… asks clients to transfer their stocks to other brokers
Nigeria’s Securities and Exchange Commission (SEC) has cancelled the registration of Mainland Trust Limited as a capital market operator.
The Commission said its decision was informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.
The cancelation order by SEC, with immediate effect was made pursuant to the powers of the Commission under Section 38(4) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.
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The SEC also directed the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all Capital Market Trade Associations to discontinue capital market related dealings with Mainland Trust Limited.
“All clients of Mainland Trust Limited are by this notice advised to contact the Central Securities Clearing Systems Plc (CSCS) for appropriate guidance on the transfer of their stocks to another stockbroker of their choice,” SEC said.
