The Securities and Exchange Commission (SEC) says it will not condone any unethical practices from capital market operators.
The Director-General, SEC, Mr Lamido Yuguda, said the commission had resolved to intensify monitoring and surveillance and sanctions will be meted to erring operators.
Yuguda said this at the Annual Stockbrokers Conference of the Chartered Institute of Stockbrokers (CIS) held in Lagos, according to a statement.
He pointed out that 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 make it mandatory for members to take annual professional development programmes that will address the emerging issues in the industry.
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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.
“As stakeholders, it is important to have a common understanding of the role the capital market plays not just as a catalyst of economic development but the trend, drivers and preconditions for a robust and viable capital market. The World Bank acknowledges that there are many areas of this relationship where research has been found thin.”
Yuguda commended the CIS for organising the event, adding that the annual conference had over the years established itself as a major calendar event on the schedule of policymakers and market participants.
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