CFA Archives

July 10, 2023

The CFA Program is considered one of the highest distinctions in the investment management profession, with the Chartered Financial Analyst® (CFA®) qualification enabling candidates to acquire the knowledge and skills required to thrive in the competitive capital markets industry.

Among the star achievers is Dihan Udugampola from the Sri Lankan chapter who passed all three levels of CFA examinations in his first attempt, thereby completing the CFA Program within the span of just 1 year and 18 months. He is also a Chartered Accountant and holds a First Class Honors Bachelor of Science (Special) degree from the University of Sri Jayewardenepura.

Having developed a strong preference for capital markets at a young age and keen to pursue a career in the capital markets domain, Dihan maintains that choosing the CFA Program was a no-brainer as it is the gold standard in the investment field, with the curriculum encompassing all areas necessary to carve out a successful career path.

Dihan asserts that preparation, along with a passion for learning and the industry, proved key in achieving success at the CFA exams: “I had a strong passion and liking towards this field, so I really looked to get a proper education and have a solid foundation, to pursue the career that I love.”

To this end, Dihan says he set both long-term (six months – to complete each examination Level) and short-term (daily) goals to study and revise the curriculum accordingly, adding: “You should ideally have a plan of six months and work towards it, gradually committing to a proper long-term as well as a short-term plan.”

Exam candidates would do well to not skip any study modules and should be familiar with the full curriculum, involving extensive revision throughout the six-month period leading up to the exams, according to Dihan.

He reiterates: “Anyone who’s studying for CFA Exams should go through the curriculum first and understand it very well. Don’t just have an exam-oriented mindset; study with a real thirst for knowledge and for your own betterment.”

A recipient of the CFA Access Scholarship, Dihan notes that CFA Institute offers immense support to candidates through its Scholarship programme. CFA Society Sri Lanka has built an ecosystem and community of candidates through the local Candidate Council, whereby they are able to ask questions from one another and share both exam and study experiences.

Curriculum updates, sessions offering tips for exam preparation, subject masterclass sessions, free mock exam sessions, and even programs on how to use a financial calculator are also made available by the CFA Society. Moreover, the Society organises events to bring together candidates and charterholders, helping them network and get to know one another.

Reflecting on how the CFA qualification has helped in his current job role, Dihan points out that as a Senior Analyst at Acuity Knowledge Partners working on a fixed income, he is able to use the knowledge learned in the area in its entirety, on a daily basis.

Dihan comments that the CFA qualification has enabled him to stay in tandem with the foreign clients he works with and helped add value to discussions, in turn delivering better quality output: “The entirety of the CFA Program curriculum helps build a better, more rounded finance professional working in the field of investments or capital markets.”

Future plans for Dihan include a Master of Finance at the University of Cambridge Judge Business School – a CFA-accredited program – in Fall 2023, where he firmly believes CFA credentials would help him understand the content better and perform better. Upon completion of the Master’s program, he hopes to enter the investment banking industry.

In conclusion, Dihan advises those who are contemplating enrolment in the CFA program to have a keen interest in capital markets, affirming that “If you want to excel in the industry, there is no doubt that it is the correct step to take.”

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. Founded in 2001, the CFA Society of Sri Lanka is a not-for-profit organization supporting the professional development and advancement of CFA Charterholders and candidates in Sri Lanka. Its membership of over 275 members consists of CEOs, CFOs, portfolio managers, equity analysts, banking professionals, investment advisors, and other senior-ranking financial practitioners and over 300 candidates, mainly in the financial sector.

June 5, 2023

As the 10th annual CFA Capital Market Awards to be held in June 2023 draws closer, CFA Society Sri Lanka, as the organisers of the event, deems it pertinent to reflect on the success factors of award winners from the past year.

The award for Best Equity Research Team recognises teams working to develop research as an integral component of investment decision-making, targeting fundamentals-driven, informed, and efficient capital markets, and promoting the provision of high-quality and timely research to all market participants.

It is one of the five major accolades presented at the CFA Capital Market Awards and was awarded to Capital Alliance Securities (CAL Securities) in 2022, marking the third consecutive year in which the research house secured the honour. In addition, CAL Securities was conferred the title of Best Sector Report at the CFA Capital Market Awards last year.

Commenting on this noteworthy achievement, CAL Group CEO Ajith Fernando says: “Despite the volatile market conditions over the past two years, the equity research team at CAL Securities has continued to provide timely insights to our clients, particularly crucial macroeconomic and sector insights. We are proud to have seen our team win the Best Equity Research Team and Best Sector Report again at the 2022 CFA Capital Market Awards, and believe that it’s a clear indication of the value they bring to our group.”

In 2022, the primary research focus of CAL Securities was on macroeconomic events, particularly amid the shifts taking place in the political environment, with the information gathered being utilised across the different departments of the company, be it related to equity or fixed income, thereby enabling the firm to better inform clients of the ground realities.

CAL Securities was also able to build on its efforts from the prior year, in relation to disseminating information, with a focus on channels such as instant messaging and short videos to provide educational content to investors.

Trisha Peries, CFA, Head of Research at CAL Securities, explains that the company worked on delivering insights that were hitherto unavailable in the market, by implementing internal supply chain and sector checks: “We also launched a series called ‘Ears on the Ground’ to gain perspectives from industry experts, in terms of what was going on with different industries at a particular time.”

Over the past year, CAL Securities has adopted a data-driven approach in response to volatile market conditions, with a greater emphasis on sensitivity and scenario analysis. Economic Analyst Pramodya Edirisinghe also points out that the company has “mainly used Power BI, Python and other statistical software to build predictive models and automate processes.”

When it comes to sector research, CAL Securities has employed an approach that is based on the market demand, economic conditions and investor sentiment, covering industries where it sees untapped market opportunities or those in which clients have expressed a particular interest.

Associate at CAL Securities Amrith Fernando elaborates: “Last year was challenging, in the sense that we had to find more resilient sectors, or sectors that would recover faster compared to the rest. So, the focus of our sector research was different.”

The company says it did not experience major changes in terms of investor relations (IR), despite the volatile market conditions. Commenting on the IR function, Analyst at CAL Securities Dilushka de Mel notes: “It depends on what sort of relationship you have with clients, but in general, most of them are forthcoming with information”.

Spotlight on CFA Capital Market Awards

A focus on innovation in promoting data and data-driven research, along with new methods of disseminating information to investors, is cited as a decisive factor in CAL Securities securing the awards for Best Equity Research Team and Best Sector Report at the CFA Capital Market Awards last year.

“Last year, there was a lot of innovation in terms of information dissemination, where we published bite sized-content, making it more reader-friendly and catering to the retail market. This year, we are focussing more on data and data-driven approaches, even much more compared to last year,” adds the Head of Research at CAL Securities.

As for incorporating feedback from the Capital Market Awards, she states that starting from the 2022 edition of the awards, CFA has advocated for a greater focus on environmental, social and governance (ESG) reporting, with growing interest from foreign investors as well.

Peries also asserts that with substantial talent being lost to migration, the CFA Capital Market Awards could help research houses maintain standards, even with the infusion of brand-new talent. She continues: “Amidst the talent migration, CFA Society Sri Lanka has a large role to play, to ensure that new CFA candidates understand the industry opportunities available in the country.”

Despite the impact of new economic conditions in Sri Lanka, as well as inputs from the International Monetary Fund and efforts aimed at debt restructuring, CAL Securities believes that it has a strong foundation in place to continue research work, in particular, data-driven research.

The research firm’s future focus would be on the information that adds value, and using automation and artificial intelligence (AI) to analyse data, which in turn is expected to offer CAL Securities an edge in terms of timely dissemination of research.

March 17, 2023

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Colombo Stock Exchange (CSE) once again extended the partnership agreement to CFA Society Sri Lanka as a Platinum Partner for the 7^th consecutive year in a bid to broaden its collaborative and industrial reach.

The sponsorship cheque was presented to Mr. Aruna Perera, CFA, President of CFA Society Sri Lanka, by the Chairman of the Colombo Stock Exchange, Mr. Dilshan Wirasekara, in the presence of Ms. Rashmi Paranavitane, CFA, Vice President of CFA Society Sri Lanka, Mr. Travis Gomes, CFA, Director, CFA Society Sri Lanka, Mr. Rajeeva Bandaranaike, CEO, CSE, and Mr. Aruna Alwis, CEO, CFA Society Sri Lanka,

Welcoming the continued partnership with CSE, Mr. Aruna Perera, CFA, President of CFA Society Sri Lanka, remarked that it was indeed a pleasure for CFA Society Sri Lanka to have the support of the Colombo Stock Exchange to complement its development activities. “I am very pleased to continue our partnership with CSE as a Platinum Partner, and I believe this partnership will tremendously benefit both organizations alike,” he said. Mr. Aruna Perera, CFA, also noted that having the continued support of CSE is also an endorsement of the CFA Society Sri Lanka’s mission of upholding the ethics, education, and professional excellence in the investment industry of Sri Lanka.

Expressing his views on the partnership, the Chairman of the CSE, Mr. Dilshan Mr. Wirasekara, stated, “We are pleased to extend our long-standing partnership as a Platinum Partner with the CFA Society Sri Lanka, a leading professional association for Investment and Finance professionals globally with strong ethics and governance principles. As the stock market operator in Sri Lanka, we are constantly dedicated to building and engaging partnerships with global institutions to strengthen the exposure of the Sri Lankan Capital Market. We trust that this partnership will promote growth and development of the Sri Lankan Capital Market.”

February 20, 2023

The Chartered Financial Analyst (CFA) Society Sri Lanka, in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE), is conducting a webinar on the Environmental, Social, and Governance (ESG) in the Asia Pacific and Evaluation in Sri Lanka (APAC), for listed companies on 21^st of February 2023, from 3.30 pm to 5.00 pm

This virtual conversation will be centered around the growing recognition of the impact that material ESG factors have on the long-term prospects and sustainability of a listed company based on the CFA Institute research report

Director of Capital Markets Policy, CFA Institute Mr. Sivananth Ramachandran, CFA, CIPM, Capital Markets Policy Specialist, CFA Institute Ms. Phoebe Chan, and Senior Vice President Research and Strategy CSE, Mr. Nishantha Hewavithana will be the speakers of the event while Mr. Dasun Perera, CFA, Member of ESG Committee CFA Society Sri Lanka will be the moderator.

The CFA Institute has consistently researched and surveyed CFA members on ESG disclosures in APAC over the years, including the ESG Disclosures in APAC report in 2018.

The COVID-19 pandemic highlighted the need for business resilience and disclosures, which are necessary for investors to assess companies’ long-term sustainability.
Standards and requirements for ESG disclosures should be as high as they are for financial reporting.

According to the findings of 2019, though the volume of ESG disclosures increases, the quality has not been reported up to the standard. Solid ESG disclosure practices usually take time to develop, but fast progress is possible.

At present, investors increasingly demand comprehensive, up-to-date, and comparable ESG disclosures from companies to make better investment decisions.

At the webinar, the CSE will share its perspectives on the topic.

June 30, 2022

The ninth annual CFA Capital Market Awards, organized by the CFA Society Sri Lanka, was held on Wednesday (29 June) at the Oak Room of Cinnamon Grand Colombo, recognizing and rewarding excellence in the local capital markets, with this year’s event focusing on the theme ‘Blockchain Revolution in Sri Lanka’s Capital Market’.

Delivering the opening remarks at the event, CFA Society Sri Lanka President Dinesh Warusavitharana, CFA reiterated that the CFA Capital Market Awards “recognize the commitment to excellence by capital market participants despite the market challenges that we have been facing.”

“This year, we have focused on innovation in the global financial market, and selected to explore how the blockchain revolution is impacting the Sri Lankan capital market, given the ongoing developments in the cryptocurrency market. We are pleased to note that the Sri Lankan government is also exploring the feasibility of blockchain-related initiatives, and hope greater focus and exploration of blockchain technology will support financial innovation and benefit Sri Lanka’s future growth,” he added.

CFA Capital Market Awards Chairperson Nadika Ranasinghe commented: “I take this opportunity to congratulate all the winners this evening and I want to also thank all those who participated from the industry for their strong commitment towards maintaining the highest standards in these unprecedented times. I hope the participants will incorporate the feedback provided by the judges and continue to raise the standards of excellence. I believe we are at a juncture where investor dependence on analysts on the ground is at the highest, to provide accurate and unbiased analysis to navigate these volatile conditions.”

She also conveyed CFA Society’s gratitude to the judges, for their tireless efforts to evaluate and select the best among peers, despite travel restrictions, power cuts and numerous other challenges. The judges in each award category included both CFA charter holders and industry experts.

Awards were presented under the five categories of Best Stockbroking Research Team, Best Equity Research Report, Best Sector Report, Best Investor Relations and Best Unit Trust Fund, with awards for Gold, Silver and Bronze in each category.

Capital Alliance Securities Private Ltd was awarded Gold for the Best Stockbroking Research Team and also the highest honours for the Best Sector Report. CT CLSA Securities received the Gold award for the Best Equity Research Report. Meanwhile, Sunshine Holdings PLC was conferred Gold for Best Investor Relations and Senfin Money Market Fund came out on top as the Best Unit Trust Fund.

In the Best Stockbroking Research Team award, Asia Securities Private Ltd was awarded the Silver, while CT CLSA Securities Private Ltd received the Bronze award. In the Best Equity Research Report category, Capital Alliance Securities Private Ltd won both the Silver and the Bronze awards. In the Investor Relations award, Silver was won by National Development Bank PLC, with Dialog Axiata PLC and John Keells Holdings PLC awarded the joint Bronze. The judges made a special commendation for Expolanka Holdings PLC under this category, in recognition of improved investor relations practices over the past year.

JB Vantage Short-Term Gilt Fund won the Silver award in the Best Unit Trust Fund category, while the Bronze award was not presented. Asia Securities Private Ltd and Capital Alliance Securities Private Ltd was presented with the joint Bronze award in the Best Sector Report category, while the Silver award was not presented.

The judges commended the dedication shown by research teams in providing an uninterrupted service to clients while introducing new research products amidst the challenges brought on by the COVID-19 pandemic, along with the introduction of new research dissemination formats such as webinars and video-based reports, in response to client preferences.

However, they recommended that teams look at disseminating research in a more timely and time-efficient manner without compromising on the quality and integrity of the research process, further improve the depth of coverage, and demonstrate industry and sector expertise, which is highly valued by clients.

With regard to investor relations, the judges recognised that a few companies are encouraging wider public participation in investor forums through public invitations posted on their websites, while an increasing number of companies are making their analyst forum/briefing recordings available online. The judges were of the view, however, that there is a need for most listed companies to adopt basic investor relations practices over and above the minimum guidelines stipulated by regulators.

The keynote address at this year’s event was delivered by Gabriella Kusz, CEO of the Global Digital Asset & Cryptocurrency Association (DCA) and Deputy Chair of the Government Blockchain Association (GBA) Regulator Working Group, followed by a Q&A discussion moderated by Travis Gomez, CFA. The discussion was focussed on the adoption of cryptocurrency as an investment asset class in Sri Lanka and the regulatory impediments and implications of adopting cryptocurrency, and how to overcome them.

The CFA Capital Market Awards 2022 was sponsored by the Colombo Stock Exchange (Platinum Sponsor), Acuity Partners (Silver Sponsor), Capital Alliance Group (Silver Sponsor), First Capital (Silver Sponsor), NDB Capital Holdings (Silver Sponsor), Senfin Asset Management (Silver Sponsor), Uzabase Sri Lanka (Silver Sponsor), Acuity Knowledge Partners (Knowledge Partner), Daily FT, Daily Mirror and The Sunday Times (Print Media Sponsors), and TextWare (Text Messaging Partner).

CFA Institute is a global association of investment professionals offering the Chartered Financial Analyst designation. Founded in 2001, CFA Society Sri Lanka is a not-for-profit organization supporting the professional development and advancement of CFA charterholders and candidates in Sri Lanka. Its membership of over 240 members consists of CEOs, CFOs, portfolio managers, equity analysts, banking professionals, investment advisors and other senior-ranking financial practitioners, and over 500 candidates, mainly in the financial sector.

June 28, 2022

The Securities and Exchange Commission of Sri Lanka (SEC), the Colombo Stock Exchange (CSE) and the CFA Society Sri Lanka (CFASSL) have entered into a Memorandum of Understanding (MoU) to further strengthen Environmental, Social, and Governance (ESG) focus in the Sri Lankan capital market.

The MoU will enable the institutions to jointly deliver initiatives focused on educating local investors on ESG and fostering effective ESG practices and communication by Listed Companies. Furthermore, the MoU will also pave the way for cooperation in improving ESG-related know-how of local market practitioners, encouraging the adoption of the CFA Institute’s Global ESG Disclosure Standards for Investment Products and the introduction of ESG-related new products, standards and regulations.

Commenting on the development, Chairman of the SEC Mr. Viraj Dayaratne PC stated “Strengthening ESG focus in regulation, policy-making and in our advocacy efforts among investors, issuers and other market stakeholders is vital in ensuring that the Sri Lankan capital market benefits from the considerable interest in ESG investing observed globally. While capturing the knowledge and expertise of the CFA Society Sri Lanka in our ESG agenda offers considerable value, the MoU also offers a new avenue through which the SEC and CSE could strengthen ties with an institution that represents financial analysts and investment practitioners – professionals who are central to the development of the Sri Lankan capital market.”

Chairman at CSE Mr. Dilshan Wirasekara commenting on the MoU said “CSE has over the years maintained a strong commitment to creating ESG related awareness and to encourage the greater adoption of ESG practices and communication by listed companies as it not only creates opportunities for the market, but also creates a positive impact to the environment and society at-large. This MoU offers CSE the opportunity to benefit from the strategic direction and guidance of the industry regulator the SEC and tap into the technical know-how and expertise of CFASSL and its international network during the process of delivering multiple progressive ESG related objectives. The CSE looks forward to creating positive ESG related outcomes for investors, listed issuers and our stakeholders as a result of this collaboration.”

Mr. Dinesh Warusavitharana CFA, the President of CFASSL said “The local member society of CFA Institute, which is a global organization that provides education for investment professionals are pleased to collaborate with the SEC and CSE to educate capital market participants on ESG. As sustainable finance has grown rapidly in recent years, a growing number of institutional investors and funds now incorporate various ESG investing approaches to create better long-term financial value. We believe this tripartite collaboration will facilitate knowledge enhancement of the key participants on ESG to prepare them to access global funds dedicated for ESG investing.”

Chairman Mr. Viraj Dayaratne PC and Director General Mr. Chinthaka Mendis were signatories of the MoU from the SEC while Chairman at CSE Mr. Dilshan Wirasekara and CSE CEO Mr. Rajeeva Bandaranaike signed on-behalf of the CSE. President CFASSL, Mr. Dinesh Warusavitharana CFA and Vice President CFASSL Mr. Aruna Perera CFA were the signatories from CFASSL. The signing ceremony which was held at the SEC was also attended by other senior officials from the three institutions.

June 22, 2022

The CFA Society Sri Lanka is scheduled to host the ninth annual CFA Capital Market Awards on 29 June 2022 at the Oak Room of Cinnamon Grand Colombo, under the theme ‘Blockchain Revolution in Sri Lanka’s Capital Market’. The Capital Market Awards is a signature event in the CFA Society Sri Lanka calendar, and among the most sought-after accolades recognizing and rewarding excellence in the local capital markets.

This year’s event theme pertaining to blockchain regulations and in particular, the use of cryptocurrencies, serves to highlight the importance of adopting new technologies for the growth and evolution of the market, as well as supporting the recovery of the local economy.

While the global cryptocurrency market capitalisation surpassed USD 5 trillion this year, unlike the traditional banking industry, certain jurisdictions are further along in defining approaches to regulation of the digital asset industry. As the digital asset industry evolves, so necessarily must the legal and regulatory landscape.

Against this backdrop, in October 2021, Sri Lanka’s cabinet of ministers approved the establishment of a committee to study the feasibility of blockchain-related initiatives. Subsequently in December 2021, local media reported that the Colombo Port City would allow cryptocurrency trading, subject to conditions.

It was also reported in June 2022 that a local DocuSign integrator would be launching Sri Lanka’s first regulated crypto exchange within the Colombo Port City over a 3-month period, having communicated with the Securities and Exchange Commission of Sri Lanka (SEC) and the Central Bank of Sri Lanka to formulate a regulatory framework.

With Sri Lanka recently branching out into crypto payments, NFT auctions and crypto investments, CFA Society Sri Lanka is of the view that there needs to be a conversation around how to regulate markets and how industry players can work with regulators.

As such, this year’s CFA Capital Market Awards is set to feature Gabriella Kusz – CEO of the Global Digital Asset & Cryptocurrency Association (DCA) and Deputy Chair of the Government Blockchain Association (GBA) Regulator Working Group – as the keynote speaker.

June 16, 2022

As the ninth annual CFA Capital Market Awards scheduled for 29 June 2022 draws nearer, CFA Society Sri Lanka takes the opportunity to review the award winners from last year, as it continues to recognise and reward professionals who have established benchmarks for the advancement of domestic capital market participants.

The Best Unit Trust Fund Award is among five major accolades presented at the CFA Capital Market Awards, with the objective of recognizing and rewarding fund management companies that place unit holders’ interests first, promote better compliance and transparency for investors, and encourage the adoption of best practices in asset management. JB Vantage Value Equity Fund was conferred the title of Best Unit Trust Fund at the 2021 CFA Capital Market Awards.

Sri Lanka is deemed to have made an early foray into the unit trust industry, which originated in the country in the early 90s with four major players in the market. The industry has since grown from just 6 unit trust management companies in 2010 with assets under management (AUM) of LKR 23 billion, to 16 unit trust management companies with LKR 198.5 billion in AUM by end-2021.

The past decade has seen unit trusts come to the very forefront, set against a backdrop of improved financial literacy around the industry, more knowledgeable fund managers and better reporting.

Christine Dias Bandaranaike, CEO and Portfolio Manager at JB Financial, comments: “Over the last 10 years, there has been a much greater increase in the number of firms in the industry offering unit trusts in Sri Lanka, the number of funds available and the level of competition in delivering returns to investors.”

JB Financial entered the space in 2011, and is also the first and so far only unit trust manager in the country to be Global Investment Performance Standards (GIPS) compliant. Created by CFA Institute, GIPS refer to a set of voluntary standards used by investment managers throughout the world to ensure the full disclosure and fair representation of their investment performance. The goal of the standards is to make it possible for investors to compare one firm’s performance against that of another firm.

Dias Bandaranaike affirms: “With the senior management of JB Financial themselves being CFA charterholders, we always believed that it was important to demonstrate the level of importance that we placed on ethics and standards by complying with the best international practices.”

She also notes that the CFA Society has played an active role in striving to improve governance, particularly with regard to corporate reporting, disclosures and the external relations companies maintain with investors in the market.

Spotlight on CFA Capital Market Awards

The JB Financial team’s triumph at the CFA Capital Market Awards – on three occasions including in 2021 – is a reflection of its belief that apart from providing sound returns to investors, going the extra mile with transparency, governance and the like, enabled it to win Gold in the Best Unit Trust Fund category.

Dias Bandaranaike explains that “the annual CFA Capital Market Awards offers firms an opportunity to be introspective, to look at what we are doing right and what we can improve; it provides those who participate with an incentive to strive to be better.”

Speaking of how receiving the award has helped the organisation, she remarks: “It is encouraging to know that someone appreciates what we’re doing, and it’s boosted the morale of our team. We celebrate the achievement internally as well, as it’s something that we all individually worked towards accomplishing.”

The JB Financial view is that the awards have helped improve the overall standards of the capital markets industry, particularly in regards to the quality of reporting.

To this end, Dias Bandaranaike points out that “compared to research reports from 10 years ago, both the number of reports and their level of depth have improved significantly. On the corporate side, listed companies understand the importance of having good investor relations, and why they should speak to brokerages/research firms.”

She concludes by identifying areas where CFA can do more to improve the standards of the unit trust industry: “Globally, pooled funds, whether in the form of unit trusts or mutual funds, have prospered due to being tied to two elements: the retirement savings industry and some form of tax sheltering. But in Sri Lanka, we have neither. This is something that CFA Sri Lanka must advocate for, where there is a locked retirement planning system in place.”

June 13, 2022

The CFA Society Sri Lanka is delighted to announce the ninth annual CFA Capital Market Awards, which is scheduled to be held on 29 June 2022 at Cinnamon Grand Colombo, under the theme ‘Blockchain Revolution in Sri Lanka’s Capital Market’.

A signature event in the CFA Society Sri Lanka calendar since its inception in 2013, the Capital Market Awards is among the most sought-after accolades that recognizes and reward excellence in the local capital markets. The event stands in line with the Society’s mission ‘to lead the finance and investment profession in Sri Lanka by introducing and promoting global best practices in ethics, education, and professional excellence for the ultimate benefit of society’.

CFA Society Sri Lanka President Dinesh Warusavitharana noted: “CFA Society Sri Lanka is hosting the Capital Markets Awards for the ninth year to recognize excellence in the Sri Lankan capital market. This year, we have selected the theme of ‘Blockchain’, to highlight the importance of adopting new technologies for the growth and evolution of the market.”

“We need to evolve and innovate at a greater pace in the current context to rise above the crisis in Sri Lanka, to attract much-needed foreign investment to the capital market to support the recovery of the Sri Lankan economy,” he added.

CFA Capital Market Awards Chairperson Nadika Ranasinghe commented that “in an environment where the domestic capital market is seeing an unprecedented level of volatility and uncertainty, we are pleased to hold this event this year to recognize market participants who have strived to achieve and maintain excellence despite challenges.”

She also noted: “We believe that the awards will encourage participants to rise to the challenge and continue to respond to clients’ requirements effectively. We would also like to thank our panel of judges across each award category for their continued involvement and commitment.”

This prestigious event in the corporate calendar of Sri Lanka’s finance and investment industry will witness the participation of stakeholders including industry regulators, stockbroking companies, unit trusts, investor relations teams, and senior management of listed entities.

The awards will be presented under the five categories of Best Equity Research Team, Best Equity Research Report, Best Sector Report, Best Investor Relations Team, and Best Unit Trust Team, with awards for Gold, Silver, and Bronze in each category respectively.

As in past editions of the Capital Market Awards, the judging will be carried out by a carefully selected panel consisting of both CFA charterholders as well as industry experts.

June 7, 2022

With the ninth annual CFA Capital Market Awards – scheduled for June this year – fast approaching, the organizers CFA Society Sri Lanka reviews the award winners from the 2021 edition of its landmark event, which recognizes and rewards professionals who have established benchmarks for the advancement of domestic capital market participants.

Among the five major accolades presented at the CFA, Capital Market Awards are the honours for the Best Equity Research Team, awarded to Capital Alliance Securities (CAL Securities) last year. The award recognizes teams working to develop research as an integral component of investment decision-making and promotes the provision of high-quality and timely research to all market participants.

Commenting on the award, CAL Group CEO Ajith Fernando notes “At CAL Securities, we consider our research team to be a key contributor to not only the stockbroking unit but across the organization. We were honoured to win the gold award for the best equity research team and best sector report at the 2021 CFA Capital Market Awards, and believe it is a testament to the team’s dedication to providing timely and relevant insights”.

Reflecting on the role of investment research at CAL Securities, the team explains that it has evolved from catering purely to equity decision making to now cutting across all verticals and being a vital part of the organization.

As a result, the team at CAL Securities has witnessed significant changes both in its product offering and how insights are disseminated. Five to six years ago, its product line-up primarily catered to company and sector reports, and daily market reports whereas today, it includes partnered content to provide on-the-ground insights, primary research and macro research.

Head of Research at CAL Securities Trisha Peries, CFA, states that this has also led to a greater demand for macro and political research/insights: “Apart from equity research, there’s an expectation for equity research teams to have a much deeper knowledge of macroeconomic conditions and their effect on certain counters.”

In terms of what CAL Securities did differently to win Gold in the Best Equity Research Team and Best Sector Report categories at the 2021 CFA Capital Market Awards, the team highlights improved standards of content along with communicating the requisite level of detail to investors in a user-friendly manner.

Chief Strategist Udeeshan Jonas notes that the team has incorporated the feedback received from the CFA Capital Market Awards to tweak products accordingly. He believes that this feedback is not merely a requirement of the awards, but a market requirement that enables to uplift industry research standards, which “has also led to an improvement in reports over the years.”

As for further steps to be taken by the CFA Society, the team says helping to improve financial literacy and advocating for investment banking/equity research as a career option – not only at the university level but also in secondary education – should be on the agenda, as this will help provide a larger pool of talent for the industry at a time when attracting talent is becoming increasingly difficult.

CFA Institute is a global association of investment professionals offering the Chartered Financial Analyst designation. Its Sri Lankan membership of over 240 members consists of CEOs, CFOs, portfolio managers, equity analysts, banking professionals, investment advisors, and other senior-ranking financial practitioners.

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Future-proof focus: CFA Capital Market Awards shines light on data-driven approach to equity research analysis

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CFA Capital Market Awards 2022 fetes best in the investment profession

SEC, CSE, and the CFA Society SL aim to strengthen ESG Focus in the Sri Lankan Capital Market

CFA Capital Market Awards 2022 step into the blockchain era

Promoting pooled funds: CFA Capital Market Awards propel unit trust fund management to the forefront

Ninth annual CFA Capital Market Awards to be held on 29 June

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