SEC to Clampdown on Operators for Market Infractions

Kenneth O. Eze -

The Securities and Exchange Commission (SEC) has set a November 9, 2009 date to summon capital market operators to face the Administrative Proceedings Committee (APC) and explain their roles in perceived unwholesome practices in the market.

Lanre Oloyi, SEC’s head of media, disclosed that the stance comes on the heels of the report of the “team of investigators that reviewed the transactions of capital market operators, including those of the banks bailed out by the Central Bank of Nigeria (CBN)” now received by the capital market regulators.

He further discloses that “at the end of the hearing, the Commission would impose appropriate sanctions on erring operators found to have engaged in acts that have brought disrepute and erosion of investors’ confidence to the capital market.”

The APC is an administrative panel of the Commission that adjudicates on infractions in the capital market.