Millennium IT Software gets SEC surveillance system modernisation contract

Cabinet nod has been granted to award the Securities and Exchange Commission’s (SEC) surveillance system modernisation contract to Millennium IT Software (Pvt) Ltd as a direct procurement.

Prime Minister Ranil Wickremesinghe in his capacity as Minister of Finance, Economic Stabilisation and National Policies on Monday sought the approval of the Cabinet of Ministers to modernise the surveillance system by calling for proposals as a direct procurement from Millennium IT Software (Pvt) Ltd.

Millennium IT Software established the existing surveillance system for the SEC in 2008. However, the Department of Government Information noted that the surveillance system is in need of an upgrade to suit modern conditions.
The government expects to finance the cost of the procurement via the World Bank-funded Financial Sector Modernisation Project. The International Development Association (IDA) of the World Bank has already committed US$75 million as funding for the project. 

The project is expected to modernise the country’s financial market infrastructure, upgrading the legal and regulatory framework for the financial system, and strengthening the institutional capacity of financial sector regulators.