The regulatory body for capital market, the Securities and Exchange Commission (SEC) has promised to intensify monitoring and surveillance of the capital market in order to curb unethical conduct.
It should be noted that SEC has repeatedly warned the investing public against fraudulent and bogus investment schemes with unreasonable high returns.
This disclosure is contained in a statement issued by the Director-General of SEC, Mr Lamido Yuguda, after the Annual Stockbrokers Conference of the Chartered Institute of Stockbrokers held on October 28 and 29 in Lagos
Yuguda warned that operators who engage in unethical conduct will face stiffer sanctions adding that capital market operators were the face of the market as they interact daily with investors.
He said, “We also expect that the institute will continue to make it mandatory for its members to undertake annual professional development programmes that address emerging issues.
“I believe that this will go a long way in ensuring that the practitioners in the market are highly skilled and are equipped to make real impact towards growing the market.
“SEC has led several initiatives to reposition the Nigerian capital market to better support sustainable economic growth and development.
“Through the articulation of responsive and adaptable rules to support innovation and access to capital for small and medium enterprises, promotion of good corporate governance, an improved registration process, an adequate and transparent disclosure regime, enhanced enforcement machinery and dispute resolution mechanisms.
“Most of our more recent efforts at developing our market are targeted at contributing to the growth of the national economy.’’
Yuguda explained that the core objective of the 10-year Capital Market Master Plan was to position the capital market for an accelerated development of the national economy.
He said, “Some level of success has been recorded from its implementation so far and efforts are currently ongoing to re-launch it for better impact during the remaining period of its implementation.
“As stakeholders, it is important to have a common understanding of the role the capital market plays not just as a catalyst of economic development but the trend, drivers and preconditions for a robust and viable capital market.
“The World Bank acknowledges that there are many areas of this relationship where research has been found thin.
“It is equally important for investors to perceive the capital market and capital market intermediaries as working for them and not against them.
“I, therefore, use this opportunity to implore the institute to identify some specific areas that could be used as a stimulus to improve the current state of the market.’’