By Peter Egwuatu
The Securities and Exchange Commission, SEC yesterday said it is committed to zero tolerance for malpractices in the capital market, vowing to deal with any operator involved in any actions that violates rules and regulations of the market.
The Director General of SEC, Mr. Mounir Gwarzo, gave this warning at the 21st Annual Conference of the Chartered Institute of Stockbrokers, CIS, revealing that number of ‘market infractions’ dropped by 87 percent to 36 in third quarter of this year (Q3 2017) from 291 in Q1 2016.
Meanwhile, in apparent recognition of their contributions to the growth and development of the Nigeria’s capital market, the CIS has approved conferment of its first Honorary Fellowship on Dr. Yakubu Gowon, Chief Olusegun Obasanjo, General Ibrahim Babangida and Alhaji Aliko Dangote .
Speaking on the theme of the conference, “Adapting to the Dynamic Changes in the Financial Market” Gwarzo said: “ I urged capital market participants to constantly adapt to new and rapidly changing economic, regulatory and business environments which will aid them in performing their expected roles in economic development of the nation.”
On market regulation and development by SEC, he said that the Commission is committed to continue developing the Nigerian Capital Market in line with the 10-year Master Plan. Also, the E-Dividend initiative is very central and recently the Commission has embarked on a massive media campaign to sensitize the public on the December 31, 2017 deadline on free e-dividend registration exercise and regularization of multiple accounts by investors.
In addition, he highlighted that the Commission has strengthened its Rule making process and more Rules are considered on a timely basis with the underlying justifications which will aid the market’s understanding of the thought process behind coming up with the rules.
As evidence of yielding positive results on some of the recently introduced initiatives, he disclosed that the number of reported cases of infractions in the market has reduced from 291 in Q1’2016 to 36 in Q3’ 2017. Also, the number of Enforcement Cases has come down from 49 to 30 within the same period.