The Securities and Exchange Commission (SEC) has called on members of the Chartered Institute of Brokers (CIS) to always imbibe and uphold the institute’s ethical standards and other rules and regulations guiding the capital market.
The Director General, SEC, Mr. Mounir Gwarzo, made the call at the investiture of the 9th President of the Chartered Institute of Stockbrokers (CIS), Mr. Oluwaseyi Abe. He said compliance to standards represents a pledge to be tall on integrity and spotless in character. Gwazo, who was represented by the Director, Monitoring and Compliance, SEC, Mr. Isyaku Bala said: “Due to the level of development in the market, we operate a zero tolerance policy on all infractions.
Members of the institute should endeavour to always comply to all the rules and regulations guiding the market in order to move the market forward.” He noted that the Nigerian capital market and the economy as a whole is currently facing excruciating challenges, adding that the commission hoped that during the tenure of the present administration the stock market would emerge one of the best in the world.
Similarly, Executive Director, Market Operations and Technology, Mr. Adeolu Bajomo, said the current recession Nigeria is facing offers an opportunity to the stock market, adding that it will give the Exchange an enablement to sharpen its initiatives for more innovation that will boost the market.
“With the recession, we have the opportunity to repackage to enable us reach retail investors. It is appalling that in a country of about 180 million, we only have about five million playing the market. The economy needs to be deepened to sustain activities in the stock market.
“As an Exchange, we will continue to do our part in ensuring that we provide a competitive platform for operators to participate in the financial market. We have executed several initiatives to strengthen the operations of our Dealing Members and to make them comparable with their foreign counterpart,” Bajomo said