SEC to intensify monitoring and surveillance of CMOs

In a bid to curb poor market conduct, the Securities and Exchange Commission has resolved to intensify monitoring and surveillance of the market and has vowed to apply stiff sanctions to any operator who engages in unethical conduct.

The Director-General of the SEC, Mr Lamido Yuguda stated this in an address at the Annual Stockbrokers Conference of the Chartered Institute of Stockbrokers with the theme: Capital Market as a Catalyst for Economic Development and Sustainable Growth held in Lagos.

Yuguda said capital market operators are the face of the market and they interact daily with investors adding that it is, therefore, important that they prioritise the interest of investors over their own and be seen to demonstrate the highest level of integrity and transparency in conducting their activities.

According to him, “Poor conduct dissuades investors from our market and therefore counters our collective objective of broadening and deepening the market.

“We also expect that the institute will continue to make it mandatory for its members to undertake annual professional development programs that address emerging issues. I believe that this will go a long way in ensuring that the practitioners in the market are highly skilled and are equipped to make a real impact towards growing the market.

Yuguda disclosed the SEC has led several initiatives to reposition the Nigerian capital market to better support sustainable economic growth and development through the articulation of responsive and adaptable Rules to support innovation and access to capital for small and medium enterprises, promotion of good corporate governance, an improved registration process, an adequate and transparent disclosure regime, enhanced enforcement machinery and dispute resolution mechanisms.

The DG assured that the SEC would continue to take steps that empower trade groups and professional associations for more effective market regulation reassuring of the Commission’s commitment and determination to restore investor confidence, preserve market integrity and reduce systemic risk.

In his remarks, Chairman House of Representatives Committee on Capital Market, Hon. Ibrahim Babangida said the conference was an opportunity for the CIS to do an appraisal of its activities and impact in Nigeria’s economic growth and fashion out more and better ways to assist in alleviating the dwindling economy of the country as well as salvaging it from the present economic quagmire.

Babangida said this year’s conference came at a time the parliament is embarking on the legislative activities in the passage of the 2022 Appropriation Bill submitted by Mr. President and urged the stockbrokers to employ all their professionalism in collaborating with this legislative process.

Earlier in a welcome address, the president of CIS, Mr Babatunde Amolegbe said the Institute is committed to focusing on the economy and capital market advocacy with the intention of achieving an inclusive and efficient capital market as an essential tool for economic development.

According to Amolegbe, “The capital market is still a virgin territory with so many opportunities available, so, as stockbrokers, you are only limited by your own imaginations.

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