SEC tasks CIS members on compliance to capital marke rules
Reiterates commitment to zero tolerance for infractions
ASHON urges govt. to leverage nation’s bourse for sale of assets
The Securities and Exchange Commission (SEC) have urged the Chartered Institute of Stockbrokers to ensure that members of the institute comply with the rules and regulations governing the operations of the Nigerian capital market.
The Director –General (DG) of the SEC, Mournir Gwarzo also reiterated the commission’s resolve towards ensuring that incidents of infractions within the market are brought to the barest minimum.
Some of these infractions include fraudulent disposal of investor assets, illegal fund management, wonder banks, insider dealing, corporate accounting fraud, and share manipulation among others.
Gwarzo, explained that SEC maintains zero tolerance to infractions, noting that laid down rules and procedures must be followed strictly to enhance the operations of the market.“The Nigerian capital market and the economy are facing some challenges. SEC draws the attention of CIS in aspect of compliance to the Investment and Securities Act and other rules governing the operations of the capital market.
“There is zero tolerance to infractions and I urge members of the institute to comply with all relevant laws in respect of the capital market to move the market forward.”
SEC had, in the first quarter of the year, sought the law enforcement agencies collaborate with the Commission in its effort to achieve zero tolerance to infractions in the market, and to ensure that the perpetrators of fraudulent acts are brought to book appropriately.
Gwarzo solicited the support of the IGP to enhance the ongoing co-operation between the Force and the Commission towards ensuring that the laid down rules and procedures are adhered to in the capital market.
While appreciating the police on the work they have been doing since the collaboration started, he sought more assistance in the areas of specialised discipline, such as forensic investigation to enhance the operations of the capital market.
The Inspector General of Police assured the Commission that the Nigerian Police would do all that it could to assist in ensuring that incidents of infractions within the capital market were brought to the barest minimum.
Meanwhile, the Chairman of Association of Stockbroking Houses of Nigeria, ASHON, Emeka Madubuike advocated that if the federal government must sell the National Assets it must be done through the nation’s capital market.
Madubuike said there is nothing wrong in selling the national assets especially those that are under performing to save the economy.He said: ” The country will surely come out of the recession if actions and measures being taken by the government are properly executed. I see us coming out of recession latest from the first quarter of next year. Nigeria has all it takes to come out of recession.
“If Nigeria must sold any asset, it must be done through the capital to give transparency and ensure that the asset would endure the times. The level of indiscipline in Nigerian economy is holding the country backward and unless we imbibe discipline, the country would remain like this,” he added.
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