'Govt will create social-market economy'

The Special Envoy to India and South Asia on Infrastructure, Prime Minister’s Department, Government of Malaysia Dato Seri Utama S. Samy Vellu rang the ceremonial opening bell at the beginning of trading at the Colombo Stock Exchange (CSE) on Thursday. Deputy Minister of Policy Planning and Economic Affairs Dr. Harsha de Silva and Chairman of the Securities and Exchange Commission, Thilak Karunaratne, made their first visits to the CSE following their appointments.

Chairman of the Colombo Stock Exchange Vajira Kulatilaka and members of the Board of Directors of the Colombo Stock Exchange, Acting Director General and Officer-in-Charge, SEC, Dhammika Perera and Chief Executive Officers of member firms and trading members of the CSE were also present. “We as a government, want to create a country where we have a large middle class that owns shares.

We hope to create an asset owning middle-class. We want people in the peripheries, the rural areas, to trade in high value stocks and corporate debt," Deputy Minister of Policy Planning and Economic Affairs, Dr. Harsha de Silva said."Our objective is to broadbase the activities of the Stock Exchange and take it to rural areas.

The government is committed to create a highly competitive social-market economy. This will be built on two pillars – first competition and second justice. When we say justice we mean economic, political and social justice,” he said.

“Our common objective is to see a well regulated capital market, where all investors get a fair deal. We are working on improving any weak areas and perhaps bring in more amendments to the Act, which will give us more strength and teeth to correct any shortcomings in the Capital Market and we hope to work closely with the Colombo Stock Exchange,” Chairman, Securities and Exchange Commission, Thilak Karunaratne said.

“We have a close relationship with the Malaysian Capital Market and we look forward to doing more business with them, especially in terms of technology transfers with Bursa Malaysia. At present, the Central Counter Party (CCP) system is being developed and includes experts who were instrumental in the development of the CCP system at Bursa Malaysia,” Chairman, CSE, Vajira Kulatilaka said.

The Special Envoy Samy Vellu said that the Sri Lankan Capital Market would benefit from large infrastructure projects, which would seek to raise capital through the Stock Exchange, similar to the experience of Bursa Malaysia.The bell ringing ceremony, to signify the opening of trading for the day at 09.30 am takes place from the purpose-built platform on the trading floor.