Post by Sapphire Capital on Jul 12, 2008 23:29:55 GMT 4
SEC seeks CIS collaboration on market discipline, cost reduction
By Udeme Ekwere
Published: Friday, 11 Jul 2008
The Securities and Exchange Commission has called on the leadership of the Chartered Institute of Stockbrokers to put in place a legal framework to ensure discipline among its members and confidence in the Nigerian capital market.
The Commission also sought for the cooperation of stockbrokers in reducing the costs of transaction to make the Nigerian market internationally competitive and attractive to local and foreign investors.
The Director-General, SEC, Mr. Musa Al-Faki, made the call when the institute paid him a courtesy call in his office on Wednesday.
The DG said, “CIS must continue to strengthen its membership and monitor its members for effective self regulation. The institute must put pressure on its members to do the right thing.”
He added, “The Commission has a lot of respect for CIS and therefore, expects it to be able to resolve some of the complaints arising from the market before they get to SEC. The issue of discipline must be taken seriously and the most trusted persons in the Nigerian business environment should be the stockbrokers.”
The SEC chief executive also challenged stockbrokers to start considering further reduction in costs of transaction to enhance the international competitiveness of the Nigerian capital market.
According to him, the high costs of transaction must not be allowed to inhibit investors in the local market as stockbrokers can still earn enough income when volume of transaction increases.
Al-Faki, while congratulating the newly elected executives of the institute, said they should justify the confidence reposed in them by the institute by being a people of integrity and vision.
He said they should behave in manners that would sustain purposeful leadership in the CIS for the overall interest of its members and the capital market community.
He stated that the commission would always give its support to the institute, particularly in the area of capacity building.
The President, CIS, Mr. Dipo Williams, commended SEC for the support the institute had enjoyed from it over the years.
He congratulated the new executive commissioners on the board of SEC, who he hoped would bring their experiences to bear towards building a robust capital market that would be the pride of all.
He said stockbrokers were particularly grateful to the Commission for the suspension of the recapitalisation exercise.
He noted that it would afford them the opportunity to consult and come up with a common position to be presented to the commission.
By Udeme Ekwere
Published: Friday, 11 Jul 2008
The Securities and Exchange Commission has called on the leadership of the Chartered Institute of Stockbrokers to put in place a legal framework to ensure discipline among its members and confidence in the Nigerian capital market.
The Commission also sought for the cooperation of stockbrokers in reducing the costs of transaction to make the Nigerian market internationally competitive and attractive to local and foreign investors.
The Director-General, SEC, Mr. Musa Al-Faki, made the call when the institute paid him a courtesy call in his office on Wednesday.
The DG said, “CIS must continue to strengthen its membership and monitor its members for effective self regulation. The institute must put pressure on its members to do the right thing.”
He added, “The Commission has a lot of respect for CIS and therefore, expects it to be able to resolve some of the complaints arising from the market before they get to SEC. The issue of discipline must be taken seriously and the most trusted persons in the Nigerian business environment should be the stockbrokers.”
The SEC chief executive also challenged stockbrokers to start considering further reduction in costs of transaction to enhance the international competitiveness of the Nigerian capital market.
According to him, the high costs of transaction must not be allowed to inhibit investors in the local market as stockbrokers can still earn enough income when volume of transaction increases.
Al-Faki, while congratulating the newly elected executives of the institute, said they should justify the confidence reposed in them by the institute by being a people of integrity and vision.
He said they should behave in manners that would sustain purposeful leadership in the CIS for the overall interest of its members and the capital market community.
He stated that the commission would always give its support to the institute, particularly in the area of capacity building.
The President, CIS, Mr. Dipo Williams, commended SEC for the support the institute had enjoyed from it over the years.
He congratulated the new executive commissioners on the board of SEC, who he hoped would bring their experiences to bear towards building a robust capital market that would be the pride of all.
He said stockbrokers were particularly grateful to the Commission for the suspension of the recapitalisation exercise.
He noted that it would afford them the opportunity to consult and come up with a common position to be presented to the commission.