said. “Cancer, especially cervical cancer, does not arrive with a bell ringing or a warning. It whispers, and so often by the time it is heard, it is too late.”

He said Rotary’s own experience operating early detection centres for breast, cervical and oral cancer had shown the life-saving value of screening.

“Early detection is not just saving lives. It transforms fear into hope, into possibility,” he said.

Ravindran noted that Sri Lanka’s economic crisis had once threatened to halt testing services because of shortages in funding for diagnostic kits, but private sector intervention prevented disruption.

“Without the money, the whole thing would have gone awry. That is when Dilmah stepped in,” he said.

“They did something far greater than simply giving money. They made scale possible. They made continuation possible. They made impact possible.”

Ravindran expressed confidence that Sri Lanka can become one of the first countries in the world to eliminate cervical cancer as a public health threat by 2030, citing the nation’s literacy, public health network, school vaccination system and midwife service.

“I think this country can become one of the first countries to be rid of this disease,” he said.

Consultant Community Physician Dr. Nadija Herath of the Family Health Bureau said cervical cancer is caused mainly by persistent infection with the Human Papillomavirus (HPV), but can be prevented through vaccination and early detection.

She said Sri Lanka’s Well Woman Clinic programme, launched in 1996, screens women primarily in the 35 and 45 age groups, and is now expanding the use of HPV DNA testing, which is more accurate than conventional cytology methods.

“The most important thing about this cancer is that it is preventable,” Dr. Herath said. “If pre-cancerous changes are identified early, they can be fully treated and women can live normal lives.”

She said new funding would also support outreach clinics, especially in workplaces and underserved areas.

President of the Sri Lanka Cancer Society Anoja Karunaratne said awareness remains a major challenge, with stigma and fear discouraging many women from seeking screening.

“We need to take this message beyond hospitals and clinics—into schools, workplaces, religious institutions and community groups,” she said.

She stressed that women should view screening as a routine part of healthcare rather than something to fear.

Speakers at the event said the collaboration stands as a model for corporate Sri Lanka, showing how businesses can contribute meaningfully to national wellbeing.

Fernando praised Sri Lanka’s healthcare system for continuing to innovate despite adversity.

“Whatever anyone may say about systems or governance, the fact is Sri Lanka’s healthcare system has an enviable track record,” he said.

By Ifham Nizam

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Seylan Bank reports PAT of LKR 2.91 Bn in Q1 – 2026

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The Bank recorded a Profit Before Income Tax (PBT) of LKR 4,548 Mn in Q1 2026, against LKR 4,199 Mn reflecting a growth of 8.31%.

For the three months ended 31st March 2026, Profit after Tax recorded by Seylan Bank was LKR 2,906 Mn with a growth of 5.25% against LKR 2,761 Mn recorded in the corresponding period of 2025.

Statement of Financial Performance

Net interest income increased from LKR 8,587 Mn to LKR 9,734 Mn, an increase of 13.37% over the previous year for the 3 months ended 31st March 2026 mainly due to the significant growth in bank’s assets base over the last 12 months from LKR 785 Bn as end of Q1 2025 to LKR 943 Bn as at 31st March 2026. The Bank’s Net Interest Margin (NIM) also moderated from 4.50% in 2025 to 4.23% during Q1 2026.

Meanwhile, the Bank’s net fee-based income recorded a growth of 24.04%, increasing from LKR 1,863 Mn to LKR 2,311 Mn, primarily driven by fee income from Cards, Remittances, Trade, and other financial services.

Other income captions comprising of net gains / losses from trading, net gains from derecognition of financial assets and net other operating income, reflected a reduction mainly due to decline in mark to market gains from government securities and equity investments with the prevailing market interest rates and price movements, however exchange income showed an increase, due to higher forex trade volumes.

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The power of soft skills: Transforming students into future leaders with SLIIT Soft Skills+ 2026

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The soft skills development program is a major project carried out under its Corporate Social Responsibility (CSR) agenda, by the SLIIT Business School. This program, intended to go beyond typical classroom instruction, focuses on giving school going students the fundamental life skills they need to thrive in a world that is becoming more competitive and dynamic.

The program, which is intended for students in Grades 11 through 13, is open to participation from schools under the Sri Lankan government, private, and foreign institutions. The inclusive process ensures that students from different educational backgrounds have equal opportunities to improve their personal and professional competencies by enrolling for the program.

The initiative’s main goal is to close the knowledge gap between academia and real-world application. In addition to encouraging creativity, innovation, and an optimistic outlook, it places a strong emphasis on the development of vital soft skills like problem-solving, collaboration, and communication. By using this strategy, the program hopes to develop well-rounded, future-ready people who can overcome obstacles in the real world.

The preliminary stage and the Grand Finale are the two primary phases of the Soft Skills+ 2026 program. The program starts with an online teacher training workshop on April 28, 2026. In order to ensure long-term impact and sustainability, this recently added component focuses on improving instructors’ capacity to mentor and support students in the development of soft skills.

The preliminary rounds will be held virtually on May 9, 2026, across three regions: Malabe, Kandy, and Matara. These sessions include competitions focused on activities, quiz-based evaluations, and interactive workshops on soft skills. All exercises and questions are presented in Sinhala, Tamil, and English to encourage inclusivity, enabling students to participate in their favorite language with ease.

The top 50 teams from the preliminary stages will move on to the Grand Finale, which will take place at the SLIIT Malabe Campus on May 16, 2026. In order to ensure fairness and transparency, this final round will include advanced competition rounds and through evaluations carried out by a team of experienced and knowledgeable jury panel.

Certificates will be given to all participants, including instructors and children, and special gifts will be given to the finalists. In recognition of their exceptional performance and commitment, winning teams will also receive monetary awards.

With 50 teams participating in the grand finale and strong representation from across the island, the 2025 program demonstrated its growing impact. Last year’s winner was from St. Servatius College, Matara while Sivali Central College in Rathnapura was the runner-up.

This program, which has received official Ministry of Education clearance, is a nationally recognized platform that supports educational goals and continues to mold future leaders. For more details contact Mr. Ranitha Weerarathna, Senior Lecturer – SLIIT Business School via Tel – (+ 94) 0776503079 / 0764403664 or Email – ranitha.w@sliit.lk

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