The Securities and Exchange Commission has announced plans to publicly shame capital market operators found guilty of violating market laws and regulations.
The commission, in a statement on its Instagram page, said the names of erring operators would be published in its “name and shame” journal as part of a broader strategy to enforce compliance and maintain integrity in the Nigerian capital market.
It stated that the measure would be in addition to existing sanctions and penalties outlined in the Investments and Securities Act 2007 and the SEC Rules and Regulations.
The commission advised stakeholders and capital market operators to take note of the new enforcement approach and ensure full compliance with regulatory requirements.
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In a recent development, the Securities and Exchange Commission revoked the registration of Mainland Trust Limited as a capital market operator and suspended Centurion Registrars Limited, citing failure to comply with regulatory directives and unresolved complaints.
Additionally, the SEC directed the Nigerian Exchange Group, the Institute of Capital Market Registrars, the Chartered Institute of Stockbrokers, CSCS Plc, and all capital market trade associations to “discontinue capital market-related dealings with the company.”
Similarly, the SEC announced the suspension of Centurion Registrars Limited, including its directors and sponsored individuals, from all capital market activities.
