SEC partners IST on zero tolerance for all fraudulent acts
Following series of unwholesome practices recently noticed within the capital market, the Securities and Exchange Commission (SEC) is closing ranks with relevant bodies, especially the Investments and Securities Tribunal (IST), to institutionalise international best practices in the system by ensuring all fraudulent acts do not go unpunished.
The Acting Director General of SEC, Dr. Abdul Zubair, stated this when the Chairman and members of IST visited him in his office in Abuja recently.
According to Zubair, the current management of SEC has zero tolerance for infractions, adding that anyone that flouts the rules will be made to face the consequences of such actions.
He told the IST team that SEC has since embarked on a number of initiatives aimed at protecting investors at the market so that they would fully reap the benefits of their investments.
He said: “SEC has rolled out a number of initiatives and campaigns which have been yielding results. These initiatives are to ensure that investors are aware of what to do to protect their investments.
“The e-dividend is one of such campaigns and we enjoin investors to key in so that they can reap the benefits of their investments”.
In his earlier remarks, the Chairman of the IST, Isaiah Idoko-Akor, congratulated the acting DG on his assumption of office and expressed the confidence of the Tribunal in his ability to move the market forward.
He commended SEC for its support to the Tribunal in the discharge of its duties and asked that the tempo be sustained, as the Tribunal welcomes all efforts aimed at ensuring it functions without hiccups.
“IST is serving the market, it is very important to the market and that is why we commend SEC for its support to the IST….”
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