The Securities and Exchange Commission (SEC.) is set to cancel the licences of about 94 Capital Market Operators(CMOs) for their failure to meet the new minimum capital base.
In a circular issued by the apex capital market regulator on its official website , the CMOs listed comprises of inactive individual Sub-broker;Private Equity Fund Manager; Broker/Dealer; Fund/Portfolio Manager among others.
The Commission stated that the CMOs, “have consistently failed to render their statutory returns to the Commission and may have been unable to comply with the new minimum capital requirements before the deadline stipulated by the Commission which expired on 30th September, 2015”.
SEC had started post-recapitalisation audit of capital market operators with a view to providing a final list of active and well-capitalised bona fide capital market operators by the end of this year.
It had earlier released the preliminary list of firms that had met the September 30, 2015 deadline for recapitalisation.
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