News

Focus on financial sector supervision, regulatory coordination, etc.

Published

2 months ago

2025/11/21

Top Indian team concludes programme:

India is focusing on strengthening cooperation with Sri Lanka in the areas of financial sector supervision, regulatory coordination, and emerging challenges in the financial system.

The Indian High Commission has said that a delegation from the Financial Action Task Force (FATF) Cell of the Department of Revenue, recently conducted the second phase of capacity-building and training programmes for officials of the Central Bank of Sri Lanka (CBSL) and other relevant regulatory agencies.

The Indian delegation included experts from the Financial Intelligence Unit (FIU), the FATF Cell, the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the Insurance Regulatory and Development Authority of India (IRDAI).

Such programmes came about after the collapse of Sri Lanka’s national economy in 2022.

IHC spokesperson said: “The programme focused on strengthening cooperation in the areas of financial sector supervision, regulatory coordination, and emerging challenges in the financial system. The training sessions brought together officials from CBSL, the Securities and Exchange Commission, the Insurance Regulatory Commission, and representatives from financial institutions on the Sri Lankan side.

The sessions covered regulatory oversight, supervisory practices, sector-specific approaches, case-based discussions, and experience-sharing with the private sector, allowing participants to work closely with Indian experts on practical aspects of enhancing compliance and institutional capacity.

As part of the visit, the Indian delegation also met with the Governor of CBSL and senior leadership to review ongoing cooperation and identify areas for continued engagement. Discussions included regulatory framework for Virtual Asset Service Providers (VASPs) and insights on India’s experience in digital payments.

This visit builds on earlier virtual interactions and the first phase of engagements held in October this year. Building on this momentum, there will be continued engagements through additional virtual sessions and follow-up visits from both sides, with the objective of furthering bilateral collaboration, enhancing regulatory preparedness, and ensuring alignment with global standards.”

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News

Colombo Stock Exchange (GL 12) donates LKR 25 million to the “Rebuilding Sri Lanka” Fund

Published

9 hours ago

2026/01/24

Priyan

The Colombo Stock Exchange (GL 12) has contributed LKR 25 million to the Rebuilding Sri Lanka Fund.

The cheque was handed over to the Secretary to the President Dr. Nandika Sanath Kumanayake by the Chairman of the Colombo Stock Exchange, Dimuthu Abeyesekera, the Chief Executive Officer Rajeeva Bandaranaike and Senior Vice Chairman Kusal Nissanka at the Presidential Secretariat.

News

Karu argues against scrapping MPs’ pension as many less fortunate members entered Parliament after ’56

Published

17 hours ago

2026/01/24

Thilina Walpola

Karu Jayasuriya

Former Speaker of Parliament Karu Jayasuriya has written to President Anura Kumara Dissanayake expressing concerns over the proposed abolition of MPs’ pensions.The letter was sent in his capacity as Patron of the Former Parliamentarians’ Caucus.

In his letter, Jayasuriya noted that at the time of Sri Lanka’s independence, political participation was largely limited to an educated, affluent land-owning elite. However, he said a significant social transformation took place after 1956, enabling ordinary citizens to enter politics.

He warned that under current conditions, removing parliamentary pensions would effectively confine politics to the wealthy, business interests, individuals engaged in illicit income-generating activities, and well-funded political parties. Such a move, he said, would discourage honest social workers and individuals of modest means from entering public life.

Jayasuriya also pointed out that while a small number of former MPs, including himself, use their pensions for social and charitable purposes, the majority rely on the pension as a primary source of income.

He urged the President to give due consideration to the matter and take appropriate action, particularly as the government prepares to draft a new constitution.The Bill seeking to abolish pensions for Members of Parliament was presented to Parliament on 07 January by Minister of Justice and National Integration Dr. Harshana Nanayakkara.

News

Johnston, two sons and two others further remanded over alleged misuse of vehicle

Published

17 hours ago

2026/01/24

Thilina Walpola

Former Minister Johnston Fernando and others being escorted out of the Wattala Magistrate Court premises yesterday

Five suspects, including former Minister Johnston Fernando and his two sons, who were arrested by the Financial Crimes Investigation Division (FCID), were further remanded until 30 January by the Wattala Magistrate’s Court yesterday.

The former Minister’s , sons Johan Fernando and Jerome Kenneth Fernando, and two others, were arrested in connection with the alleged misuse of a Sathosa vehicle during Fernando’s tenure as Minister.

Investigations are currently underway into the alleged misuse of state property, including a lorry belonging to Lanka Sathosa, which reportedly caused a significant financial loss to the state.

In connection with the same incident, Indika Ratnamalala, who served as the Transport Manager of Sathosa during

Fernando’s tenure as Minister of Co-operatives and Internal Trade, was arrested on 04 January.

After being produced before the Wattala Magistrate’s Court, he was ordered to be remanded in custody until 09 January.The former Sathosa Transport Manager was remanded on charges of falsifying documents.