proposals. in the meantime, the business recovery and insolvency practitioners association of sri lanka ( bripasl ) has had a series of discussions and formulated draft legislation for the revival of sick industries. i appreciate the co - ordination between the two committees and their efforts in arranging this important workshop. i understand that the keynote speaker today, mr. sumant batra from india who has acquired wide knowledge on restructuring of sick industries in india would elaborate his experience on corporate turn - around and insolvency, and respond to similar proposals that would be made at this workshop. i am confident that the eminent speakers from various fields who are present at this forum, would provide an opportunity to the distinguished participants to share and rationalize ideas, thus ensuring the formulation of sound principles to be incorporated in the draft legislation on the restructuring of sick industries. a comprehensive law on this aspect would help enterprises to become viable in the medium to long term while enabling the banks to recover the debt and be viable financial institutions. i hope today ’ s deliberations would guide the relevant committees and those who are associated in policy formulation to take this important initiative forward. thank you. 2 / 2

will be encouraged among lfcs / slcs to sustain strong financial institutions, while minimising unstable small scale finance companies in the sector. the finance business act is also being currently revamped to strengthen the regulatory framework with due consideration to the evolving characteristics of the sector. accordingly, it is being revised to incorporate provisions related to the resolution of lfcs and slcs and unauthorised establishments. it will also focus on an improved litigation mechanism for fraudulent activities, while ensuring rapid prosecution of those who have misappropriated public funds. in line with this, a customer charter has also been issued recently to improve consumer protection and prevent associated malpractices. there has been widespread concern regarding non - bank financial institutions engaging in unethical lending practices, especially in the north and north central provinces and increased indebtedness of the public. we have been actively engaging with such institutions and other public stakeholders, including government agencies, to curtail such activity and to emphasise that these issues will be dealt with in a firm manner, while enhancing awareness among the public. we strongly believe that public awareness can also prevent such social mishaps and so will continue to undertake awareness programmes to educate the populace about the dangers of engaging in unauthorised investment schemes, while stressing the benefits of investing only in institutions that are authorised by the central bank to accept deposits. further, we expect to develop a supervisory mechanism to assess the risk of primary dealers ’ transactions on a regular basis. we are also engaged in active macroprudential surveillance to constantly monitor developments in the broader economy and assess their impact on the overall financial stability of the country. these surveillance efforts have highlighted issues such as excessive lending for non - productive sectors, continued deceleration in the growth of total assets of the non - bank financial sector, and reduced capital buffers and presence of weak finance companies. accordingly, over the next few years, we will continue to strengthen the institutional framework for macroprudential surveillance through analysing liquidity and interest rate gaps and multicurrency foreign exchange risks, monitoring leverage of financial institutions, and enhancing credit risk assessments of the financial sector. as part of our macro prudential surveillance, a systemic risk survey is being conducted on a biannual basis to identify systemic risks to the domestic financial system. as part of a more complex monitoring system, a framework is to be developed to facilitate the identification and analysis of financial cycles and business cycles. multivariate