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
Mattala Wildlife Unit to boost revenue, tourism and investor confidence
The launch of a dedicated wildlife unit at Mattala Rajapaksa International Airport is expected to deliver significant economic benefits by improving aviation safety, strengthening eco-tourism and enhancing Sri Lanka’s investment appeal, Wildlife Conservation Department Director General Ranjan Marasinghe said.
Speaking at the signing of a Memorandum of Understanding between the Department of Wildlife Conservation and Airport and Aviation Services (Sri Lanka) Limited, Marasinghe said the initiative links conservation directly with national development and revenue generation.
“This is more than an administrative step—it is a forward-looking initiative that aligns conservation, aviation safety and national development in a single strategic effort,” he said.
He noted that wildlife management at airports is globally recognised as essential for reducing bird strikes and wildlife-related disruptions, which can lead to costly repairs, delays and operational losses.
By proactively managing such risks, the Mattala Wildlife Unit is expected to lower potential costs for airlines and airport operators while improving efficiency and confidence among carriers considering future operations.
Marasinghe said the airport’s proximity to premier tourism destinations such as Yala National Park and Udawalawe National Park, together with marine tourism opportunities including Blue Whale watching, gives Mattala a strong commercial advantage.
“This convergence of aviation and wildlife tourism creates an extraordinary opportunity,” he said, adding that the airport has the potential to become a major gateway for high-value eco-tourism.
Industry observers note that wildlife tourists generally spend more on guided safaris, hotels, transport and local experiences, generating stronger foreign exchange earnings and employment opportunities for surrounding communities.
Marasinghe said integrating environmental standards into airport operations would also improve Sri Lanka’s global image at a time when investors and international travellers increasingly value sustainability.
“By integrating environmental considerations into airport operations, we position Sri Lanka more favourably on the global stage, demonstrating that we are a nation committed to sustainability, responsibility and innovation,” he said.
He expressed hope that the Mattala model would be replicated at other international airports, creating long-term savings, stronger environmental governance and wider economic returns.
The Director General said the Department of Wildlife Conservation remains committed to supporting the national economy through new and meaningful avenues while protecting Sri Lanka’s natural assets.
“Conservation must also contribute to development,” he said, stressing that protecting biodiversity and generating growth can go hand in hand.
By Ifham Nizam
Business
Aitken Spence Elevators and CINEC usher in a new era for Sri Lanka’s elevator industry
Aitken Spence Elevators, in collaboration with CINEC Campus, recently held the Certificate Awarding Ceremony for the latest batch of trainees of the Elevator Serviceman Course at the Elevator Training Centre (ETC). The graduates were awarded their NVQ Level 3 certifications, marking a significant milestone in their professional journey within Sri Lanka’s vertical transportation industry.
The certification programme was developed in partnership with the National Apprentice and Industrial Training Authority (NAITA) and the Ministry of Vocational Training & Skills Development, ensuring trainees received industry-recognised qualifications, alongside strong practical competencies. The ceremony was attended by directors of both Aitken Spence and CINEC Campus, as well as staff members, lecturers, and invited guests of the graduating students
Anuka Prashan Pieris was recognised as the Most Outstanding Student of the batch in appreciation of his exceptional performance and commitment throughout the programme. The Elevator Training Centre plays a vital role in addressing the growing demand for skilled elevator service technicians through structured training and hands-on learning. The facility features Sri Lanka’s first Elevator Training Tower, offering trainees practical exposure aligned with both local and international standards.
All graduates of the current batch have already commenced their careers as technicians and supervisors at Aitken Spence Elevators. Their seamless transition into the workforce reflects the programme’s strong emphasis on developing job-ready professionals capable of contributing effectively from day one.
Business
Sterling Steels wins Merit Award at SLIA Annual Product Awards 2026
COLOMBO, SRI LANKA– Sterling Steels (Pvt) Ltd, a premier manufacturer of high-quality globally renowned steel roofing & cladding, announced it has been honored with a prestigious Merit Award at the Sri Lanka Institute of Architects (SLIA) Annual Product Awards 2026. The national recognition was awarded in the highly competitive Zinc-Aluminium Coated Profile Steel Sheet category, underscoring the company’s dedication to excellence, innovation, and superior quality in the Sri Lankan construction industry.
The award was presented during a grand ceremony held at the esteemed Nelum Pokuna Theatre, a key event in the nation’s architectural and construction calendar. The SLIA Annual Product Awards are widely regarded as a benchmark for quality and design excellence, with products rigorously evaluated by a panel of distinguished architects and industry experts. Receiving this Merit Award positions Sterling Steels among the top-tier suppliers of building materials in the country.
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