New minimum capital: SEC releases final list of 429 operators

Securities and Exchange Commission (SEC)The Securities and Exchange Commission (SEC) on Monday released the final list of 429 Capital Market Operators (CMOs) that complied with its new minimum capital requirements.

The commission, in the list posted on its official web site, said 24 CMOs were disqualified for non-compliance or inability to substantiate claims of compliance by the audit firms.

National Daily reports that the minimum capital requirements are: N300 million for brokers/dealers; brokers- N200 million; Issuing Houses- N200 million; and Registrars – N150 million, amongst others.

The commission said that out of the 429 CMOs, 16 were new CMOs.

“Out of the 16 CMOs, 10 were newly-registered companies, while the other six filed evidences of compliance after the release of provisional list, which were verified and accepted.

“The list is based on the consideration of the reports on capital verification and the responses received from the affected Capital Market Operators (CMOs),” it added.

SEC said it was exercising the powers conferred on it by the Investment and Securities Act (ISA) 2007.

National Daily reports that besides, the commission released a total of 526 capital market consultants/experts and six self-regulatory organisations qualified to operate at the market.

The six self-regulatory organisations include: the Nigerian Stock Exchange (NSE), Central Securities and Clearing System, FMDQ OTC Securities Exchange, NASD PLC, AFEX Commodities Exchange Ltd. and Nigerian Commodities Exchange.

National Daily reports that SEC on Dec. 19, 2013, issued a new capital requirement for the operators with Dec.31, 2014 as deadline for operators to recapitalise.

The deadline was extended to Sept. 30, 2015 by the commission, following pressure and protests by stockbrokers.

NO COMMENTS

LEAVE A REPLY