The Securities and Exchange Commission (SEC) has vowed to apply stiff sanctions to any capital market operators who engage in unethical conduct.
Speaking at the Annual Stockbrokers Conference of the Chartered Institute of Stockbrokers held in Lagos, the Director-General, SEC, Mr Lamido Yuguda, said the commission had resolved to intensify monitoring and surveillance of the market.
He stated 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.
The SEC boss 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.
“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.”
He however commended the CIS for organising the yearly 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.