SEC Suspends 35 Market Operators

It’s certainly not a good way to start the New Year for some capital market operators but there were early signs of improved market regulation … Continue reading SEC Suspends 35 Market Operators


It’s certainly not a good way to start the New Year for some capital market operators but there were early signs of improved market regulation in the interest of the investing public as the Securities and Exchange Commission (SEC) has withdrawn the registration of 35 operators.

The commission cited non-compliance by the operators to statutory requirements as regards mandatory periodic rendering of account.

The affected members include, Indemnity Finance Limited, First Atlantic Securities, Alliance Capital Management Company Limited and Apex Securities Limited amongst others.

The Nigerian Stock Exchange, the Chartered Institute of Stockbrokers, the Institute of Capital Market Registrars and the Central Securities Clearing Systems (CSCS) Limited have been directed to desist from dealing with the affected companies.

Shareholders who still have portfolios with the listed operators have also been advised to contact the CSCS Ltd to transfer their shares to any stockbroker of their choice.