SEC mandates CMOs to update investors information

The Securities and Exchange Commission (SEC) has mandated all Capital Market Operators (CMOs) to update their ’ Know Your Customer (KYC) .

The commission gave the at the quarter Capital Market Committee (CMC) on Thursday .

Speaking at the post-CMC virtual briefing, Mr Lamido Yuguda, the -General of SEC, noted that the level of compliance by CMOs to the update was low.

He disclosed that as at April 8, there were over four million accounts with incomplete KYC .

Yuguda said that the update was to deepening the participation of retail in the market.

“We direct all CMOs to accord it the highest level of priority.

”In the same vein, registered CMOs are advised to refrain from providing any form of support to unregistered entities operating unlawfully within our market, as such would not condoned.

”Furthermore, we urge CMOs to improve on their level of compliance, timeliness and correctness of disclosures and other filings made to the commission,” he said.

Yuguda also informed the capital market community that the Nigerian Stock Exchange (NSE) had concluded the demutualisation process.

He announced that the organisation would now known as the Nigeria Exchange (NGX) Group Plc.

The D-G said that as part of the development of the commodities ecosystem, the Central Bank of Nigeria (CBN) revalidated its 59.9 per cent holding in the Nigerian Commodities Exchange (NCX) to ensure its appropriate positioning for effectiveness.

He said the move had addressed the funding problem plaguing the NCX and several engagements were ongoing with relevant authorities to promote on the Exchange.

Yuguda explained that SEC was also engaging with the CBN to encourage acceptance of warehouse receipts by banks as collateral.(NAN)