Members of the Commission and Its Composition
The Securities and Exchange Commission (SEC) consists of ten non-executive members and operates through a Secretariat headed by a Director General. The non-executive members constitute the policy-making arm of the SEC. Six members are appointed to the Commission by the Minister taking into consideration the wide experience and vast knowledge they possess in legal, financial, business and administrative matters. The seventh appointed member is the Deputy Governor of the Central Bank of Sri Lanka. The remaining three are members by virtue of the offices they hold and are the Deputy Secretary to the Treasury, the Registrar of Companies and the President of the Institute of Chartered Accountants of Sri Lanka. The Minister nominates from amongst the members of the Commission, one member to be the Chairman of the Commission. The appointed members hold office for a term of three years and are eligible for reappointment.
The Commission comprises of the Following Members:
Mr. Naresh Abeyesekera
Entrepreneur, Keynote Speaker, Founder/CEO of SECQUORO specializing in Transformational Strategy, Finance, Digital & Technology.
Naresh was the Group CFO of MillenniumIT, (LSEG Technology) a global leader in capital market technology that developed the world’s fastest trading platform powering over 40 equity trading venues across the world including London, Hongkong, Singapore, Canada, Italy, Malaysia, Johannesburg and majority of the exchanges in the African Continent. He was also on the Global Leadership Team of the London Stock Exchange Group, one of the top two largest exchange groups in the world by market capitalization under a CEO ranked by Harvard Business Review as a Top 100 in the world. He has also been instrumental in listing one of South Asia’s largest manufacturing facilities recognized by Forbes among the 200 best in Asia.
He has also been instrumental in winning regional accolades in financial reporting after producing the “Best Annual Report in South Asia” and ERP implementations.
He also Co-Founded the Institute of Internal Audit Sri Lankan chapter to improve the risk and governance knowledge framework in Sri Lanka and has been trained in lean practices in the Toyota Production Plant in Nagoya-Japan.
He is a Fellow of the Institute of Chartered Accountants of Sri Lanka, Chartered Management Accountant (London), Chartered Global Management Accountant and holds an MBA from the prestigious Postgraduate Institute of Management (PIM).
Mr. R.M.P Rathnayake
Mr. R.M.P Rathnayake is a Special Grade officer of the Sri Lanka Planning Service and currently working as the Deputy Secretary to the General Treasury. He has been in the public service for almost 25 years in various positions.
Mr. Rathnayake holds a Master’s Degree from Agriculture University of Norway and B.Sc. (Special) Degree from University of Peradeniya
He joined the public service in 1994 and has been working in the General Treasury holding number of positions in the Department of National Planning and Department of External Resources (ERD). As the Director General of the ERD, he was responsible for coordinating with development partners, lending agencies and capital market to mobilize foreign financing for development projects, engage with bilateral negotiations and facilitate timely disbursement of foreign financing.
Mr. Rathnayake has served as the Director in-charge of Asian Development Bank (ADB) Division of the External Resources Department (ERD), Alternate Executive Director of the Asian Infrastructure Investment Bank (AIIB), Chairman of National Savings Bank, Director of the People’s Bank, Member of the Board of Management of the Post Graduate Institute of Medicine (PGIM), Member of the Board of Directors of the State Pharmaceuticals Corporation of Sri Lanka (SPC), Director of Civil Aviation Authority of Sri Lanka, Director of Sri Lanka Institute of Tourism & Hotel Management, Member of National Medicine Regulatory Authority.
Mr. Rathnayake has published many articles relating to various fields/subject areas.
Mr.D.N.R. Siriwardena hold a B.A. ( Hons.) Degree in Geography from the University of Peradeniya and a Law Degree ( L.L.B.) from the Open University of Sri Lanka and hold a Master ( L.L.M.) Degree in International Business with Information Technology and Intellectual Property from the Cardiff Metropolitan University,United Kingdom. He is an Attorney-At-Law by profession. Mr. Siriwardena joined the Department of Registrar of Companies in 1988. Currently He has been working as the Registrar General Companies. Mr. Siriwardena is an ex-officio member of the Institute of Chartered Accountants of Sri Lanka, An ex-officio member of the Sri Lanka Accounting and Auditing Standards Monitoring Board, an ex-officio member of the Insurance Board of Sri Lanka and also an ex-officio member FIU Advisory Board of Central Bank of Sri Lanka.
Mr. H A Karunaratne
Mr. H A Karunaratne is currently functioning as the Deputy Governor of the Central Bank of Sri Lanka and has extensive experience in the financial services sector in Sri Lanka and overseas. He is the Chairman of the Financial System Stability Committee, National Payments Council and EPF Investment Oversight Committee and is a member of number of committees including Monetary Policy Committee of the Central Bank. He serves as the Chairman of Credit Information Bureau of Sri Lanka, Institute of Bankers of Sri Lanka and West Coast Power (Pvt) Ltd. In addition, he also functions as a Commission Member of the Board of Insurance Regulatory Commission of Sri Lanka and Director of Colombo Dockyard PLC among others. During his thirty four years career some of the key positions held by him have been Assistant Governor and Secretary to the Monetary Board, Secretary to the Monetary Board Advisory Audit Committee, Director, International Operations Department and Director, Financial Intelligence Unit of the Central Bank of Sri Lanka.
Mr. Karunaratne served as a Vice President, Fixed Income Department, Refco Singapore Pte Ltd and Vice President, Prime Risk Monitoring, Man Financial Pte Ltd, Singapore, during which he obtained the licence from the Monetary Authority of Singapore to trade futures options and other derivative products.
Mr. Karunaratne was a Member of the Foreign Reserves Management Committee and Market Operations Committee of the Central Bank of Sri Lanka from May 2009 to October 2015. He holds a BSc Business Administration degree from the University of Sri Jayawardenapura, Sri Lanka and an M A in Economics from the Ohio University, USA. He is also a Fellow Member of the Institute of Chartered Accountants of Sri Lanka.
Mr. Karunaratne is a regular speaker at various local and international forums on diverse subjects.
Mr. Sunil Lankathilake
Mr. Sunil Lankathilake is a former Deputy Governor of the Central Bank Sri Lanka. He holds MSc degree in Economics and a Postgraduate Diploma in Economics from the University of Manchester, United Kingdom and a B.Com degree with 1st Class honours from the University of Peradeniya. He also holds M.Phil degree in Agricultural Economics from Post Graduate Institute of Agriculture, University of Peradeniya.
Mr. Lankathilake has more than 32 years of experience in the CBSL in the areas of Economic and Price Stability, Financial System Stability and Agency Functions. Prior to joining the Central Bank in 1986, he has worked as an Assistant Lecturer at the University of Peradeniya.
During his 32 year career in the CBSL, Mr. Lankathilake has participated in large number of international training programmes conducted by reputed training providers such as IMF, World Bank, ADB, University of Cambridge etc. in the areas of Macroeconomic Management, Macroeconomic Modelling, Financial Programming, Trade Policies, Competitiveness, Project Management, Foreign Investment, Strategic Planning and Management, Human Resource Management and Communication Policy. Mr. Lankathilake has also served as a member of the Board of Directors of Sri Lanka Export Credit Insurance Corporation, Board of Management of the Title Insurance Fund of Registrar General’s Department, National Labour Advisory Committee, and several other committees representing the CBSL. Mr. Lankathilake has also represented CBSL in several government missions and negotiating teams especially in the areas of banking relationships, investment promotion and economic and technical corporations. Mr. Lankathilake has authored many articles and published them in reputed international and local journals and CBSL publications particularly in the areas of economic issues, small-scale industries, international trade, gem industry, apparel industry etc.
Mr. Lankathilake is a reputed resource person in the areas of project management, project appraisal, macro and microeconomics at various fora in different capacities. Mr. Lankathilake has also conducted a large number of presentations at various seminars and conferences on the broader topic of the Economy.
Manil Jayesinghe FCA,FCMA,CIPFA
Mr. Manil Jayesinghe is a Fellow Member of the Chartered Institute of Management Accountants (UK) , Fellow Member of the Institute of Chartered Accountants of Sri Lanka and a member of The Chartered Institute of Public Finance & Accountancy.
Head of Assurance , in charge of Banking and Financial Services practice of Ernst & Young, Sri Lanka, counting over 38 years of extensive experience.
At present serving :
- As the President of the Institute of Chartered Accountants of Sri Lanka,
- Chairman of the Statutory Accounting Standards Committee, Member of the Statutory Auditing Committee and serves in many other committees.
- As the Chairman of the Accounting Standards Committee of the South Asian Federation of Accountants (SAFA).
- Member of the Board of Sri Lanka Accounting & Auditing Standards Monitoring Board
- Serving as a council member of CMA Sri Lanka.
- Serves as a Commission member of Securities & Exchange Commission of Sri Lanka
- Serves as a Consultant to the Audit Committees of the Listed Companies.
He has served as the Chairman of the Examination Committee of CA Sri Lanka, Alternate Chairman of the Statutory Accounting Standards Committee over the past year, Member of the Board of International Accounting Education Standards Board of International Federation of Accountants, and Member of the Council of the University of Moratuwa.
Mr. Sisira Ratnayake
Mr. Ratnayake has been actively engaged in the legal field for nearly 35 years and possesses wide experience in both Civil and Criminal law in Sri Lanka. He holds a Master’s degree (L.L.M.) with a Commendation in Commercial Law from the University of Aberdeen, Scotland, U.K, and is an Attorney-at-Law of the Supreme Court of Sri Lanka.
Mr. Ratnayake has served in the Judiciary as a Magistrate, District Judge, High Court Judge and as a Civil Appellate High Court Judge in various courts in Sri Lanka. He has served as the Secretary of the Judicial Service Commission in the years 2013-2015. He has also served as the Additional Secretary (Legal) at the Ministry of Justice during 2007-2008.
He has also served as the Vice President and as the President of the Judicial Service Association (JSA- the association consisting of all the Magistrates and District Judges in the Island). He has also served as the Vice President and the President of the High Court Judges Association (HCJA- the association consisting of all the High Court Judges in the Island).
He has participated in many international programmes including, “Advanced Training Programme on Modern Trends in Company law” in Hong Kong, “Regional Judicial Symposium 2007” in Singapore, “Executive Training on International Arbitration and Construction Law for senior Judiciary members from Sri Lanka held in Singapore”, “Academic Programme for Sri Lanka Judges” in India, ‘Study Visit on Judiciary & Excellence-Singapore’ held at the Civil Service College in Singapore, “KOICA training programme”in South Korea and “UKELA Annual Conference” held in Edinburgh – England. He has also participated in a programme of Court Management, Case Management, Civil Law Reforms and Family Law Reforms held in India.
He has represented Sri Lanka innumerous global events including the “46th Session of Asian-African Legal Consultative Organization” held in Cape Town-South Africa, “Judicial Colloquium” held in Washington D.C. USA, “INSOL/UNCITRAL/ World Bank Joint Multinational Judicial Colloquium on Insolvency” in USA.