The Securities and Exchange Commission (SEC) has inaugurated an administrative proceedings committee to check violations of capital market rules.
Chairman of the board of SEC, Dr. Suleyman Ndanusa has warned capital market operators to observe the rules and regulations guiding the market, saying violators will be dealt with in accordance with the law establishing the commission.
He emphasised the need for conflicts to be resolved in order not to threaten the financial stability of the capital market.
Addressing members of the committee, Dr. Ndanusa says there is a need to build trust and increase confidence of people in the capital and financial markets.
He notes that the re-launch of the administrative proceedings committee is aimed at protecting the interest of investors, in addition to providing an opportunity for a fair hearing to aggrieved parties.
SEC’s Director-General and chairman of the re-launched administrative proceedings committee, Ms Aruma Oteh, pledged the commitment of the committee to uphold the laws of the commission.
She described the committee as an important instrument that will ensure the enforcement of capital market regulations.
For some of the shareholders who witnessed the inauguration of the committee, the re-launch of the administrative proceedings committee will serve as a booster to investors’ confidence in the capital market.
The administrative proceedings committee is a quasi-judicial body established for the purpose of resolving disputes in the capital market and sanctioning of violators.