Business
SLID webinar on New SEC Act
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.
Business
HNB Assurance Recognized with Merit Award at the Great HR Awards 2025
HNB Assurance PLC was recognized at the Great HR Awards 2025, receiving the Merit Award in the Finance, Insurance, Real Estate, and Investment sector. This recognition reflects the company’s continued commitment to strengthening its people strategy, nurturing a progressive culture, leveraging technology and maintaining strong industrial relations.
Sharing his thoughts on this accomplishment, Lasitha Wimalarathne, Executive Director / Chief Executive Officer of HNB Assurance PLC, stated, “This recognition reiterates our belief that people are the true drivers of our success. Over the years, we have invested significantly in building an environment where our teams feel inspired and supported to deliver their best. As we continue to grow as one of Sri Lanka’s best insurance companies, this award reflects our ongoing efforts to build a workplace where both our people and our business can thrive. My sincere thanks go out to our HR team for continuously driving these initiatives.”
Commenting on the award, Navin Rupasinghe, Head of HR / DGM at HNB Assurance PLC, said, “Our people-first philosophy shapes every HR initiative we design, from strengthening learning pathways and leadership development to enhancing employee well-being and engagement. This recognition validates our ongoing efforts to build a workplace culture grounded in trust, inclusivity and performance. As we look ahead, we remain committed to evolving our HR practices to meet the expectations of our people and the future of work. My sincere thanks to the CIPM for this recignition.”
Business
MullenLowe Sri Lanka named Creative Agency of the Year in South Asia
MullenLowe Sri Lanka has been awarded Gold as the Rest of South Asia’s Creative Agency of the Year at the Campaign Agency of the Year Awards 2025, held recently at Mumbai’s ITC Maratha Hotel. The accolade marks a landmark year for the agency, driven by breakthrough ideas, ambitious brands, and a surge in economic activity.

Campaign Agency of the Year – South Asia 2025 (Rest of South Asia – Creative Agency) awarded to MullenLowe Sri Lanka
Guided by a clear creative vision and extensive category expertise across 111 brands in 33 sectors, MullenLowe strengthened its position through strategic leadership appointments, talent acquisition, and the integration of AI-enabled tools. These initiatives created an environment where creativity, learning, and commercial impact worked in tandem, supporting long-standing client relationships and consistent new business momentum.
Thayalan Bartlett, Executive Chairman, said, “Our growth is rooted in a people-first, creative-centred culture. By attracting top talent and focusing on continuous upskilling, we have enriched both our creative and strategic capabilities.”
The agency’s innovation was further enhanced by Fever, its AI-enabled production studio, and LoweGo, a subscription-based design unit, enabling faster and more scalable solutions for modern marketers. Training programs, including an international AI workshop in Baku for top creative minds, helped unify teams around technology-driven creativity, leading to MullenLowe’s highest Effie points haul in a decade.
Harendra Uyanage, Senior Vice President and Executive Creative Director, added, “This recognition celebrates a team that constantly stretches its creative boundaries, transforming every brief into opportunity.”
The win adds to a series of recent accolades, including Most Effective Agency of the Year at the 2024 Effie Awards, and multiple awards at Dragons of Sri Lanka and SLIM Digis 2025, cementing MullenLowe’s vision to become Sri Lanka’s most commercially impactful creative company by 2030.
Business
ComBank named Sri Lanka’s Best Trade Finance Bank at Euromoney Awards 2025
The Commercial Bank of Ceylon PLC was named Sri Lanka’s Best Trade Finance Bank at the prestigious Euromoney Transaction Banking Awards 2025, in recognition of the Bank’s strong performance and continued contribution to supporting Sri Lanka’s export and import sectors.
This global recognition from Euromoney, a leading authority in financial markets, celebrates institutions that demonstrate innovation, leadership, and measurable impact in transaction banking across cash management, payments, trade finance, and technology. Commercial Bank is Sri Lanka’s clear market leader in trade finance, commanding a 21% share in exports and a 14.26% share in imports, demonstrating its strong presence across both segments.
In 2024, the Bank supported over US$ 5 billion in trade transactions, underscoring its unmatched role in enabling the flow of goods, services, and foreign exchange. Its leadership has also been recognised regionally by the Asian Development Bank (ADB), which named Commercial Bank its Leading Partner Bank in Sri Lanka for the fourth consecutive year under the Trade and Supply Chain Finance Programme.
At the forefront of Commercial Bank’s recent innovations is ComBank TradeLink, Sri Lanka’s first fully integrated, end-to-end digital trade finance platform. The system brings all trade finance operations – from Letters of Credit to export collections and shipping guarantees – into one secure online interface, providing customers real-time visibility, faster processing, and paperless convenience. This digitalisation drive has redefined the client experience, reduced manual processes and improved turnaround times across thousands of transactions.
The Bank’s commitment to advancing Sri Lanka’s trade sector extends beyond technology. Through initiatives such as the ComBank Trade Club, which facilitates connections between buyers and suppliers both locally and internationally, and ComBank LEAP | GlobalLinker, a digital business networking platform for SMEs, the Bank is actively building bridges between Sri Lankan entrepreneurs and global markets. Its Diribala Exporter Development Programme further empowers micro, small, and medium enterprises to become export-ready, providing access to expert guidance, training, and financial support.
Reflecting on the award, Commercial Bank said the recognition from Euromoney was a tribute to the trust placed in the Bank by Sri Lanka’s exporters and importers, and to the dedication of its trade finance teams who continue to innovate and deliver excellence in a rapidly evolving global landscape.
As Sri Lanka’s largest private sector bank and the first to surpass US$ 1 billion in market capitalisation, Commercial Bank continues to lead in supporting national trade, driving digital transformation, and shaping a more inclusive and resilient export economy, the Bank said.
Commercial Bank was the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest Tier I capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.
Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.
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