The Securities and Exchange Commission (SEC) has said it will revoke the registration of about 400 capital market experts or professionals who do not comply with the directive to provide updated information of their companies by July 31, 2017.
According to SEC, pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007, it had directed all capital market experts or professionals to provide updated information of their companies/firms in December 2016 and February 2017.
However, it was observed that a large number of capital market experts or professionals comprising reporting accountants, solicitors, and estate surveyors/valuers among others, did not respond to the request, hence the commission decided to sanction any firm that does not response by July 31. 2017.
According to a circular from SEC, â€œany firm whose response is not received within this time frame would be considered inactive and the SEC would exercise its power to revoke its registration.â€
â€œThe concerned firms are by the circular required to indicate their interest in retaining their registration with SEC as capital market experts or professionals by providing updated information on their firms using the link provided. They are also reminded that the minimum number of sponsored individuals required for their registered function is three, including a compliance officer,â€ SEC said.
The regulator said in recognition that a larger number of capital market experts or professionals have offices in Lagos, it relocated its Registration and Inspectorate Divisions to Lagos in January 2017, adding that the concerned capital market experts or professionals are enjoined to visit any of the Commissionâ€™s Offices in Abuja, Lagos, Port Harcourt and Kano for further clarification.
â€œAll concerned capital market experts or professionals are required to comply with this directive on or before July 31, 2017 as any firm whose response is not received within this time frame would be considered inactive and the SEC would exercise its power to revoke its registration,â€ SEC added.
Meanwhile, the equity market continued its rally yesterday as the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 3.85 per cent to close at 32,578.38.
The appreciation recorded in the share prices of FBN Holdings, Flour Mills of Nigeria, Access Bank, Dangote Cement and Lafarge Africa mainly propelled the growth.
Investors traded 640.43 million shares valued at N7.68 billion, down by 7.03 per cent from N8.26 billion recorded last Friday.