By Sola Oni in Abuja
The Securities and Exchange Commission (SEC) has re-introduced the periodic renewal of registration by Capital Market Operators (CMOs).
This followed its resolve to curb reported cases of unethical practices in the capital market.
Consequently, the capital market regulator in a circular posted on its website, on Thursday, has given all CMOs an April 30 deadline to complete the registration renewal for 2021.
According to the statement, the move became necessary in order to have a reliable data bank of all CMOs in the Nigerian Capital Market both registered and active.
The circular said the re-introduction of the registration was also to strengthen supervision and monitoring of CMOs by the commission.
”SEC hereby notifies the general public and Capital Market Operators (CMOs) in particular, of the reintroduction of the periodic renewal of registration by CMOs.
”It will 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.
”Consequently, the Commission has amended its rules and reintroduced the requirement for yearly renewal of registration by all CMOs.
”This process will be carried out electronically in order to ensure efficiency,” it added.
The circular signed by the management reads further: “Securities and Exchange Commission (SEC) hereby notifies the general public and Capital Market Operators (CMOs) in particular, of the reintroduction of the periodic renewal of registration by Capital Market Operators.
“The reintroduction of renewal of registration is premised on the need: 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.
“To increasingly reduce incidences of unethical practices by CMOs such as may affect investors’ confidence and impact negatively on the Nigerian Capital Market to strengthen supervision and monitoring of CMOs by the Commission.
“Consequently, the Commission has amended its rules and reintroduced the requirement for yearly renewal of registration by all CMOs. This process will be carried out electronically in order to ensure efficiency.
For registration renewal please click on eportal.sec.gov.ng
“All CMOs are to complete the process of renewal/registration for 2021 on or before 30thApril 2021.”
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