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The Stock Market identified as a willing and able source to fund digital transformation

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The Federation of Information Technology Industry Sri Lanka (FITIS), the Colombo Stock Exchange (CSE) and the Information and Communication Technology Agency (ICTA) recently conducted a webinar titled “Financing Digital Transformation: Is Going Public the Next Step?”, focusing on how companies in the IT industry can now consider a stock exchange listing in view of the recent changes to CSE listing eligibility.

The discussion focused on the expansion of the eligibility criteria for an initial listing of shares on the Main Board and the Diri Savi Board which will now enable a wider spectrum of companies to qualify for a listing.

The webinar featured capital market and tech industry experts including Chairman of FITIS Abbas Kamrudeen, Director/legal Adviser of ICTA Jayantha Fernando, CSE CEO Rajeeva Bandaranaike, CSE Chief Regulatory Officer Renuke Wijayawardhane and Founder/CEO of Pickme Jiffry Zulfer.

Director/Legal Adviser of ICTA Jayantha Fernando said that global success stories have helped catalyze a shift among private-company leadership toward viewing public markets as a more welcoming place to raise capital.

The stock market engine should be recognized as a tool within this ecosystem which, if correctly used, could pave the way for not only companies to grow but for the economy at large to grow as well, he noted.

Sharing his thoughts at the webinar, the Chairman of FITIS Abbas Kamrudeen said, “When it comes to financing, there are many options companies can evaluate from bootstrapping, Angel investors, debt capital, Venture Capital to private equity. But my belief is that for those companies that have matured to some extent, there is no better option to financing than going public. The reason being, it not only gives you flexibility and speed in future rounds of financing, but it will also allow you to understand the true value of your organization.”

The CEO of CSE Rajeeva Bandaranaike shared the perspective on the rationale for the CSE to revamp its listing requirements to cater to an ever-evolving business landscape in Sri Lanka consisting of modern and dynamic business models, which are particularly seen in the technology space.

He outlined that these new changes are now well placed to attract a wave of tech companies to the local stock market.

The Chief Regulatory Officer of CSE Renuke Wijayawardhane, highlighting these new avenues for companies stated, “Companies that ideally could not look at a listing on the main board as a result of the three consecutive year profit requirement now have other options. Companies with positive net assets for two financial years could list on the CSE with an aggregate net profit after tax for three years, an alternate which does not require companies to be profitable for three consecutive years.”

He added: “To broaden the entry routes, we have also introduced revenue and cashflow options in addition to the two profit-based routes. Companies could now demonstrate either an aggregate revenue of Rs. 3 billion for three financial years or positive operating cashflow after adjusting for working capital for two consecutive years. The revenue and cashflow route could be explored by companies capable of demonstrating a market capitalization of Rs. 5 Billion or more at the point of listing.”

Companies have also been given the opportunity of listing on the Diri Savi Board by demonstrating a revenue of Rs. 350 million for the financial year immediately preceding the date of the initial listing application and a market capitalization of Rs. 2 billion at the point of listing”, he added.

Speaking from an Investment Bank’s perspective, Head – Corporate Advisory at NDB Investment Bank, Nilendra Weerasinghe noted the progressive steps taken by the CSE to encourage tech companies to raise capital in the public markets.

“We need more private capital flows to support SMEs and startups to make it to the big league. In doing this, policies which incentivize private capital investments into angel and venture capital fund like structures could catalyze this space having a significant impact on the broader economy”, he further said.

Renowned tech entrepreneur and CEO of Pickme Jiffry Zulfer identified the stock market listing as an ideal exit option for investors and private equity firms investing in start-ups.

He went on to note that having the stock market listing as an option and a possible exit mechanism will help the growth of the start-up ecosystem in Sri Lanka by attracting a wider audience of investors who see the value of a market-based exit mechanism.

Companies are invited to connect with the CSE to discuss how they can now tap into public funding to spur on the company’s growth agenda. Details on eligibility of listing and the process could also be obtained through www.cse.lk or by sending an email to maalik@cse.lk



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ITS Giuseppe Garibaldi’ departs Colombo

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The Italian Naval Vessel ‘ITS Giuseppe Garibaldi’ departed the Port of Colombo today, 12 September 2026, after completing a replenishment stop for logistics and services.

During the ship’s stay, the Commanding Officer of ITS Giuseppe Garibaldi, Captain Marco GUERRIERO, called on the Commander Western Naval Area, Rear Admiral Harsha De Silva, at the Western Naval Command Headquarters.

Members of the visiting crew also toured several tourist attractions across the Colombo area during their port call.

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Green Climate Fund (GCF) Regional Dialogue for East and South Asia will be held from 14 to 17 September 2026 at Cinnamon Life at City of Dreams Hotel, Colombo

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The Green Climate Fund (GCF) Regional Dialogue for Eastern and Southern Asia is scheduled to be held from September 14 to 17, 2026, at Cinnamon Life at City of Dreams, Colombo.

The Dialogue is hosted by the Government of Sri Lanka. The Green Climate Fund is the world’s largest dedicated climate fund established under the United Nations Framework Convention on Climate Change to assist developing countries in responding to the challenges of climate change.

The Green Climate Fund aims to promote a paradigm shift towards low-emission and climate-resilient development
pathways by supporting developing countries in reducing their greenhouse gas emissions and adapting to the impacts of climate change.

The Ministry of Environment of Sri Lanka serves as the country’s National Designated Authority for the Green Climate Fund, playing a critical role in coordinating access to climate finance, nominating institutions for accreditation to the Green Climate Fund and approving funding proposals, and ensuring that activities supported by the Green Climate Fund are aligned with national development objectives.

More than 120 delegates from 10 countries are expected to participate. The participating countries are Bangladesh, Bhutan, China, India, the Maldives, Mongolia, Nepal, Pakistan, the Republic of Korea, and Sri Lanka.

Participants will include representatives of National Designated Authorities of the above countries, Direct Access Entities, Accredited Entities, civil society organizations, the private sector, development partners, and technical institutions across the region.

Sri Lanka’s delegation comprises Dr. Dammika Patabendi,  Minister of Environment,  Anton Jayakody, Deputy Minister of Environment, K.R. Uduwawala, Secretary, Ministry of Environment, and high-level government officials.

The Dialogue will provide a platform to:

Share challenges, experiences, and lessons learned from the implementation of climate change projects and programmes.

Strengthen regional cooperation and partnerships on climate finance.

Discuss the Green Climate Fund’s evolving strategies, policies, and approaches.

Identify opportunities to accelerate climate investments across East and South Asia.

Hosting the Regional Dialogue in Colombo will provide Sri Lanka with an important opportunity to engage with senior government officials, private-sector representatives, development partners, technical experts, and international climate finance institutions.

The event is expected to support Sri Lanka’s efforts to improve access to climate finance and international grants, showcase national climate action initiatives and achievements, and strengthen the country’s engagement with the global climate community.

The Dialogue will also offer a strategic platform for Sri Lankan institutions that have applied for direct accreditation to present their project concepts and engage directly with representatives of the Green Climate Fund. These engagements are expected to support the accreditation process and contribute to the expansion of Sri Lanka’s network of Direct Access Entities through stronger regional partnerships and increased cooperation on climate finance, the Regional Dialogue will
contribute to positioning Sri Lanka as a credible and reliable partner for climate investment.

Projects that Sri Lanka has received funding from this fund are:
• The main projects that Sri Lanka has received support from the Green Climate Fund at present include the Wevu Gam Pubuduwa Project (52.1 USD Million) and the GCF Knuckles Project (49 USD Million).

7.5 USD Million has been allocated from GCF for 5 National Designated Authority Readiness Projects (NDA Readiness Projects) and for the National Adaptation Plan Readiness Project (NAP Readiness Project).

Approval has also been obtained for 3 regional projects. (Cooling Facility Programme, Global Fund for Coral Reef Investment Window, PEEB COOL Programme)

Sri Lanka has also identified 5 project concepts as priority projects for the Green Climate Fund period 2024-2027 and has taken steps to submit those project concepts (Concept Notes) for
approval by the Green Climate Fund.

The “Climate-resilient Fisheries in Sri Lanka” project concept (USD 107.5 million) submitted by DFCC Bank has already received approval.

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Prof. Pieris says Buddha Dhamma recognised as source of law under Constitution

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G.L. Peiris

Former Minister and People’s Joint Opposition Convener Prof. G.L. Peiris has challenged the assertion that the Supreme Court’s determination on the 22nd Amendment to the Constitution would be based solely on law and not Buddhist teachings, arguing that such a position is inconsistent with Article 9 of the Constitution and established judicial precedent.

In a special statement, titled “Buddhist Doctrine as a Source of Law in Sri Lanka”, Prof. Peiris has said the issue had arisen during the 22nd Amendment determination proceedings when Ven. Balangoda Kassapa referred to the Buddha Dhamma in his submissions.

According to Prof. Peiris, the Chief Justice responded that the determination would be made on the basis of the law and not Buddhist teachings.

Describing this as a “cavalier dismissal” of the Buddha Dhamma. Prof. Peiris has said it is contrary to Article 9, which gives Buddhism the foremost place and requires the State to protect and foster the Buddha Sasana.

Full text of the statement: In the 22nd Amendment determination proceedings, Venerable Balangoda Kassapa, in his submissions, made reference to the Buddha Dhamma. His Lordship the Chief Justice, in reply, made the strong assertion that the determination would be made on the basis of the law and not Buddhist teachings. This cavalier dismissal of the Buddha Dhamma is totally inconsistent with Article 9 of the Constitution and its authoritative interpretation in judicial decisions.

I. Authoritative Sri Lankan Judicial Authority A few examples may be cited.

In the Antiquities Amendment Bill, the Supreme Court, in its determination, observed: “The expression Buddha Sasana is wider than Buddhism and includes the entire establishment, together with objects and places of religious practices and worship of Buddhists”.

In Re the Thirteenth Amendment to the Constitution and the Provincial Councils Bill, 1987 2 Sri Lanka LR 312, Wanasundera J, referring to the term Buddha Sasana, said that it was “a compendious term encompassing all ancient, historic and sacred objects and places which have from ancient times been associated with the religious practices and worship of Sinhala Buddhists”.

It is clear that the Buddha Sasana is not confined to matters of ritual or practice, but includes the substance of Buddhist teachings. This is borne out clearly in other judgments of the Supreme Court.

An explicit example is the determination of the Supreme Court in the Ayurveda Amendment Bill, SCSD, numbers 22-35/2023, where the Court declared: “We hold that Buddha Sasana in Article 9 of the Constitution includes the dhamma, principles and teachings of Buddhism, including in particular recognized and undisputed codifications of the teachings of Lord Buddha”.

There are several other passages in the judgment which offer strong authority on the point.

The Court declared: “We determine that the word Buddha Sasana in Article 9 is a compendious term and includes the entire establishment of Buddhism as defined above. We conclude that the Tripitaka, consisting of the Vinaya Pitaka, the Sutta Pitaka and the Abhidhamma Pitaka, falls within the word Buddha Sasana. Hence the State has a duty inter alia to protect and foster the Tripitaka”.

The Court was uncompromising in its declaration that “While retaining the word Buddhism to denote the religion to which foremost place has been accorded in the Republic, the word Buddha Sasana was used to impose a duty on the State to protect and foster the entire establishment of Buddhism”.

The Court’s approach is very clear from the following passage: “We must proceed to interpret Article 9 of the Constitution on the basis that this change was intentional on the part of the legislature. It was meant to cover an area wider than Buddhism”.

II. International Judicial Authority

There is valuable material in the jurisprudence of the International Court of Justice at The Hague.

Judge C. G. Weeramantry, in his dissenting opinion in the ICJ’s 1996 advisory opinion on the legality of the threat or use of nuclear weapons, said that Buddhism could provide an important humanitarian perspective when considering the legality of nuclear weapons. The judge cited as his source the work by Walpola Rahula, entitled What the Buddha Taught, 1959.

Similarly, Judge Weeramantry, in his separate opinion in the maritime delimitation in the area between Greenland and Jan Mayen case, 1993, commented on the international legal concept of equity. In this connection, he referred to “the elaborately researched concept of fairness and justice in Buddhism”.

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