Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda has stated that the commission will intensify monitoring and surveillance of the market and sanctions any operator who engages in unethical conduct.
This was disclosed by Yuguda at the annual stockbrokers’ conference of the Chartered Institute of Stockbrokers (CIS) held in Lagos.
According to Yuguda, operators are the face of the market — they interact daily with investors — they have to demonstrate the highest level of integrity and transparency in conducting their activities.
He said poor conduct dissuades investors from our market and therefore counters the collective objective of broadening and deepening the market.
“Most of our more recent efforts at developing our market are targeted at contributing to the growth of the national economy,” Yuguda said.
“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.
“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.
“It is equally important for investors to perceive the capital market and capital market intermediaries as working for them and not against them.
“May I, therefore, use this opportunity to implore the Institute to identify some specific areas that could be used as a stimulus to improve the current state of the market, such as; diversification of investment products; promotion of investor education and financial literacy; strengthening corporate governance and listing standards.”
He also 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.