The Securities and Exchange Commission (SEC) has revealed plans to publish the names of erring capital market operators in the Name and Shame Journal.
According to a statement on the commission’s website, this initiative reiterates SEC’s commitment to ensuring compliance with the Nigeria Capital market rules and regulations. The statement read:
“In furtherance of the commission’s unwavering commitment to the maintenance of a zero tolerance for infractions in the Nigeria Capital Market and in line with its revised enforcement strategies, stakeholders and the general public are hereby informed henceforth, the names of Capital Market Operators (CMOs) found to have violated market laws/regulations would be published in the commission’s “name and shame” journal.”
In addition to public exposure, offenders will face appropriate sanctions and penalties as prescribed under the Investment and Securities Act (ISA) 2007 and SEC Rules and Regulations.
In recent times, the commission has intensified enforcement actions to protect market integrity. It has shut down unauthorized investment schemes promising unrealistic returns to investors, flagged illegal market operators, and tightened oversight on registered capital market operators (CMOs).
The commission stressed that this measure is essential to safeguarding the Nigerian Capital Market, protecting investors, and ensuring absolute adherence to the established rules and regulations.
