The Securities and Exchange Commission on Monday released the final list of 429 Capital Market Operators that complied with its new minimum capital requirements.
The commission, in the list posted on its official website, said 24 CMOs were disqualified for non-compliance or inability to substantiate claims of compliance by the audit firms.
The News Agency of Nigeria reports that the minimum capital requirements are: N300 million for brokers/dealers; brokers – N200 million; Issuing Houses – N200 million; and Registrars – N150 million, amongst others.
The commission said out of the 429 CMOs, 16 were new CMOs.
It said: “Out of the 16 CMOs, 10 were newly-registered companies, while the other six filed evidences of compliance after the release of provisional list, which were verified and accepted.
“The list is based on the consideration of the reports on capital verification and the responses received from the affected Capital Market Operators.”
SEC said it was exercising the powers conferred on it by the Investment and Securities Act 2007.
NAN reports that the commission also released a total of 526 capital market consultants/experts and six self-regulatory organisations qualified to operate at the market.
The six self-regulatory organisations are the Nigerian Stock Exchange, Central Securities and Clearing System, FMDQ OTC Securities Exchange, NASD PLC, AFEX Commodities Exchange Limited and Nigerian Commodities Exchange.
NAN reports that SEC on December 19, 2013, issued a new capital requirement for the operators with December 31, 2014 as deadline for operators to recapitalise.
The deadline was extended to September 30, 2015 by the commission, following pressure and protests by stockbrokers.
NAN.
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