Business
SEC Revokes Inactive Capital Market Operators’ Licences
The Securities and Ex
change Commission (SEC) has announced the revocation of operating licences of inactive capital market operators in the country.
According to a statement issued in Abuja on Monday, SEC said it wielded its powers under Section 30 (1) and (2) of the Investment and Securities Act (ISA) 2007 to revoke the operational licences of the capital market operators for their inactivity or dormancy in the capital market operation.
The Tide learnt that 84 firms licences were revoked in line with the ISA act 2007.
The firms include Fund Managers, Portfolio Managers, Venture Capital Managers, Corporate sub-brokers, broker/dealers, Corporate Investment advisers, issuing houses, Registrars, Trustees, Fund/Portfolio Managers etc.
It would be recalled that the SEC management had January 2015 issued directive to capital market operators to recapitalize their capital base with commission, the directive was further extended to September 30, 2015.