Business
Can we stop university ragging?
Following the tragic demise of a Sabaragamuwa University undergraduate, more than fifty articles have appeared in the media expressing views on various aspects of the barbaric tradition of ragging in Sri Lankan universities. However, this discussion is taken into an unprecedented height by the landmark decision by the Supreme Court (SC/FR/216/2020 on 2025-Jul-09) pertaining to a grievous act of ragging that took place in 2020, twenty-two years after ragging was made illegal by the Prohibition of Ragging and Other Forms of Violence in Educational Institutions Act No. 20 of 1998.
One needs not be a constitutional scholar to understand the responsibilities of the three branches of the government; the Supreme Court has fulfilled the responsibility of the judiciary. Now, the other two branches will have to step up. Anyone reading the 48-page judgement or the recent opinion pieces referred to earlier, will clearly see that the core issue is the failure to implement the 1998 law. Those responsible for the failure, as listed in the judgement, include everyone in the University Grants Commission’s payroll, the Head of Police, and the Attorney General. Anything new here?
No, there is no mystery about not being able to stop ragging, it is another clear and loud statement about our broken system: complete disregard for law and order for decades. Generations of elected officials, bureaucrats, and most public using their services broke the law with impunity, while others abated it or put up with it for survival, leading to the current socioeconomic bankruptcy of the country. Let us have no doubt, what is happening in universities and other institutions is not any different from what happened in the country since independence: callous disregard for law and order with complete impunity. This national habit of normalisation of criminal behaviour must be stopped, universities are no exception.
The supreme Court has read the riot act, but that is of limited utility. This is where the legislative and executive branches need to act. If we are to eradicate this menace, there must be a zero-tolerance policy, and the penalties must be swift, substantial, and well publicised to be a deterrent. A slap of the wrist as often happens, or negotiated settlements between the student union and academics sympathetic or connected to the student union are not any worse than ignoring the wrongdoing. The current law must be amended to include a mandatory, minimum one-year suspension for any violation. That is in addition to any criminal and civil penalties.
There will be those who cry foul; such severe punishments will impact on the whole life of a student, they may say. There are several responses to that misguided reasoning. Do we want to eliminate ragging or maintain it in a different form or level? What about the victims – aren’t their lives permanently affected? Other important questions are, was the violation an unintended result of performing a vital function, or was it the result of a provocation, loss of property, dignity, or some other harm to the perpetrator? All such questions can be addressed with a clear negative response, as ragging is a deliberate act that yields no constructive results. Ragging is a well-organised, premeditated activity. The element of planning and prior intent is considered an aggravating factor, meaning it increases the severity of the crime and harsher penalties can be justified.
It must be made compulsory for university students to read and understand the Prohibition of Ragging Act in its entirety. After assessing their comprehension of the law, they should be made to give their consent to abide by such laws by signing a legally binding document, in which the minimum one-year suspension is clearly spelled out, at the beginning of each academic year as a constant reminder of the severity of the consequences. A copy must be sent to their parents or guardians, so that they can do their part in bringing up responsible citizens. This practice must be extended to other affected institutions as well.
The Supreme Court judgement implicated the university and law enforcement communities for failing to implement the law. While the court did not give reasons, the fifty plus writers pointed out the reasons why the university community did or could not perform their duty. With my apologies to those few caring souls who had done their best and were treated as outcasts by their peers, a few of those reasons are worth repeating here.
Most academics have been subjected to mental conditioning of ragging during their own student days, and as a result they have developed sympathy and apathy towards ragging. According to one report, one vice chancellor has asked the perpetrators to limit ragging to two hours, when caught in the act! Is that the right mentality? Another issue is the politicisation of the academic and administrative appointments, which manifests in their perceptions of their roles, their interactions with the university system, and their engagement with social justice issues. Their loyalty is to their political handlers, and they are not answerable to the community.
Politicisation goes into ragging itself. This writer was there to witness how JVP systemised ragging into the sophisticated system found today, including dress codes, cards and so forth, as a recruiting and fundraising machine. It is not the intention to hold the present NPP responsible for past actions as they have clearly changed their ways, but to appeal to their desire and the potential for bringing forth change at grassroots level to do some good. The public, on the other hand, must force the political parties to make it a policy issue to put a stop to the ruinous practice of ragging. They should know that its effects are not limited to the minority that enters the universities, but they permeate through the economy and the culture at large.
The argument can continue, but it is too much for the university community to handle all three aspects of implementation of law, investigation, and prosecution of incidents, and delivering penalties as the first option. Entire university community, everyone in the UGC pay roll for that matter, must be held responsible for the enforcement of the law. They must be trained and held accountable as part of their job description. Unfortunately, due to many decades of conditioning, the university community has become insensitive to this issue. Changing the attitude of the entire university community, from vice chancellors to grounds keepers, and getting all of them involved must be given priority. The student unions, trade unions, and alumni associations can play a leading role in this endeavour.
As for investigation, apprehension, and prosecution of offenders, a separate independent entity must be created. This entity, preferably under the purview of the Attorney General, may be comprised of resources drawn from existing judiciary functions, but it must be a dedicated one so that cases can be concluded swiftly for maximum impact, preferably within weeks, not months. This could be limited to the initial determination of the violation, and the imposition of the compulsory one-year suspension if found guilty.
The criminal and civil cases arising from such offences can continue separately. This may sound like an expensive preposition, but if implemented properly, its services will not be needed after three to four years. We are dealing with the best and brightest of the nation, and they will learn fast, especially when they risk thirteen years of effort, parents’ investments and hopes, and the entire future.
The general sentiment expressed by most writers is that ragging cannot be stopped. As it is so deeply entrenched, only compromises can be made, some of them reasoned. This writer disagrees; if there is a collective will, there are ways for a civilised society to stop barbarism. The Prime Minister has appointed a task force to investigate it, but its scope is a much broader one: review and overhaul the education system.
There is no doubt that the entire education system must be modernised to meet the needs of the 21st century, but this ruinous practice must be stopped immediately as it is a major contributor to the degradation of society. Let us not forget that ragging is the plague that mentally cripple the generation destined to lead the country into prosperity. Without irradicating it, we will be wasting our sparce resources to further degrade our already dysfunctional society, not to mention the economy, and continue to feed an utterly unnecessary cyclical process.
Now that the country has committed to breaking away from the past, this is an ideal opportunity to grab the proverbial bull by the horns and do away with it. The task force appointed by the Prime Minister can facilitate it. This is a problem that can be easily solved, since it is of limited scope compared to irradicating corruption, even though both have common origins. We are focusing on the problem of the nation’s young adults who are fed, sheltered, and supported by the hardworking citizenry to the tune of half a million rupees per student in 2020 money, not to mention the blood, sweat, and heartache of parents.
The question here is whether society should give in to the juvenile whims of a small minority of young adults, whose only qualification thus far is box checking to get through an archaic examination system, or show them the right path. Young minds can be trained; their attitudes can be adjusted. Enlighten them that they are dependent on society, answerable to it, and that they are subjected to the country’s laws. Let them know in no uncertain terms that the times are changing and this behaviour is not acceptable. This goes for those who aid and abate or ignore this behaviour, the academics, administrators, law makers, enforcers, parents, and most importantly the student unions and their behind-the-scenes handlers.
For an administration intent on establishing a just society, stopping a minority that is misguided by a baseless ‘ideology’ of ‘university subculture’ that gives an inviolable right to rag since we were ragged, is undoubtedly within their capabilities. The Prime Minister’s task force must recommend the following: strengthening the Prohibition of Ragging act to make all relevant parties accountable. Establish a dedicated prosecutorial body independent of the university system.
Empower university martials to turn all university employees into a cohesive movement against ragging. Ensure that university students understand the law and that they are not above it, and the repercussions of violations are severe. The systematic brainwashing of the first-year students, even before they enter the university, by politically motivated entities must be stopped. Above all, the executive branch of the government must make sure that the laws are implemented without exception and make everyone accountable with a zero-tolerance policy. Provided they have the political will, which they have demonstrated so far, this curse can be eliminated before their current term ends. At the same time, the public should give their full support to the administration as if they do not do so, their dream of a happy and prosperous society will be just that, a pipe dream.
by Geewananda Gunawardana, Ph.D. ✍️
Business
First Capital Holdings records Rs. 3.23Bn Total Comprehensive Income for 9M FY2025/26
First Capital Holdings PLC, a subsidiary of JXG (Janashakthi Group) and a pioneering force in Sri Lanka’s investment bank landscape recorded a Total Comprehensive Income of Rs. 3.23Bn for the nine months ended 31 December 2025, compared to Rs. 4.53Bn in the corresponding period of the previous year. For the third quarter of 2025/26, the Group reported a Total Comprehensive Loss of Rs. 0.17Bn, after accounting for a dividend tax expense of Rs. 0.41Bn.
The Group’s Net Income before Operating Expenses for the nine months of 2025/26 amounted to Rs.6.33Bn compared to Rs. 7.69Bn reported in the corresponding period of the previous year. Trading income was primarily driven by the Primary Dealer and Corporate Dealing Securities divisions, reinforcing the Group’s positioning across fixed income and equity market segments.
The Primary Dealer division reported a Profit after Tax of Rs. 1.64Bn for the nine months ended 31 December 2025 (1st nine months of 2024/25 – Profit after Tax of Rs. 2.45Bn). The results include trading gains on the government securities portfolio of Rs. 1.66Bn and net interest income of Rs. 1.41Bn (1st nine months of 2024/25 – trading gains of Rs. 3.18Bn and net interest income of Rs. 1.31Bn), reflecting movements in yields and trading conditions during the period.
The Corporate Finance Advisory and Dealing Securities division recorded a Profit after Tax of Rs. 1.86Bn for the nine months ended 31 December 2025 (1st nine months of 2024/25 – Profit after Tax of Rs. 1.94Bn). The business unit reported total trading gains of Rs. 2.33Bn on its equity portfolio, compared to Rs. 2.23Bn in the corresponding period of the previous year, supported by market participation and portfolio positioning.
The Wealth Management division reported a Profit after Tax of Rs. 78.1Mn for the nine months ended 31 December 2025 (1st nine months of 2024/25 – Profit after Tax of Rs. 90.1Mn). Assets under Management stood at Rs. 96.4Bn as at 31 December 2025, compared to Rs. 115.9Bn as at 31 March 2025, reflecting market conditions and client portfolio adjustments.
The Stock Brokering division recorded a Profit after Tax of Rs. 166.3Mn for the nine months ended 31 December 2025, compared to Rs. 39.5Mn reported in the corresponding period of the previous year, supported by increased trading activities.
Commenting on the Group’s performance, Rajendra Theagarajah, Chairman of First Capital Holdings PLC, stated, “The operating environment during the period was shaped by shifts in interest rates, capital market activities, and fiscal adjustments. Against this backdrop, the Group’s performance reflects the structural strength of its capital markets platform and its ability to generate income across multiple market cycles while maintaining financial discipline.”
Dilshan Wirasekara, Managing Director / CEO of First Capital Holdings PLC, said, “Our priority during the period was to manage each business line with a clear focus on risk, liquidity and execution. Improved performance in stock brokering and consistent contributions from corporate finance reflect our ability to respond to market conditions while aligning capital deployment with client and market opportunities.”
Business
Keells Nexus introduces an all new Loyalty App
Keells is set to usher a new chapter in customer experience with the relaunch of Keells Nexus with the introduction of its all-new loyalty app on 13th February. For 25 years, Keells Nexus has been at the heart of Sri Lankan retail, pioneering coalition loyalty and even introducing mobile-based loyalty as early as 2014. The loyalty program is building on this legacy, combining state-of-the-art technology with richer, more personalized rewards and seamless integration across the Keells ecosystem with an intuitive mobile experience.
Today, Keells Nexus stands at over 2 million registered members, a reflection of the trust customers place in Keells and the brand’s commitment to improving the quality of life for the nation. The launch further strengthens Keells’ long-standing focus on tech-enabled retail efficiency, following innovative retail experiences to customers such as self-checkout counters and retail technology that drives efficiency such as advanced inventory management systems.
The new app therefore is the next logical step in this journey, bringing together rewards, offers, and account visibility in one intuitive, streamlined interface. The new Keells Nexus app brings together all deals, savings and partner offers in one place, giving customers complete visibility and control. Members can track their points in real time, scan a QR code at checkout to earn rewards instantly, and enjoy a more personalised, more connected shopping experience.
“At the heart of Keells Nexus is a simple but powerful belief that life is better when we’re connected,” said Nilusha Fernando Head of Marketing, Keells Supermarkets & Senior Vice President, John Keells Group.
Business
IDL, Clouds by SOZO and the Rukmini Tissanayagam Trust partner with the HSBC Ceylon Literary & Arts Festival 2026
The HSBC Ceylon Literary & Arts Festival 2026, taking place from 13 to 15 February at Cinnamon Lakeside, Colombo, promises to be one of those rare cultural moments that linger long after the last session ends. It is a gathering not only of writers, artists and thinkers, but of ideas, shared, challenged and celebrated in spaces where curiosity feels welcome.
The HSBC Ceylon Literary & Arts Festival 2026 is supported by several organizations through non-promotional CSR initiatives, including Clouds by SOZO and the Rukmini Tissanayagam Trust. International Distillers Limited contributes in a strictly neutral CSR capacity, providing logistical and resource support for the event without any brand promotion or product visibility.
The Festival celebrates Sri Lanka’s creative voice by showcasing literature, arts, and cultural talent from across the country. All supporting organizations participate solely in a philanthropic and educational role, ensuring that the focus remains on artistic expression and community engagement.
The Rukmini Tissanayagam Trust brings to the Festival a deep and enduring commitment to nurturing literature and the arts as essential pillars of society. Its work is driven by the belief that creative spaces are not optional additions, but vital platforms that shape how communities think, feel and engage with the world around them.
Speaking on this collaboration, Indhu Selvaratnam, Director of SOZO Beverages and Trustee
of The Rukmini Tissanayagam Trust, stated, “The Rukmini Tissanayagam Trust is delighted to partner with the Ceylon Literary Festival for the second time. We are deeply committed to enriching Sri Lanka’s intellectual and cultural landscape and admire the festival’s evolution in embracing literature, art, music, and initiatives that nurture emerging local talent. These efforts align closely with the Trust’s mission to support creative expression, and we look forward to continuing our support as the festival strengthens Sri Lanka’s global cultural presence.”
Adding a complementary dimension to this partnership is Clouds by SOZO, Sri Lanka’s premium mountain spring water brand, whose ethos of purity, sustainability and thoughtful living aligns naturally with the spirit of the Festival. Sourced from a pristine spring in the Knuckles mountain range, Clouds represents a return to authenticity, an idea that resonates strongly within creative and cultural spaces.
Speaking on the partnership, Dushyantha De Silva, Founder of SOZO Beverages (Pvt) Ltd, said, “The arts invite us to slow down, to observe, and to think more deeply, and Clouds comes from that same place of intention. Supporting the HSBC Ceylon Literary & Arts Festival is about being part of a space where ideas flow freely and thoughtfully. It’s a privilege for us to align with a platform that values creativity, dialogue and conscious choices.”
The HSBC Ceylon Literary & Arts Festival 2026 offers something increasingly rare: three uninterrupted days of ideas. Of language and imagination. Of conversations that do not require a screen to feel alive. It is a reminder of the power of gathering, of listening, discovering and engaging with perspectives that challenge and inspire.
As February approaches, the hope is simple: that more people choose to attend, to listen, and to support Sri Lankan creativity in all its forms. Because when a country invests in its writers and artists, it is not merely celebrating talent, it is shaping how it remembers, how it questions, and how it evolves.
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