SEC to ban unregistered capital market operators

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The Securities and Exchange Commission (SEC) has warned that it will ban capital market operators (CMOs) that are yet to renew their registration by May 31.

This detail was stated in a circular signed by the management of SEC in Abuja on Monday, May 11.

Recall that on March 23, SEC had informed the general public and CMOs on the reintroduction of the periodic renewal of registration by operators.

It had said that this was due to the need to have a reliable data bank of all the CMOs registered and active in the capital market.

“To provide updated information on operators in the Nigerian Capital Market for reference and other official purposes by local and foreign investors, other regulatory agencies and the general public, to increasingly reduce incidences of unethical practices by CMOs such as may affect investors’ confidence and impact negatively on the Nigerian Capital Market and to strengthen supervision and monitoring of CMOs by the Commission,” SEC explained.

According to the circular, the commission said CMOs yet to renew their registration at the expiration of late filing on May 31, would not be eligible to operate in the capital market.

It explained that CMOs were required to have completed the renewal process on or before April 30. However, the commission said late filing for renewal of registration would only be entertained from May 1 to May 31.

The commission also said that asides from barring the CMOs who failed to comply accordingly, their names would be published on its website and national dailies.

It warned that names of eligible CMOs would be communicated to the relevant securities exchanges and trade associations.

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Francis Ogwo
The young and goal driven writer and cinematographer started his journalism as a print journalist in Kaduna in 2005 writing for Kaduna Chronicles Newspapers, Liberator Newspapers where he became the South Bureau Chief. In 2008, he moved into TV production with an employment into Siverbird Television and Rhythm Fm as a Correspondent. He got certified by Independent Television Producers Association of Nigeria(ITPAN) in 2009. After five years of hardwork and training, he was employed as Associate Producer, Moments With Mo and subsequently Producer, Playground on HipTV. Francis currently majors in documentaries and high profile scripts for news and movies. He is currently a Senior Contents Producer at News Central TV

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