Investor Presentaiton
process, the Commission introduced dedicated e-mail
addresses to facilitate the on-line filing of applications by
market intermediaries. Furthermore, the interconnectivity of
all Zonal offices with the Head office has enhanced the
Commission's internal operational efficiency and
effectiveness in service delivery to the market place, while at
the same time reducing cost of operation in areas of
communication and travels. As part of the measures to
ensure effective surveillance of the market, the Commission
successfully interconnected its Head Office and Lagos Zonal
Office with the trading floors of the Nigerian Stock Exchange
(NSE) for on-line real time trade monitoring and has
commenced full e-filing and e-review processes of
transactions.
A key achievement of the Commission in 2013, was the
inauguration of three (3) 10-Year Master Plan Committees;
the Capital Market Master Plan Committee, the Capital
Market Literacy Master Plan Committee, and the Non-
Interest Capital Market Products Master Plan Committee, to
articulate modalities for moving the market forward, with the
long-term in view. This is in keeping with the Commission's
market development mandate. The Committees presented
their interim reports during the 3rd Annual CMC Retreat in
November 2013 and are expected to submit their final
reports by March 2014.
In a quest to deepen the market, the Commission registered
the FMDQ and NASD OTC markets in December 2012 as
platforms to trade on bonds and unlisted companies. The
NASD commenced trading in July 2013 while the FMDQ
was launched on the 7th of November 2013. Additionally,
the Ondo State Government has applied to the SEC for the
registration of a Cocoa Exchange. This is aimed at
revolutionalizing cocoa production in Ondo State with
attendant increase in employment capacity for the State.
In the regulation and enforcement front, the Commission is
single-minded in addressing and reducing market
infractions, with a view of further strengthening the market.
Year-to-date, the Commission has placed fifteen (15) market
operators on full suspension while one (1) market operator
was cautioned, in line with the Commission's policy on zero
tolerance on non compliance with market rules and
regulations. Also, the business premises of 12 illegal
operators were sealed up while 4 operators were brought
before the Administrative Proceedings Committee (APC) of
the Commission to answer various infractions alleged
against them. Five hundred and ninety seven (597) new
cases were received in 2013, bringing the total number of
cases before the Commission to 1,116. Three hundred and
sixty one (361) have been resolved; seven hundred and
forty seven (747) cases are still under investigation while the
remaining eight (8) cases alongside twenty six (26) cases
received from the Commission's Zonal offices have been
earmarked for enforcement action. So far, the Commission
has recovered N410, 741, 639 million in cash and 1.61
million units of shares of various companies for investors.
Annual Report and Accounts 2013 - Securities & Exchange Commission
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