In its effort to checkmate unethical practices amongst market operators, the apex regulator of the Nigerian capital market, the Securities and Exchange Commission, has announced the commencement of an annual renewal of registration for operators.
SEC made the announcement through a press release made available to The PUNCH Sunday.
The registration for 2023, which is expected to commence on January 1, 2023, will end on January 31.
According to the commission, the annual renewal of registration of capital market operators is aimed at ensuring that only fit and proper persons operate in the Nigerian capital market.
The SEC had in 2021 re-introduced periodic renewal of registration by capital market operators in order to have a reliable data bank of all CMOs registered and active in the Nigerian capital market, to provide updated information on operators in the Nigerian capital market for reference and other official purposes by local and foreign investors, other regulatory agencies and the general public.
The renewal was also introduced to reduce incidences of unethical practices by CMOs such as may affect investors’ confidence and impact negatively on the Nigerian capital market as well as to strengthen supervision and monitoring of CMOs by the Commission.
Consequently, the Commission amended its rules and re-introduced the requirement for yearly renewal of registration by all CMOs and carried out electronically in order to ensure efficiency.