By Peter Egwuatu
The Securities and Exchange Commission (SEC) has called for the quick resolution of cases involving investors and stockbrokers in order to sustain the confidence returning to the stock market.
Speaking at the16th Annual Chartered Institute of Stockbrokers (CIS) conference in Lagos, Director General, SEC, Ms. Arunma Oteh, said, “There is need to quickly resolve issues involving investors and stockbrokers so as to sustain the confidence returning to the market.”
According to her, “Confidence and integrity is necessary ingredient in the stock market. They are the foundation that is needed in building a virile capital market. I commend the CIS in ensuring that their members abide by its code of conduct.” Continuing, she said,“The capital market would be repositioned to tap from the Federal Government transformation agenda of the agricultural sector.
Oteh said that market participants must be prepared to tap from the development in the market, noting that, the market was experiencing increased participation of institutional and retail investors.
She noted that the Commission would in 2013 roll out strong regulatory framework that would guide collective investment schemes (CIS), saying that, retail investors should embrace the investment window. She said that the Commission would continue to educate retail investors on the need to embrace Collective Investment Scheme (CIS) to avoid loss of investment.
Meanwhile, President, CIS, Mr. Ariyo Olushekun in his opening remark said, “The Chartered Institute of Stockbrokers (CIS) is a key stakeholder in the Nigerian economy. The activities of our members and the fortune of our clients depend significantly on the economic health of the country.
“We have therefore always sought to help craft policy solutions for some of the most pressing economic challenges in the country. We are happy to note that our policy prescriptions at past conferences, contributed to the enactment of the Pension Reform Act of 2004 and the establishment of the Asset Management Corporation (AMCON) Act of 2010, amongst others.”
He further stated that following the challenges confronting the country today, “We decided to make the opening part of the theme of this year’s conference “Appraisal of the Nigerian Economy”. We believe this provides an opportunity for us to focus the intellectual resources of our stock broking community, financial experts in various economic sub-sectors and other seasoned capital market operators on the central economic issues of today.”
“We hope to be able to proffer solutions to topical economic questions such that the recommendations made at this year’s conference will help shape government policies in the near to medium term future” the CIS President added.