We are committed to ensuring rigorous enforcement of rules for operators – SEC

The Securities and Exchange Commission is assuring all market operators, investors, and the public that it is committed to ensuring rigorous enforcement of all the rules for operators in the capital market.

This it believes will promote the growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.

In a statement, the regulator of the capital market directed all market operators to use the mark-to-market valuation method in the valuation of investment assets/securities and portfolios in the securities sector.

The directive was issued on Thursday, October, 20, 2022 2 to provide consistency in the valuation of assets and portfolios in the securities industry, ensure that the portfolios reflect market values, as well as protect investors, especially investors of Collective Investment Schemes.

Meanwhile, some leading investment companies are feeling the pinch of the economic challenges in the country.

One of the leading investment bank in the country (name withheld) issued a notice to its client informing them it will take longer than normal for a customer to receive funds when he/she places a withdrawal request.

It added “we cannot give an exact time frame, but will update you regularly about the status of your request. You will also be notified by email or SMS when your funds have been paid out.”

“We recognise the uncertainty in the industry is concerning and apologise for any inconvenience this change will cause”, it further stated.

Source: myjoyonline