Business

New SEC Act designed to attract and protect foreign investment – Viraj Dayaratne P.C.

Published

2 years ago

2021/12/10

By Steve A. Morrell

The new SEC Act is designed to attract and protect foreign investment, Securities and Exchange Commission chairman Viraj Dayaratne P.C. said.

Dayaratne was addressing a recent SEC-organized symposium for public listed companies on the New SEC Act at the Galle Face Hotel.

The discussion panel also comprised CEO, Colombo Stock Exchange Rajeeva Bandaranaike, chairman SLID Faizal Salieh, chairman, Tokyo Cement PLC Dr. Harsha Cabral, president, Institute of Chartered accountants of Sri Lanka Manil Jayasinghe, Group Executive Vice President and CEO Telecommunications Business, Axiata Group Bhd. Dr. Hans Wijayasuriya, Director General, SECSL Chintaka Mendis, chairman, CSE Dumith Fernando, chairman, JKH PLC Krishan Balendra, chairman, Integrated Reporting Council Asite Talwatte, CRO, CSE Renuke Wijewardane and director, SECSL Dr. Harsitha Suriyapperuma.

Dayaratne introducing the content of the Act said the new law was enacted in September 2021. Section 2 applies to securities and the SEC network overlooking fair and orderly securities markets. Stock brokers and stock dealers were covered by section 188 of the new legislation, particularly in relation to duties and obligations of listed companies. The prospectus clearly spells out the aim of the Companies Act.

Dayaratne went on to explain, among other things, that wrong-doing will be subjected to inquiry, inclusive of the application of fit and proper criteria for effective corporate governance.

Of special relevance was the fact that the new legislation was designed to encourage foreign investment and that such investors would be protected. The corporate governance framework was drafted to also minimize market misconduct, through for example, declaration of false statements and also provided for curbing market malpractices, misleading ambiguity and uncertainty that would result in a negative impact on the market, Dayaratne said.

‘The new act would help capital markets. It is also of importance that whistle blowers would be protected by this law, the SEC Head said.

At the panel discussion Chintaka Mendis said the new Act was a progressive piece of legislation that ensured a level playing field.

Krishan Balendran made the point that the new Act would prevent irregularities and go a long way to ensure red tape is avoided. By stressing the value of good corporate governance, the new legislation would prove a factor in attracting investments.

Hans Wijesuriya said, among other things, that Sri Lanka rates quite well among foreign investors. That would be a plus factor in taking the investment process forward and the new Act provided the basis for this.

Bribery and corruption would also be addressed and that would give added credibility to the SEC, he said.

Faizal Saleh and other panelists were of the general view that the new legislation would lead towards Colombo being recognized as an investor hub in the region.

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Business

President outlines a bold vision for Sri Lanka tourism at THASL’s 58th AGM

Published

3 hours ago

2023/11/28

Priyan

Addressing the 58th Annual General Meeting of The Hotels Association of Sri Lanka (THASL) held on Monday (27) at Shangri-La Hotel, Colombo, President Ranil Wickremesinghe outlined a comprehensive strategy to propel the country’s tourism sector to new heights. Focused on surpassing the target of 5 million tourists and redefining traditional approaches, the President’s vision extends to achieving 7.5 million visitors in the coming years. The President emphasized the need for innovative thinking and collaboration within the industry to ensure sustainable growth.

“When I took over the government, I realized that sustainability alone is not sufficient. How are we going to earn foreign exchange? How are we going to have a positive balance of trade? In that, there were many suggestions. But what is the low-hanging fruit? And one of the low-hanging fruits was tourism. Let’s promote tourism fully,” President Wickremesinghe declared.

The President acknowledged the need to move beyond the existing framework and embrace competition to elevate Sri Lanka’s standing in the global tourism market. Drawing parallels with countries like Vietnam, he questioned why they had more tourists despite being in the industry for a shorter period. President Wickremesinghe stressed the importance of increasing the number of tourists to 2.5 million in the upcoming year and subsequently expanding on this figure.

(PMD)

Business

Free visas for nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan from Monday (27)

Published

6 hours ago

2023/11/28

Priyan

The Controller General of Immigration and Emigration has stated that nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan will be granted free visas from Monday 27-11-2023 to 31-03-2024 as a pilot program to rebuild the tourism industry.

Nationals of the above nominated countries possessing, Diplomatic, Official, Public Affairs, Services and Ordinary Passports are eligible to enjoy a visa free regime under this scheme.

The above mentioned nationals should apply for Electronic Travel Authorization (ETA) before arriving in Sri Lanka subject to granting / issuing free of charge up to 31-03-2024.

Under this scheme tourists can enjoy a 30 days free visa period and a double entry facility is permitted within 30 days from the date of first arrival in Sri Lanka.

Free ETA under this scheme can be applied up to 31-03-2024.

The free ETA cannot be extended further and is limited only to thirty (30) days. In case the free ETA period of 30 days expires after 31-03-2024, an extension of visa could be applied subject to paying the appropriate fee.

Business

Sri Lanka and Saudi Arabia prioritize economic ties in apparel and tourism sectors

Published

16 hours ago

2023/11/28

Priyan

The Minister of Economy and Planning for the Kingdom of Saudi Arabia. Faisal F. Alibrahim, met with President Ranil Wickremesinghe on Monday (27) at the Presidential Secretariat.

During the discussions, Minister Faisal F. Alibrahim emphasized Saudi Arabia’s keen interest in strengthening economic ties with Sri Lanka across various sectors, including apparels and tourism. He elucidated that his government was focused on expanding economic relations within the region and regarded Sri Lanka with significant importance.

President Ranil Wickremesinghe welcomed the Minister’s comments, asserting that Sri Lanka is actively promoting enhanced cooperation in Asia, including West Asia. He further highlighted that the tourism and agriculture sectors were areas open to greater investment, as the country is committed to modernizing these domains.

(PMD)