The Securities and Exchange Commission (SEC) has banned capital market operators who do not renew their registration before May 31st.
SEC is the apex regulatory body of the capital market in Nigeria. The capital market includes the Nigeria Stock Exchange (NSE) where investors buy and sell shares through stock brokers.
In a statement announcing the ban, the commission said: “The Securities and Exchange Commission (SEC) wishes to inform all registered Capital Market Operators (CMOs) that in line with the requirements for renewal of registration, all CMOs are required to complete the renewal process on or before April 30, 2021.
“Consequently, all CMOs are expected to note the following;
“Late filing for renewal of registration shall only be entertained from May 1, 2021 to May 31, 2021.
“The names of CMOs which have renewed their registration shall be published on the SEC Website/National Daily Newspapers and communicated to the relevant Securities Exchanges and Trade Associations for their notification.
“CMOs yet to renew their registration after May 31 2021, shall not be eligible to operate in the capital market.”