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SEC cautions dealing members against corrupt practices

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5 years ago

July 21, 2019

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Nigeria’s Securities and Exchange Commission (SEC), have cautioned dealing clerks of the Nigerian Stock Exchange (NSE) against engaging in corrupt practices.

The SEC in a statement issued Sunday said it “does not tolerate infarctions.” Due to this, the commission noted that, steps are taken to ensure that regulatory oversight is more effective. Adding that, these steps will ensure investor protection is advanced, while systemic risk is mitigated.

The warning was made at the induction ceremony of 46 newly qualified dealers at the NSE. The Inductees were therefore urged to abide by the highest principled standard expected in their profession.

According to Mary Uduk, SEC’s acting director general, the induction is a welcome development for the deserving freshly qualified professionals, who have, by their exemplary performance during their Automated Trading System (ATS) training at the Nigerian Stock Exchange, secured their place in the stock broking profession.

Uduk, represented by Stephen Falomo, SEC’s Lagos office zonal head, enjoined the brokers to maintain the integrity of their profession and imbibe the culture of compliance to rules and regulations, as well as transparency, as they carry on their activities in the market.

She said “This ceremony marks the final point at which the inductees become fully fledged dealing members of the Nigerian Stock Exchange, a position of great trust; because now you will be handling investments for individual and corporate investors and this you must do with utmost care and highest standards of integrity and ethical practice to forestall any breach of trust.

“You must also be determined to bring positive changes into the market as you launch your careers and challenge the status quo in the areas of capacity building and innovativeness, while bringing fresh and innovative ideas into product development, as well as efficiency in service delivery to the investors.

Uduk said the use of ICT has been fully integrated into financial services and as such Financial Technology (Fintech) and Regulatory Technology (Regtech) are trending, having been embraced by both the operators and the investors as ways to further enhance the growth and expansion of business in addition to regulatory and compliance issues.

She therefore urged the newly inducted members to ensure that they all get a good grounding on the relevant technological advancement necessary to ensure that they can cope with the pace in today’s market, while staying ahead of perpetrators of cyber crimes, who may attempt to compromise the market.