The Securities and Exchange Commission (SEC) has referred 11 capital market operators to the police and the Economic and Financial Crimes Commission (EFCC) over alleged criminal transactions.According to SEC, the police will prosecute nine of the cases while EFCC is expected to handle two others.
Presenting details on SEC’s ongoing efforts to reform the capital market at the weekend in Kenya, t...he Director-General of the commission, Arunma Oteh, assured local and international investors of adequate protection.
She also pledged the resolve of the commission to investigate all complaints and apply sanctions or facilitate prosecution where necessary. .
The SEC boss disclosed that in 2011, 1,393 complaints were handled, adding that 729 or 52 per cent were new complaints and 664 or 48 per cent were complaints brought forward from 2010. .
She added that a total of 709 complaints or 51 per cent were resolved and closed from the 1,393 complaints while 156 complaints or 11 per cent were transferred to the enforcement action leaving an outstanding of 528 complaints or 38 per cent as at December 31, 2011.
Within the period under review, 20 operators, according to the commission were suspended from the capital market for misconduct such as unauthorised sale of shares, non-payment of proceeds of sale, non-licensing as a dealing member of the Nigerian Stock Exchange (NSE) and non-payment of dividend bonuses.
Culled from Guardian Newspape
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