The President it is learnt has decided to remove the head of the Securities and Exchange Commission (SEC), Thilak Karunaratne. The SEC regulates the Colombo stock market.

Thilak Karunaratne was appointed s the SEC head after the former head and wife of the Presidential Secretary, Indrani Sugathadasa resigned from the post following pressure from the President. Sugathadasa was under pressure to resign after initiating investigations into the large scale manipulations that took place in the Colombo Stock Exchange.

However, the Finance Ministry Secretary has told the President that Karunaratne has failed to put the stock market up.

The President has therefore assigned Dr. P.B. Jayasundera the task of addressing all issues faced by the stock market.

It is learnt that Nalaka Godahewa is likely to be appointed as the head of SEC after removing Karunaratne.