Asanga Seneviratne back in CSE Board

By Ishara Gamage | Published: 2:00 AM Sep 19 2020
FT Asanga Seneviratne back in CSE Board

By Ishara Gamage

Sri Lanka’s 15-member stockbroker community (full members) has decided to call an extra ordinary general meeting (EGM) within few weeks to unanimously appoint veteran stockbroker Asanga Seneviratne to the Colombo Stock Exchange (CSE) Board in replacement of Murtaza Jafferjee.

The stockbroker community has nominated him as their newest director board member representative to the CSE and it was approved by the regulator Securities and Exchange Commission (SEC) and the CSE board of directors.

“Therefore, very soon we will ratify his appointment through calling an EGM,” brokers told Ceylon FT. Asanga Seneviratne own, Nation Lanka Equities (Pvt) Ltd. has been re-admitted by the CSE recently as a Trading Member. The SEC has also renewed Nation Lanka Equities’ licence to function in the capacity of a stockbroker. Nation Lanka Equities’ licence lapsed in 2017 following continued non-compliance with minimum mandatory capital adequacy requirements of the CSE. 

Sri Lanka’s  stockbroker community (full members) recently  voted against the re- election of recognised economic and stock market analyst, Murtaza Jafferjee, who is a veteran free market think-tank head and the Chairman of JB Securities, to the Colombo Stock Exchange (CSE) Directorial Board during CSE’s recently-held annual general meeting.

The AGM was held to approve the re-election of Jafferjee, as well as former CSE Chairman, Ray Abeywardena, who is MD of Acuity Partners (Pvt) Ltd., to the Board of Directors, while also ratifying Asia Securities Chairman, Dumith Fernando as the CSE’s new Chairman.

However, although stockbrokers unanimously approved Abeywardena’s re-election to the Board, they called for a secret ballot for Jafferjee’s reappointment.

Only two members supported Jafferjee in this secret vote, while eight voted against him. Representatives of John Keells stockbrokers and JB Securities were not in a position to vote during this ballot due to their unavailability to produce valid proxies to attend the AGM. One member was absent.

Therefore, the 15-member stock broker community has decided to meet on a future date to appoint a new member to the CSE board in place of Jafferjee. The CSE board has nine directors: four appointed directors and five elected directors, representing stockbroker firms.

The four currently elected directors are Dumith Fernando (Chairman), Ray Abeywardena, Dilshan Wirasekara and Dimuthu Abeysekera. Additionally, four new directors have been appointed to the CSE by the Finance, Economy and Policy Development Ministry, namely former Central Bank Deputy Governor, C.J.P. Siriwardana, Ernst and Young Partner and former CA Sri Lanka President, Arjuna Herath, ICT legal pioneer, Jayantha Fernando, and civil law practitioner, Suren de Silva. 

By Ishara Gamage | Published: 2:00 AM Sep 19 2020

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