The Securities and Exchange Commission (SEC) on Tuesday published the list of 384 capital market operators (CMOs) it said complied with the new minimum capital market requirements for the industry.
The list published on the official website of the Commission http://www.sec.gov.ng showed that after a proper capital verification of the filings, 36 operators were either mobilizing to inject additional capital, processing their reclassification or reduction of function.
Twelve others are processing their applications for mergers and acquisitions.
The Commission had set September 30, 2015 as deadline for compliance with the new directive by all operators.
Any operator that could not meet the deadline automatically ceased to operate in the Nigerian capital market.
Out of the 324 operators listed among those that met the requirement deadline, eight each are currently either on suspension or inactive.
Those on suspension include Slamad Securities Limited, Maven Asset Management Limited, Kingsway Securities Limited, International Standard Securities Limited, First Integrated Capital Management Limited, Falcon Securities Limited, BGL Capital Limited and Afribank Securities Limited.
The inactive operators include Seclink Nigeria Limited, Petroleum Investment Management Limited, Osunbade, Okiti & Co., MICC Consult-Mashasha Investment & Commerce Co. Limited, Heap Investment Limited, Equibond Securities Limited, Dambale Limited and Bendu Peter Service Limited.
The capital market regulator had increased the minimum capital base for broker/dealer by 329 percent from the existing N70 million to N300 million, while the minimum capital base for dealer was increased by 233 percent from N30 million to N100 million.
Equally, issuing houses facilitating new issues in the primary market now have minimum capital base of N200 million, as against the previous N150 million, while the capital requirement for underwriter was also doubled from N100 million to N200 million.
A registrar now has a capital base of N150 million, as against the previous requirement of N50 million, while the minimum capital base for corporate investment advisers remained unchanged at N5million.
Individual investment advisers now operate with increased capital base of N2 million, a 300 percent, increase from the previous N500,000.
Under the new arrangement, a broking firm operating with capital base of N40 million now has N200 million, representing an increase of 400 percent.
To facilitate the smooth implementation of the new minimum capital requirements for Capital Market Operators, the Capital Market Committee (CMC) had set up a market-wide “Implementation Committee on New Minimum Capital Requirement for CMOs.
The committee comprised the SEC, the Nigerian Stock Exchange (NSE), the Central Securities Clearing System (CSCS), the Association of Stockbroking Houses of Nigeria (ASHON) and all other capital market trade groups.
FIND LINKS TO OPERATORS WHO MET SEC REQUIREMENTS BELOW.
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