SEC, IST partner to tackle market infractions

The Securities and Exchange Commission (SEC) has expressed readiness to partner with relevant bodies to ensure zero tolerance on infractions in nation’s capital market.Besides, the commission also assured stakeholders that perpetrators of fraudulent activities in the market must be penalised.

The Acting Director General of SEC, Dr. Abdul Zubair stated this while receiving the chairman and members of Investments and Securities Tribunal (IST) in his office in Abuja.

Zubair reiterated that the present management of SEC has zero tolerance on infractions adding that anyone that flouts the rules will face the consequences of such actions.

Furthermore, he added that the SEC has been embarking on a number of initiatives to protect the investors in the market and ensure that they reap the benefits of their investments.

“SEC has rolled out a number of initiatives and campaigns which have been yielding results. These initiatives are to ensure that investors are aware of what to do to protect their investments”,“The e-dividend is one of such campaigns and we enjoin investors to key-in so that they can reap the benefits of their investments” he added.

The Chairman of the Investment & Securities Tribunal (IST), Isaiah Idoko-Akor congratulated the Acting DG on his assumption of office and expressed the confidence of the Tribunal in his ability to move the market forward. He commended the SEC for its efforts to support the Tribunal in the discharge of its duties and craved for more support to avoid hitches in the Tribunal carrying out its assignments.

“IST is serving the market, it is very important to the market and that is why we commend SEC for its support to the IST”“ However, IST needs to be strengthened to be able to carry out its functions effectively. As the market is expanding, we also need funds to expand our operations to be able to serve better” he said.

Akor, while commending the SEC on the various initiatives rolled out to drive market activities, also called for increased enlightenment and sensitisation of the investing public especially as it relates to seeking redress on issues relating to the capital market.