In a renewed move to strengthen confidence, the Securities and Exchange Commission (SEC) has reaffirmed that only individuals and entities deemed ‘fit and proper’ will be allowed to operate in the nation’s capital market.

The commission’s Director-General, Dr Emomotimi Agama, who made this declaration at the weekend, stressed that market operators engaging in unethical and fraudulent activities would be swiftly sanctioned. Agama underscored that the SEC’s foremost priority is investor protection, stating that transparency and accountability will be strictly enforced.

According to him, the days of regulatory loopholes and weak enforcement are over, as the commission is committed to ensuring that all operators strictly adhere to the provisions of the Investments and Securities Act (ISA) 2007 and other relevant regulations. The SEC boss categorically stated that market operators who fail to meet ethical and legal standards will not be shielded from the consequences of their actions. He emphasised that the commission will actively expose and penalise offenders to deter any forms of misconduct.

According to him, operators must understand that the SEC will not hesitate to act against those who engage in unscrupulous activities. Agama pointed out that the very essence of regulating the capital market is to ensure that only those who meet the ‘fit and proper’ test both in character and compliance are allowed to operate.

He warned that any market participant attempting to manipulate investors or operate outside the regulatory framework will be held accountable. He added that there will be no hiding place for anyone trying to defraud investors, as the SEC will bring such individuals to the public eye and ensure they face the full wrath of the law.

https://guardian.ng/business-services/business/sec-declares-zero-tolerance-for-market-infractions/