CFA Institute has earned an important reputation as a professional organization providing finance education to investment professionals. Recently, CFA Society Sri Lanka (CFASL) announced the appointment of Aruna Alwis as its new Chief Executive Officer to help drive its vision forward.
Prior to joining CFASL, Aruna Alwis served as Chief Executive Officer/Secretary of The Institute of Chartered Accountants of Sri Lanka, Director Operations of Chartered Institute of Management Accountants Sri Lanka, and CEO of the Federation of Information Technology Industry Sri Lanka. Aruna Alwis received his Executive Education from INSEAD, IIM Bangalore, Open University UK, and DCAAP Philippines. He is a professional member of the British Computer Society, UK and holds a Diploma in Business Administration from the University of Colombo and a MBA from Warnbourgh University, UK.
CFASL is set to play a more influential role locally under his Executive Leadership in the coming months, with a series of new programs helping to further strengthen the Finance and Investment industry. It is believed that these initiatives will help reinforce the industry locally and enhance its regional and international links further.
The Capital Market Awards, Research Challenge competition, Women in Finance initiatives, Candidates council events and 20th Anniversary Celebrations are some of the league events being organised by CFASL to support the enhancement of skills and competencies of the country’s Finance and Investment professionals and the industry as a whole.
President of CFASL Dinesh Warusavitharana commented on the appointment of Aruna Alwis: “The appointment of the new CEO marks an exciting time for growth and development as CFASL celebrates its 20th Anniversary.” He said, “Aruna is the right leader for CFASL due to his extensive corporate relationships spanning Finance, Accounting, ICT, Education, Media, and the Government. This ties together with his wide international exposure and proven business development skills. We have no doubt that his expertise will help CFASL strengthen its position both locally and internationally, and develop strategic alliances, as well as foster the Finance and Investment industry in Sri Lanka.”
Brenda Hou, CFA Institute’s Senior Director of Society Relations, Asia Pacific, said, “This senior executive appointment marks an important milestone in CFA Society Sri Lanka. Our CFA Societies primarily operate as volunteer-run, not-for-profit organizations. This appointment allows CFA Society Sri Lanka to expand its engagement with members, candidates and the industry more broadly, to fulfil our shared mission of promoting the highest standards of ethics, education and professional excellence across the financial services industry.”
Aruna Alwis said he is excited to join CFASL, which, he said, comes at a very critical time, with the Investment industry rooting for development in leaps and bounds. “I am looking forward to working with all the stakeholders to develop a portfolio of services that attracts, retains and involves members at all stages and supports the Finance and Investment, and business community, including the Government of Sri Lanka,” he said.
CDS signs up with Lanka IOC to act as Registrar
The Central Depository Systems (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE), recently signed a service agreement with Lanka IOC PLC as the registrar for Lanka IOC PLC, with effect from 01st of January 2023. Lanka IOC PLC, with a corporate history spanning 20 years, is the only private sector auto fuel retailer in Sri Lanka. Over the years, the company has made a significant impact on the socio-economic landscape by enabling mobility, economic activity, and development. With an island-wide footprint of 213 retail outlets, the company services 12% of the country’s retail fuel demand.
Reasoning on appointing CDS, as the Registrar for Lanka IOC PLC, its’ Managing Director, Manoj Gupta, said, “we engaged CDS to conduct our virtual annual general meetings during the period of COVID 19 pandemic where all listed companies were not in a position to convene any physical meeting as it was most essential to maintain social distance. We found the services rendered to us by CDS were highly satisfactory. Thus, we are happy to appoint CDS as the Registrars of the company.” “CDS has provided the service of handling the dividend payments to shareholders consecutively for the last
three years and carried out the functions in a very good manner, coordinating well with the bankers and shareholders,” added the Company Secretary of Lanka IOC PLC, Ms. Amali Liyanapatabendi
SLT-MOBITEL honoured at Asian Technology Excellence Awards 2022
Reiterating its leadership in innovative broadband deployment solutions, SLT-MOBITEL, the National ICT Solutions Provider was honoured with the prestigious ‘Technology Excellence Award for Network and Broadband – Telecommunications’ at The Asian Technology Excellence Awards 2022. The recognition is in appreciation of SLTMOBITEL’s innovative use of LTE 850MHz broadband solution which provides extensive coverage to rural areas of the country.
Understanding the need to provide superior rural connectivity to support the nation’s ongoing digital transformation and bridgingn the digital divide, SLT-MOBITEL’s innovative LTE 850MHz network strategically combined the underutilized spectrum from obsolete CDMA fixed line operations and forfeited its resources to obtain a new noninterfered 5MHz band for 4G LTE deployment from The
Telecommunication Regulatory Commission of Sri Lanka (TRCSL). This enabled, SLT-MOBITEL to significantly enhance rural connectivity across Sri Lanka, empowering every Sri Lankan to avail the benefit of SLT-MOBITEL’s Sub1GHz 850MHz LTE network especially during Covid-19 travel restrictions where broadband had become a necessity for everyone. In addition, SLTMOBITEL’s LTE 850MHz solution recovered valuable national spectrum resources which was interfered and exhausted earlier. With the coverage enhancement the mobile arm was able to connect an additional 700,000 subscribers who did not have access to broadband services earlier. With the LTE 850MHz deployment, SLT-MOBITEL was able to further bolster its support during COVID-19, providing rural communities especially the school children, people who worked from home and national authorities to immediately respond to Covid-19 emergency situations, thereby narrowing Sri Lanka’s digital divide
Lingering debt-restructuring worries trigger share market volatility
By Hiran H.Senewiratne
CSE trading was characterized by a marked degree of volatility yesterday. The CSE started trading on a positive note but by mid-day the market had turned negative, only to register some recovery during the latter part of the day. But the recovery could not be fully sustained, market analysts said. Market volatility could be traced to the worry among traders that the Chinese government is yet to respond
positively to the Sri Lankan government’s debt restructuring plan, although the Chinese Exim Bank responded positively to the IMF bailout proposition, analysts said. Stock market mid- day shares fell on
profit- taking after the market had continuously been on green after debt restructuring assurances by major creditors, an analyst said. “However, the anticipated rate cut wasn’t met and the
market over- reacted and moved to red, the analyst added.
Amid those developments both indices indicated a downward trend.The All- Share Price Index went down by 11.5 points and S and P SL20 declined by 2.78 points. Turnover stood at Rs 1.2 billion with two crossings. Those crossings were reported in Melstacorp, where 594,000 shares crossed to the tune of Rs 29.7 million, its shares traded at Rs 50 and Horana Plantations 300,000 shares crossed for Rs 21 million, and its shares traded at Rs 70. In the retail market, top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 269 million (1.3 million shares traded),Softlogic Life Insurance Rs 147 million (1.3 million shares traded), Softlogic Capital Rs 122 million (eight million shares traded), LOLC Holdings Rs 71.9 million (158,000 shares traded), Expolanka Holdings Rs 54.4 million (289,000 shares traded), Browns Investments Rs 41.9 million (six million shares traded) and JKH Rs 41 million (298,000 shares traded). It is said that high net worth and institutional
investor participation was noted in Agstar, Melstacorp and JKH. Mixed interest was observed in Lanka IOC, Expolanka Holdings and LOLC Holdings, while retail interest was noted in LOLC Finance, Browns Investments and Softlogic Capital.
The Materials sector was the top contributor to the market turnover (due to Agstar), while the sector index gained 0.18 per cent. The share price of Agstar increased by 50 cents (3.23 per cent) to
close at Rs.16. The Diversified Financials sector was the second highest contributor to the market turnover (due to LOLC Holdings), while the sector index increased by 2.16 per cent. The share price of LOLC Holdings appreciated by Rs. 21.75 (5.11 per cent) to close at Rs. 447.25. During the day 41 million share volumes changed hands in 14000 transactions.
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