By Taofik Salako, Deputy Group Business Editor
Securities and Exchange Commission (SEC) has cautioned the investing public against patronising unregistered firms and individuals masquerading as capital market operators.
In a circular, SEC noted that laws vested the regulation of investments in it and that any unregistered operators or schemes are fraudulent.
“The Commission also uses this medium to remind the general public that by virtue of Section 38 (1) of the Investments and Securities Act (ISA) 2007, only persons and institutions registered with the Commission are permitted to engage in capital market activities,” it stated.
SEC urged the public to seek clarification as may be required through its established channels of communication on investment products advertised through conventional or online mediums.
According to the Commission, a list of registered capital market operators is available on its website as well as its offices across the country.
SEC dispelled insinuations in some sections that MBA Capital and Trading Limited was a registered capital market operator with the Commission.
A victim of an alleged scam perpetrated by MBA Capital and Trading Limited, Misan Sagay had reportedly stated that he had verified “on-line” and ascertained that the company was registered with the Commission.
SEC stated that MBA Capital and Trading had never been registered by the Commission and as such unfit to offer any investment service or product to the public.
