SEC to strengthens capital market enforcement regime ~Yuguda
The new Director General of the Securities and Exchange Commission (SEC) on Friday said he plans to strengthen the enforcement regime of the commission and clampdown on illegal operators in the capital market.
Lamido Yuguda, who recently assumed office as SEC Director-General spoke at his first virtual Capital Market Committee (CMC) meeting held on Friday, noted that he aims to restore investor confidence in the market.
“We need to restore investor confidence and attract the retail and young investor into the market. Thus, we will ensure strict enforcement of our rules and regulations, strengthen our enforcement regime and clamp down on illegal operators luring unsuspecting investors with various Ponzi schemes,” Yuguda said.
“We further promised to continuously seek ways of improving these initiatives, while we introduce new ones, all to the benefit of market stakeholders.
“In order to increase the visibility and attractiveness of our market, we shall work towards maintaining an environment that is enabled by the appropriate regulatory framework, timely and affordable access to the market, zero tolerance for infractions, heightened investor confidence and awareness, innovative product development and good governance practices,” he said.
On the development in the market, he said the commission will work to attract investors into the market and it provide a fair playing field for all players and operators in the capital market.
“We have seen a lot of issues coming to the market, but we know that there are few cases of companies delisting. We need to demonstrate to issuers that there is a lot of value in being in the market and issuing securities periodically.
“So, we are going to continue work to attract investors, making sure the market is a fair playing field and the instruments traded in the market are fair and that investors are going to, actually, make profit by having their money in this market.
“For issuers, we are going to make sure that the benefit of listing and issuing in the market far outweighs benefits of borrowing from the bank,” the SEC DG said.