The Securities and Exchange Commission has vowed to apply stiff sanctions to any capital market operators who engage in unethical conduct. The Director-General, SEC, Mr Lamido Yuguda, said the commission had resolved to intensify monitoring and surveillance of the market. He spoke at the Annual Stockbrokers Conference of the Chartered Institute of Stockbrokers held in Lagos, according to a statement.
According to him, operators are the face of the market and they interact daily with investors, therefore they have to demonstrate the highest level of integrity and transparency in conducting their activities. Yuguda urged CIS to mandate its members to take annual professional development programmes that would address the emerging issues in the industry.
He said, “Most of our more recent efforts at developing our market are targeted at contributing to the growth of the national economy. For instance, the core objective of the 10-year Capital Market Master Plan is to position the capital market for accelerated development of the national economy.
“Some level of success has been recorded from its implementation so far and efforts are currently ongoing to re-launch it for better impact during the remaining period of its implementation.
