By Peter Egwuatu
The Chartered Institute of Stockbrokers (CIS) and Association of Securities Dealing Houses of Nigeria (ASHON), have rationalised the Chartered Institute of Securities and Investment of Nigeria, CISI, Bill saying it will drive the registration of all professionals in the securities business as against the current duplication of roles among different professional bodies.
Also ASHON has proposed inclusion of Stockbrokers on the Board of the Securities and Exchange Commission (SEC) as core operators in the Nigerian capital market.
A statement from the CIS made available to Vanguard harped on the need to properly define the scope of functions of the Institute and the securities that a stockbroker can deal in. According to the statement, “CISI Bill seeks to properly define the scope of a stockbroker, which includes securities dealing, fund and portfolio management, asset management, investment management, corporate finance and other related fields.
“The need for a professional body in the Nigerian capital market empowered by law to regulate the training and certification of core capital market operators cannot be overemphasized.
This would prevent the unnecessary proliferation of professional bodies performing similar roles, ensure standardization of training and certification, and check the influx of charlatans and quacks as operators in the Capital Market, which will lead to the continual development of our market. Weak controls in this area had impacted the market negatively and among other factors, resulted in the near collapse of the capital market a few years ago”.