Business
SEC chairman calls for positive mindset, better housekeeping and collaborative synergies

Capital Market regulator, the Securities and Exchange Commission of Sri Lanka (SEC) held meaningful discussions with the Chief Executive Officers (CEOs) of stock broker firms and other Market Intermediaries in separate stakeholder engagements in January 2024. The meetings were aimed at fostering collaborative efforts to fortify the regulatory framework and operational infrastructure of the securities market. The exchange of ideas and perspectives reflected a shared dedication to upholding the highest standards of integrity and investor protection.
SEC Chairman, Faizal Salieh, Director General, SEC Chinthaka Mendis, Deputy Director General, SEC Tushara Jayaratne, CEO, Colombo Stock Exchange (CSE), Rajeeva Bandaranaike, CSE’s Chief Regulatory Officer, Renuke Wijayawardhane, SEC Director Supervision, Dilum Mahawatte, and other officials of both the SEC and CSE participated at the meeting.
The SEC Chairman emphasized the importance of creating a more capital-friendly market and urged the Market Intermediaries to collaborate closely with the SEC in the new year and engage in doing “the right thing in the right way” in order to build and strengthen the capital market’s integrity among investors. The Chairman called upon the industry players to have a positive mindset in order to help the country come out of the economic crisis and requested the stock brokers to actively pursue and attract capital flows by engaging with investors. Currently, the market composition mix is about 11% foreign investors and 89% local investors and the country needs to attract more foreign investors. The Chairman stressed that a positive mindset and persistent hard work is essential to bring in new investments amidst challenging economic conditions. He cautioned against negativism, negative thinking and behaviour which are counter- productive to the growth of the capital market.
Salieh led discussions on the need for a sound Order Management and Broker Back Office System across the stock broking industry to ensure stability and continuity. The CSE CEO, indicated that this matter was thoroughly examined during the recent CSE Board meeting and will be addressed expeditiously. The industry stakeholders along with the CSE are set to engage in further active discussions to formulate a feasible solution, taking into account the various perspectives presented during the meeting.
The SEC officials stressed the importance of obtaining prior consent from clients for the execution of transactions and highlighted the need for stock brokers to capture and document such consent properly. He informed that the SEC will carefully assess the proposed amendments to the Trading Participant Rules and communicate its decision in due course.
Salieh, aiming for a more agile market, proposed the idea of moving from the present T+3 settlement cycle to T+1, with the ultimate goal of achieving a T+0 settlement cycle. Industry representatives responded positively to the Chairman’s suggestion, recognizing the potential benefits of a shortened settlement cycle. The Chairman reiterated the importance of aligning market practices with global standards, emphasizing the need to eventually move towards a T+0 settlement cycle. It was noted that a tighter settlement cycle will help improve liquidity, reduce risk and make the market more efficient (SEC)
Business
Sarvodaya Development Finance joins Global Banking Alliance, set to host annual board meeting in Sri Lanka

Remarking a new milestone in its pledged journey towards sustainable financing and inclusive financing,
Sarvodaya Development Finance PLC (SDF) has secured the full membership in the Global Alliance for Banking on Values (GABV), an international network of banks working to build a more sustainable and inclusive financial system.
Through this membership, Sarvodaya Development Finance PLC aims to strengthen its ability to create social and environmental impacts by expanding access to ethical financial tools, supporting community-led development, and promoting environmentally responsible lending. The alliance provides opportunities to engage with global peers, share practical knowledge, and adopt approaches that have worked in similar contexts around the world. It also allows Sarvodaya Development Finance PLC to align more closely with international standards on sustainable finance, build relationships with mission-aligned investors, and stay informed on evolving policy and regulatory trends. As part of this engagement, Sarvodaya Development Finance PLC will host the Asia Pacific Conference and the GABV Annual Board Meeting in Colombo on October 15–16, 2025, bringing together CEOs from over 12 countries to collaborate on advancing values-based banking across the region.
The 17th Annual Meeting of the Global Alliance for Banking on Values was held in Kampala, Uganda, under the theme “Building Resilient Futures.” The event brought leaders from over 70 member banks across more than 45 countries to the GABV network to discuss how values-based banks can respond to global challenges such as climate change, economic inequality, and digital transformation. Channa De Silva – the Chairman and the Nilantha Jayanetti – the Chief Executive Officer of Sarvodaya Development Finance PLC have represented the Company at this event.
Business
Sanjiv Hulugalle appointed CEO and General Manager of Cinnamon Life at City of Dreams Sri Lanka

A Global Hospitality Visionary Returns Home to Lead Sri Lanka’s Most Ambitious Integrated Resort
Cinnamon Life announces the appointment of Sanjiv Hulugalle as the Chief Executive Officer and General Manager of Cinnamon Life at City of Dreams Sri Lanka, marking a pivotal moment in the evolution of Sri Lanka’s hospitality landscape.
With a career that spans over three decades and 12 countries across five continents, Hulugalle brings to Cinnamon Life an unparalleled legacy in luxury hospitality, real estate development, and transformative leadership. From the Maldives to Canada, China to the UAE, he has been at the helm of some of the world’s most prestigious hospitality and real estate ventures.
Previously the Group President of Hospitality & Real Estate at KOHLER Co., Hulugalle drove innovation and strategic growth across a diverse portfolio. At Auberge Resorts Collection, he led the ambitious repositioning of a $210 million development. His 24-year tenure with Four Seasons saw him lead top-tier teams and deliver award-winning results across the globe.
But this latest chapter is deeply personal.
Having been semi-retired, Hulugalle’s return to Sri Lanka was sparked not by circumstance, but by calling and purpose. “This is not just a role,” says Hulugalle. “It’s a way of giving back to the country that raised me—with its gracious hospitality, boundless warmth, and vibrant soul.”
“Sri Lankan hospitality is naturally gracious and kind,” he reflects. “It’s in our DNA. My mother would’ve wanted me to return and give back.”
Redefining Colombo as a City of Dreams
With Hulugalle at the helm, Cinnamon Life is set to emerge not just as a landmark development in Colombo—but as a destination, that captures the imagination of the world. Under his leadership, City of Dreams will embody the essence of modern Sri Lanka: rooted in culture, rich in character, and radiating with opportunity.
In addition to his work in hospitality, Hulugalle is also an active investor in AI-led technologies, residential real estate, and wellness-driven consumer brands, always seeking to blend strategic foresight with heartfelt service.
Business
Empowering SMEs on capital raising through listing

The Colombo Stock Exchange (CSE), in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC), hosted an Issuer Forum in Gampaha aimed at supporting small and medium-sized enterprises (SMEs) in exploring avenues for capital raising through listing on the Colombo Stock Exchange.
The forum, titled “Redefining the Trajectory of Your Business”, provided guidance on exploring effective capital-raising avenues, specifically through listing on the Empower and Diri Savi Boards. These boards offer dedicated listing platforms for SMEs, focusing on sectors such as agribusiness, livestock, energy generation, ICT, and tourism-related ventures. Attracting over 70 participants, the forum offered valuable insights that were well received.
The main presentation of the evening, delivered by Mr. Nikila Darmadasa, Senior Management Associate of the Corporate Advisory Division at NDB Investment Bank Limited, educated the participants on the benefits of capital generation and mobilization through listing on the CSE, outlining the processes and advantages for businesses ready to grow beyond traditional financing models.
A panel discussion on “The Journey Towards Listing and Life After Listing” featured Manuri Weerasignhe, Director, Corporate Affairs, SEC; Rajeeva Bandaranaike, CEO, CSE; Nikila Darmadasa, and J.F. Fernandopulle, Managing Director and CEO, Mahaweli Coconut Plantations PLC. The session was moderated by Ms. Punyamali Saparamadu, Senior Vice President, Commercial, CSE. The panel offered practical perspectives on preparing for a listing, regulatory expectations, and the business journey post-listing.
This initiative reflects the continued commitment of the SEC and CSE to broaden access to capital market opportunities for SMEs across Sri Lanka, enabling them to scale sustainably while contributing meaningfully to the national economy.
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