In a circular issued by SEC, the commission is asking 94 firms to state why their registration as capital market operators should not be cancelled on or before December 4, 2015.
The commission stated that the capital market firms have consistently failed to render their statutory returns to the commission and may have been unable to comply with the new minimum capital requirements before the deadline stipulated by the commission, which expired on the September 30, 2015.
SEC had started post-recapitalisation audit of capital market operators with a view to providing a final list of active and well-capitalised capital market operators by the end of 2015.
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It said that the decision followed extensive consultations with party stakeholders, and representatives of all…
