SEC may announce new recapitalisation programme for operators



SEC may announce new recapitalisation programme for capital market operators

By Chinyere Joel-Nwokeoma

Capital market operators should be bracing up for recapitalisation programme as indications emerged  that the Securities and Exchange Commission (SEC) may introduce  new minimum capital requirements.

Mr Reginald Karawusa, SEC acting Executive Commissioner, Legal and Enforcement, gave the indication at a media session with Business Editors in Lagos to unveil the commission’s plans for 2020.

Karawusa, who was not definite on when it would be introduced , stressed the need for operators to have strong capital base in order to compete effectively in the market.

The News Agency of Nigeria (NAN) reports that some market operators are already expecting the eventual recapitalisation exercise, given the SEC rule 57 & 58 on Net Capital introduced by the commission in January 2020.

The rules require all stockbroking firms, on monthly basis, to compute and file with the commission…

Source: News Agency of Nigeria