Hareendra Dissabandara has been appointed as the new Chairman of Sri Lanka’s Securities and Exchange Commission. Discover how his leadership in corporate governance and financial literacy will shape the future of Sri Lanka’s capital market.
Introduction
On October 8th, 2024, Hareendra Dissabandara was appointed as the Chairman of the Securities and Exchange Commission (SEC) of Sri Lanka. This appointment marks a significant moment for the Sri Lankan financial landscape, as Dissabandara’s return to the SEC leadership promises impactful changes, particularly in corporate governance and capital market development. Given his vast experience in finance and corporate governance, his leadership is expected to drive regulatory advancements and elevate the country’s capital market.
This article explores the importance of his appointment, his contributions to the capital market, and what his leadership could mean for the future of the SEC.
Background of Hareendra Dissabandara
Hareendra Dissabandara is a seasoned professional with an impressive academic and professional track record. He holds a Ph.D. in Finance from Japan, under the MONBUSHO Scholarship, and a B.Sc. in Management from the University of Sri Jayewardenepura, Sri Lanka. His academic career spans several decades, with a focus on finance, corporate governance, and capital markets.
Before taking on his new role, he served in various capacities, including as Director General of the SEC from 2012 to 2013. He also headed the Financial Services Academy and the Capital Market Education and Training Division between 2008 and 2012. His extensive work in the development of Sri Lanka’s financial market has made him a key figure in the country’s financial leadership.
Return to SEC Leadership
Dissabandara’s reappointment as Chairman of the SEC is seen as a strategic move. His return comes at a time when the Sri Lankan capital market is undergoing rapid transformations. He replaces Faizal Salieh, who was appointed in February 2023, and brings a wealth of experience and a history of successful initiatives.
During his previous tenure as Director General, he initiated several key projects aimed at accelerating the growth of Sri Lanka’s capital market. These included investor education programs and efforts to enhance corporate governance, all of which had a lasting impact on the financial market’s stability and transparency.
Impact on the Sri Lankan Capital Market
The appointment of Hareendra Dissabandara is expected to bring significant improvements to the Sri Lankan capital market. His strong background in corporate governance and finance positions him as a leader capable of steering the SEC toward regulatory advancements.
Corporate governance plays a critical role in maintaining transparency in the financial sector, and Dissabandara’s expertise in this area is crucial. His leadership is likely to improve investor confidence, ensuring that companies listed on the Sri Lankan stock exchange operate transparently and ethically. Furthermore, his efforts to enhance financial literacy will be pivotal in promoting a healthy investment culture across the country.
Corporate Governance Initiatives
Corporate governance has been one of the pillars of Hareendra Dissabandara’s work throughout his career. During his previous role at the SEC, he introduced policies that strengthened the governance of companies, helping to ensure that corporate actions were aligned with investor interests. His understanding of corporate governance will likely result in the introduction of more robust policies and regulations that hold companies accountable for their operations.
Good governance is a fundamental aspect of any financial market. By promoting transparency, accountability, and ethical practices, Dissabandara will enhance investor trust, which is crucial for a sustainable financial system.
Financial Literacy and Market Education
One of Dissabandara’s key focuses has been improving financial literacy among Sri Lankans. As part of his previous role in the SEC’s Capital Market Education and Training Division, he spearheaded efforts to educate investors on the risks and rewards of participating in the stock market. His return to the SEC is expected to renew these efforts, aiming to empower individual investors with the knowledge they need to make informed financial decisions.
In a developing economy like Sri Lanka’s, improving financial literacy is essential for fostering long-term economic stability. Under his leadership, it’s anticipated that the SEC will introduce new educational programs targeting different segments of the population, from retail investors to corporate professionals.
SEC’s Future Under Hareendra Dissabandara’s Leadership
The future of the SEC looks promising with Hareendra Dissabandara at the helm. His leadership is likely to focus on enhancing the regulatory framework of the Sri Lankan capital market. The SEC is expected to introduce initiatives that will ensure the protection of investors while encouraging sustainable growth in the capital markets.
Strategically, his goal will likely be to make the Sri Lankan capital market more competitive on a global scale. This includes attracting foreign investments by aligning local regulations with international standards, promoting corporate governance, and fostering a transparent market environment.
Development Projects and Strategic Goals
During his tenure, Dissabandara is expected to introduce development projects that will drive the SEC’s long-term strategy. These projects may focus on:
- Enhancing market regulation to ensure compliance and transparency.
- Promoting corporate finance practices that support sustainable growth.
- Increasing the adoption of digital technologies in the capital market to improve efficiency.
- Expanding investor education programs across the country.
His leadership is poised to align Sri Lanka’s capital market with global standards, making it an attractive destination for both domestic and international investors.
Conclusion
Hareendra Dissabandara’s appointment as the Chairman of the SEC comes at a pivotal time for Sri Lanka’s capital market. His proven track record in finance, corporate governance, and market development makes him the ideal candidate to lead the SEC toward a more transparent and robust financial future. His focus on corporate governance, financial literacy, and strategic development is expected to transform the SEC into a stronger regulatory body that can handle the challenges of an evolving financial landscape.
Top 5 Unique FAQs
1. Who is Hareendra Dissabandara? Hareendra Dissabandara is the newly appointed Chairman of the Sri Lanka Securities and Exchange Commission (SEC), a Senior Professor of Finance, and a specialist in corporate governance.
2. What is the role of the SEC in Sri Lanka? The SEC regulates Sri Lanka’s capital markets, ensuring transparency, investor protection, and promoting the growth of the country’s financial sector.
3. How will Hareendra Dissabandara’s leadership affect the SEC? His leadership is expected to enhance corporate governance, improve regulatory frameworks, and boost investor confidence in the capital market.
4. What initiatives did Dissabandara previously introduce at the SEC? He introduced several key initiatives focused on capital market development, corporate governance, and financial literacy during his tenure as Director General.
5. What are the expectations for the SEC under Dissabandara’s leadership? The SEC is expected to focus on transparency, corporate finance reforms, and making the Sri Lankan capital market more competitive internationally.