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SEC warns Capital Market operators against infractions

By on September 23, 2015

The Securities and Exchange Commission (SEC) has won operators in the nation’s capital market against infraction, saying persons who violate the provisions of the Investment and Securities Act and the Rules and Regulations made pursuant thereto would be sanctioned appropriately.

SEC gave the warning, just as it reiterated that BGL Plc, its subsidiaries and sponsored individuals remain suspended from operating in the Nigerian capital market.

The commission assured stakeholders and general public that is it is committed to protecting investors and the capital market.
“To this end SEC will ensure that persons who violate the provisions of the Investment and Securities Act and the Rules and Regulations made pursuant thereto would be sanctioned appropriately,” SEC declared.

Speaking on BGL, the commission said the need to restate BGL’s suspension followed a court ruling, which discharged the Ex-parte order obtained by BGL Plc and its subsidiaries on May 27, 2015.

The commission in a notice it on its website said: “This is to inform the general public that on September 17th, 2015, the Federal High Court in Suit No. FHC/L/CS/767/15; BGL Plc & Ors Vs Securities and Exchange Commission, discharged the Ex-Parte order obtained by BGL Plc and its subsidiaries on the 27th of May 2015. In view of the Court’s ruling, BGL, its subsidiaries and sponsored individuals remain suspended from operating in the Nigerian capital market.”

However, SEC said   Nigerian Stock Exchange (NSE), Central Securities Clearing System Plc, Financial Market Dealers Quotation (FMDQ) Plc, Nigeria Association of Securities Dealers (NASD) Plc and the general public that  they should  further note that the its  directives  in its public notice dated the 21st of May 2015 still subsists.

SEC is empowered under Sections 13(n), 45, 303 of the Investments and Securities Act (ISA) 2007 and Rule 598 of its Rules and Regulation to protect the integrity of the capital market against all forms of abuses by investigating and sanctioning persons who violate the Provisions of the Act and rules and Regulation thereto.

SEC suspended BGL in May following the report of a detailed investigation into the various complaints received from investors against subsidiaries of the BGL Group.

 

[ThisDay]