SEC Moves to Curb Sharp Practices in Capital Market

By Tony Obiechina,

Determined to curb reported cases of unethical practices in the capital , the Securities and Exchange Commission (SEC) has re-introduced the periodic renewal of registration by Capital Operators (CMOs).

Consequently, the capital regulator in a circular pasted on its website on Thursday, has given all CMOs an April 30 deadline to complete the registration renewal for 2021.

According to the statement, the move was aimed at having a reliable data bank of all CMOs in the Nigerian Capital both registered and active.

The circular said the re-introduction of the registration was also to strengthen supervision and monitoring of CMOs by the commission.

”SEC hereby notifies the general public and Capital Market Operators (CMOs) in particular, of the reintroduction of the periodic renewal of registration by CMOs.

”It will provide updated information on operators in the Nigerian Capital Market for reference and other official purposes by local and foreign investors, other regulatory agencies and the general public.

”Consequently, the Commission has amended its rules and reintroduced the requirement for yearly renewal of registration by all CMOs.

”This process will be carried out electronically in order to ensure efficiency,” it added.

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