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SEC, IST Partner To Curb Market Infractions

The Securities and Exchange Commission (SEC) has expressed readiness to partner with relevant bodies in its quest to ensure zero tolerance on infractions in Nigeria’s capital market and to ensure that perpetrators of fraudulent acts are brought to book.

Acting Director General of SEC, Dr. Abdul Zubair, made the disclosure when the chairman and members of Investments and Securities Tribunal, IST, visited his office in Abuja.

Zubair said that the present management of SEC had zero tolerance on infractions, adding that anyone that flouts the rules will be made to face the consequences of such actions.

He told the IST team that the SEC had embarked on a number of initiatives to protect the investors in the market and ensure that they reap the benefits of their investments.

He explained: “SEC has rolled out a number of initiatives and campaigns which have been yielding results. These initiatives are to ensure that investors are aware of what to do to protect their investments.

“The e-dividend is one of such campaigns and we enjoin investors to key-in so that they can reap the benefits of their investments”, Zubair added.

Earlier, the Chairman of the IST, Isaiah Idoko-Akor, congratulated the Acting DG on his assumption of office and expressed the confidence of the Tribunal in his ability to move the market forward.

He commended the Commission for all it has been doing to support the Tribunal in the discharge of its duties and craved for more support to avoid hitches in the Tribunal carrying out its assignments.

“IST is serving the market, it is very important to the market and that is why we commend SEC for its support to the IST. However, IST needs to be strengthened to be able to carry out its functions effectively. As the market is expanding, we also need funds to expand our operations to be able to serve better” he said.

Akor also canvassed increased enlightenment and sensitisation of the investing public about the activities of the SEC, especially on how to seek redress on issues relating to capital market infractions or abuses.

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