Mar 22, Colombo: The Director-General of Sri Lanka's capital market's regulator, Securities and Exchange Commission said Friday that he will resign at the end of May.

The Prof. Hareendra Dissabandara said on Friday that he has submitted his resignation from the post Director-General effective May 27. He has not given any specific reason for his decision.

"I have handed over the resignation letter. I will resign with effect from May 27 and the resignation is based on my principles and the present set-up," Prof. Dissabandara has told Reuters.

SEC chairman Dr. Nalaka Godahewa has said that he could not understand the Director-General's decision since his term expires anyway by May 31.

Two SEC Chairpersons resigned from the troubled regulator within a period of less than one year.

Former SEC chairwoman Indrani Sugathadasa resigned from the post in December 2011 due to the pressure from the stock brokers.

The The former chairman resigned from the post claiming that he was under tremendous pressure from some investors who are under investigation for malpractices at the Colombo Stock Exchange.

Tilak Karunaratne who replaced Ms. Sugathadasa resigned from his post in August 2012 post claiming that he was under tremendous pressure from some investors who are under investigation for malpractices at the Colombo Stock Exchange.

The current Chairman, Dr. Godahewa was appointed to the post following Karunaratne's resignation.