CIS, ASHON, back regulatory actions to curb unethical practices
By Peter Egwuatu
THE Chartered Institute of Stockbrokers (CIS) and the Association of Stockbroking Houses of Nigeria (ASHON) have thrown their weight behind the recent regulatory actions targeted at curbing unethical practices among operators in the market.
CIS and ASHON, in separate meetings, re-assured the investing public that the Nigerian stock market would continue to remain a safe investment platform.
ASHON, in response to the on-going investigation of alleged unethical practices by some market operators stated that no investor would suffer unjustly in the capital market as there are processes and procedures to ensure that their investments are safe.
The Association urged the investing and the public to go about their capital market activities without fear. Investors were further encouraged to embrace the Direct Cash Settlement (DCS) process.
According to ASHON “this ensures that proceeds of sales are settled directly into their various bank accounts. Meanwhile, the CIS President and Chairman of Governing Council, Mr. Oluwaseyi Abe, stated that investor protection would always remain a topmost priority for both the regulators and operators in the Nigerian Capital Market.
Responding to the on-going alleged infraction by the Chief Executive Officer, Partnership Securities Limited, Mr. Victor Ogiemwonyi, Abe advised the investing public to be calm as there were sufficient measures to ensure that every investor is protected.
He noted that prior to the ongoing litigation, the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange had conducted extensive investigation into the alleged infraction.
Abe noted that the Institute would continue to collaborate with the regulators to ensure that stockbrokers keep to the dictum: “My word is my bond”. He explained that by global standard, the Nigerian stock market had put in place various devices and processes to reinforce investor confidence in the market.
He advised investors to continue to take advantage of an array of investment opportunities in the Nigerian Capital Market as every rule and regulation is geared towards their maximum protection.
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