SEC to intensify monitoring and surveillance of CMOs

In a bid to curb poor market conduct, the Securities and Exchange Commission has resolved to intensify monitoring and surveillance of the market and has vowed to apply stiff sanctions to any operator who engages in unethical conduct.

The Director General of the SEC, Mr. Lamido Yuguda stated this in an address at the Annual Stockbrokers Conference of the Chartered Institute of Stockbrokers with the theme: Capital Market as a Catalyst for Economic Development and Sustainable Growth held in Lagos.

Yuguda said capital market operators are the face of the market and they interact daily with investors adding that it is therefore important that they prioritise interest of investors over their own and be seen to demonstrate the highest level of integrity and transparency in conducting their activities.

He said “Most of our more recent efforts at developing our market are targeted at contributing to the growth of the national economy.  For instance, the core objective of the ten-year Capital Market Master Plan is to position the capital market for an accelerated development of the national economy. Some level of success has been recorded from its implementation so far and efforts are currently on-going 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.

In his remarks, Chairman House of Representatives Committee on Capital Market, Hon. Ibrahim Babangida said the conference is an opportunity for the CIS  to do an appraisal of its activities and impart in Nigeria’s economic growth and fashion out more and better ways to assist in alleviating the dwindling economy of the country as well as salvaging it from the present economic quagmire.