Sri Lanka securities regulator quits
(08-17 18:15)
The head of Sri Lanka's Securities and Exchange Commission said he tendered his resignation under pressure today after investors under investigation for market manipulation had made allegations against him.
“Just about half an hour ago, I have sent it,'' Tilak Karunaratne told Reuters, referring to his resignation letter. “It has been sent to the [Finance Ministry] Secretary. It was hand delivered to the secretary's office.''
Karunaratne has been pushing for investigations into stock market malpractice, including so-called pump-and-dump deals in which investors are lured into apparently cut-price equities, Reuters reports.
On Monday, he told Reuters that he had come under intense pressure to resign. He did not say who was pressuring him to step down but said it might be the result of false information about his activities as the head of the SEC.
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