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srilawsby aturio
As enacted
Contents

Part I · Chapter 1 Preliminary

19. Director-General

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Minister shall on the recommendation of the Commission, appoint a Director-General of the

Commission, who shall be its chief executive officer. The conditions of employment including remuneration of the

Director-General shall be determined by the Commission.

(2)

The Commission shall not recommend the appointment of any person as the Director-General of the

Commission, if such person-

(a)

has been previously found guilty of serious misconduct by a court or tribunal or has been subject to a disciplinary action by a regulatory body;

(b)

has been previously dismissed from office; or

(c)

has committed a breach of the provisions of this

Act, regulations, rules or directives made thereunder.

(3)

The Director-General shall, subject to the general direction and control of the Commission, be charged with the direction of the affairs and transactions of the

Commission, the exercise, discharge and performance of its powers, functions and duties, and the administration and control of the officers and servants of the Commission.

(4)

The Director-General may, with the approval of the

Commission, whenever he considers it necessary to do so, delegate to any officer and servant any power, function or duty conferred or imposed on or assigned to him by this Act and such officer or servant shall exercise, discharge and perform such power, function or duty subject to the general or special directions of the Director-General.

(5)

The Minister may on the recommendation of the

Commission remove the Director-General appointed under subsection (1), from office if his continuation in office is detrimental to the interests of the Commission:

Provided, that the Commission shall grant an opportunity to the Director-General of being heard, prior to such removal.

Read on from s 20

Part II

Markets and Market Institutions

Read on from Part II

Part III

Issue of Securities

Read on from Part III

Part IV

Trade In Unlisted Securities

Read on from Part IV

Part V

Market Misconduct

Read on from Part V

Part VI

Finance

Read on from Part VI

Part VII

General

Read on from Part VII