Business
Elevating market integrity by ensuring secure and transparent trading practices at Colombo Stock Exchange
Ms. Nilupa Perera, Senior Vice President of the Broker Supervision and Listed Entity Compliance Divisions at the Colombo Stock Exchange (CSE), provides an in-depth look at the critical roles her divisions play in maintaining market integrity and fostering good corporate governance.
What is the role of the Broker Supervision Division at the CSE?
The Broker Supervision Division is pivotal to ensure adequate protection for investors who engage the services of Trading Participants. We strive to deliver a high level of service and maintain effective working relationships with Trading Participants. By closely monitoring their activities, we ensure that Trading Participants provide secure and trusted services to investors.
For this purpose, one of our primary responsibilities is ensuring that Trading Participants of the CSE (Stockbrokers and Stock dealers) adhere to the Trading Participant Rules and the Circulars issued by the CSE as well as Directives issued by the Securities and Exchange Commission of Sri Lanka (SEC). Further, we work diligently to ensure that the Trading Participants meet the minimum capital requirements set out in the CSE Trading Participant Rules. Our division is dedicated to maintaining a secure, fair, and orderly trading environment through effective monitoring and supervision of this key stakeholder group.
What are the new initiatives of the Broker Supervision Division?
Our Broker Supervision Division is dedicated to continuously enhance the regulatory environment to support a transparent and compliant trading ecosystem. One of our key initiatives is the introduction of new rules for Trading Participants pursuant to the new SEC Act designed to facilitate a robust regulatory framework. We are also adopting a risk-based approach in conducting on-site systems audits and off-site supervision of Trading Participants.
Additionally, we have implemented rules that impose penalties on Trading Participants who are non-complaint with key rules set out in the Trading Participant Rules. As part of our commitment to sustainability, we are in the process of introducing systems to facilitate communication with Trading Participants more effectively.
Could you describe the role of the Listed Entity Compliance Division at the CSE?
The Listed Entity Compliance Division plays a crucial role in promoting good corporate governance practices and ensuring fair and transparent financial reporting among listed companies. Our main goal is to safeguard the interests of investors by ensuring that the listed entities act in compliance with the CSE Listing Rules.
We conduct comprehensive reviews of interim financial statements and annual reports to ensure accuracy and adherence to CSE Listing Rules. Our division closely monitors compliance with corporate governance requirements and minimum public holding requirements. Identifying non-compliances which require appropriate enforcement actions is an important function we perform. Handling investor complaints against listed companies and overseeing the delisting processes are some of the other key responsibilities of the division.
What are the new initiatives of the Listed Entity Compliance Division?
The Corporate Governance rules were updated on 01st October 2023, marking the first major revision after 15 years. The new rules now cover Chairman-CEO duality, the fit and proper criteria for Directors and CEOs, mandatory Policies, Nominations, and Governance committees. Additionally, a new framework has been established to initiate enforcement actions against listed companies for non-compliance with key CSE Listing Rules.
In a significant move for Sri Lanka’s tourism sector, NKAR, a stalwart in the industry for over 45 years, has announced a partnership with Holiday Max, Australia’s largest tour operator. Based in Perth, Holiday Max has ventured into Sri Lanka for the first time, marking a promising expansion for both entities.
This collaboration aligns with NKAR’s strategic vision to enhance the country’s appeal to international travelers. Nilmin Nanayakkara, Chairman and Managing Director of NKAR says, “Our policy has always been to promote Sri Lanka to new markets by attracting new operators, rather than competing through price undercutting or making unrealistic promises.” This statement encapsulates NKAR’s commitment to fostering sustainable tourism growth by focusing on quality over cost.
By prioritsing service excellence and maintaining high health and safety standards, NKAR aims to elevate the overall travel experience for visitors. This approach not only positions Sri Lanka as a premium destination but also attracts reputable operators like Holiday Max, who are drawn to the island’s unique experiences and NKAR’s dedication to quality service.
The partnership represents a remarkable opportunity to showcase Sri Lanka’s diverse offerings to Australian travelers, potentially opening new avenues for tourism growth. As NKAR continues to innovate and adapt, this collaboration is set to bolster Sri Lanka’s standing as a sought-after travel destination, steering the industry away from aggressive price competition towards sustainable growth through authentic experiences.
By focusing on attracting new operators and markets, NKAR is paving the way for a revitalised tourism landscape in Sri Lanka, one that values quality, safety, and the unique charm of the island. NKAR is recognised as one of the top five destination management companies in Sri Lanka. The company recently won 3 major awards at Sri Lanka Tourism Awards.
By Sanath Nanayakkare
LOLC Finance secured five Gold Awards and one Merit Award at the LankaPay Technovation Awards 2025, including the prestigious Overall Excellence in Digital Payments Gold Award for the sixth consecutive year.
The company dominated both bank and NBFI categories, winning Best Digital Strategy Gold Award, proving its superiority over traditional banks in digital finance.
Awards won were as follows.
Gold Awards:
Best Digital Payment Strategy (Banks & NBFI)
Best Mobile Application for Retail Payments via JustPay (Banks & NBFI)
Excellence in Customer Convenience (NBFI)
Financial Inclusivity (NBFI)
Overall Excellence in Digital Payments (NBFI)
Merit Award: Most Popular Digital Payment Product (iPay)
CEO Krishan Thilakaratne emphasized digitalization as core to LOLC Finance’s operations, enabling seamless, 24/7 financial access through platforms like LOLC Real Time and iPay.
Chairman Conrad Dias highlighted the audited, performance-based recognition and iPay’s mission to solve real-world financial challenges with cutting-edge tech.
iPay & JustPay innovations were Recognized for leading digital payment adoption with 1M+ downloads, 1.8M monthly transactions, and 65% JustPay market share, featuring biometric security and AI fraud detection.
Financial Inclusivity was recognized for Bridging gaps via multi-lingual services, cashless processes, and rural outreach programs.
Customer Convenience was recognized for real-time solutions (SLIPS, CEFTS) eliminating branch visits for payments and transfers.
Tree House International, located in Dehiwala, has been recognised as the Most Evidence-Based Special Needs School of the Year at BWIO Awards. The only international school in Sri Lanka dedicated exclusively to children with special needs, 75% of its students relocate from abroad for its high-quality, result-driven education.
Last semester, 100% of students transitioned to mainstream or vocational training.
The school is led by Dr. Anton James, a Chartered Behavioural Psychologist with over 20 years of global experience.
His evidence-based approach earned the highest honour from the British Psychological Society, and he was elected a Chartered Scientist. Co-directed by Chrystal Honsaker, an expert with 15 years of international special needs experience, the school also offers an accredited British curriculum alternative to GCSEs.
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