Acting DG SEC, Mournir Qwarzo
About 302 capital market operators have so far complied with the new capital base as directed by the apex capital market regulator, Securities and Exchange Commission, SEC , Vanguard reports.
Latest data obtained from the SEC by the newspaper, indicates that out of 449 registered capital market operators, 302 operators have met the new capital base , representing 67 per cent compliance, while 144 operators are yet to meet the new capital requirement.
Details showed that out of 235 registered Broker/Dealer, 135 operators have met the new capital, representing 57 per cent compliance, while 98 operators are yet to comply; For Issuing Houses, out of 72 operators, 66 operators have met the new capital, representing 92 per cent compliance, while six are yet to comply; For Registrar, out of 22 operators, 15 have met the new capital base, representing 68 per cent, while seven are yet to comply; For Trustees, out of 28 operators, 12 have met the capital base, representing 43 per cent compliance; For Rating Agency, Out of five operators, three have met the capital base, representing 60 per cent, while two are yet to comply; For Fund Managers, Out of 87 operators , 71 have met the new capital base, representing 82 per cent compliance level, while 16 operators are yet to comply.
SEC had announced a new capital base for the various categories of capital market operators, in which deadline for compliance was extended from December 31, 2014 to June 30, 2015.
Commenting on the recapitalisation issue, the Acting Director General, SEC, Mr. Mournir Gwarzo said, the operators are all aware of the gracious extension the SEC Board granted.
“We set up a market Committee comprising SEC, Nigerian Stock Exchange, NSE and Central Securities Clearing System, CSCS which have been working with Trade Groups to address related issues. Based on the latest returns we have received from operators the level of compliance is encouraging although we will conduct a verification exercise at the end of this recapitalisation to confirm compliance,” he said.
“We are streamlining the operations of the Commission to focus on its core mandates as apex regulator. We believe this will make us more effective and efficient. We have worked on a new organisational structure which will be fully implemented this year.”
