SEC Warns Operators against Unethical Practices in Capital Market

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Goddy Egene

The Securities and Exchange Commission (SEC) has warned some operators in the Nigerian capital market to desist from practices that violate rules and regulations in the market.

The commission in a statement on Monday, said its attention had been drawn to an emerging trend of unethical conduct by brokers, issuing houses/book runners and other receiving agents in primary and secondary market transactions.

The SEC said the concerned operators carry out their activities by inducing investment through the sharing of brokerage fees or receiving agents commission with private banking officers, asset/fund managers, pension fund administrators (PFA)s and other institutional investor classes who are not duly registered or recognised by the Commission as being eligible to be paid commission.

The commission therefore warned: “Notice is hereby issued that only capital market operators duly registered by the commission are eligible to be…



Source: Thisday Newspaper