Chairman of ASHON, Mr. Emeka Madubuike
Trade groups in the Nigerian capital market have assured investors that the days long wait for the resolution of complaints would soon be over as regulators and stakeholders are putting in place a common platform to resolve all complaints in the market.
Many investors get discouraged from patronising the capital market due to operators and regulators’ non-resolution or delay in resolution of their complaints. However, leaders of trade groups such as the Chartered Institute of Stockbrokers(CIS), Association of Stockbroking Houses of Nigeria (ASHON), Institute of Capital Market Registers (ICMR), Capital Market Solicitors Association of (CMSA) Nigeria, last week assured investors that going forward complaints in the market would be resolved within a very short period of time unlike in the past.
The leaders of trade groups spoke separately at the 2012 Securities and Exchange Commission (SEC) Journalists’ Academy in Abuja.
Specifically, the Chairman of ASHON, Mr. Emeka Madubuike, whose paper on new complaint management framework, noted that the initiative is one of collaborative efforts to restore confidence back to the market.
He said the need to put this framework in place arose because the current state of complaints handling falls far short of what is required in the market when compared with other emerging and developed markets.
According to him, the current system lacks a clearly defined process.
“At present complainants do not know what to do or where to go. Complainants resort to multiples complaints to as many as six different places. Delays, partial, selective and non-resolution of complaints lead to frustration and loss of confidence on the part of complainants,” he said.
However, he said the harmonised complaint management was expected to overcome the ills and drawbacks being currently experienced in the market.
“The new framework will be classified to ensure simplicity and enhance effectiveness of the initiative. It will show complaints against operators by clients; complaints between operators; complaints against regulator/self-regulatory organisations (SRO); complaints against operators by SRO/regulators; trade manipulation, accounting frauds, Ponzi schemes among others,” Madubuike said.
He emphasised that this new framework would ensure that investors were reasonably confident that any breaches are promptly dealt within a consistent, firm, fair and honest manner.
“It will foster market transparency, investor protection, high ethical standard and market integrity. This will further boost investor confidence as well as make the market the preferred investor destination,” the ASHON boss said.