The Director General of SEC Malik Cader is moving out to the Finance Ministry to take up a senior advisory role.
The move follows pressure from a section of the market to remove him due to alleged overregulation which had been cited for the fall of the Colombo Bourse.
Cader, who counts for near 15 years service at the SEC, will be taking up as Senior Advisor Capital Market Development at the Ministry of Finance from next week.
No replacement has been announced but the Commissioners led by Chairperson Indrani Sugathadasa will continue. Market has been divided over calls for removal of SEC Director General with some warning against it as it would hit investor confidence whilst others argued overregulation had killed investor sentiment.
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