Lamido Yuguda, Director-General of the Securities and Exchange Commission (SEC), says there is a need for capital market operators to prioritise the interest of investors.
Yuguda said this during a meeting with the Chartered Institute of Stockbrokers (CIS) on Wednesday in Abuja. He said the Commission is on the quest to improve professionalism, therefore, urged operators to have good ethical conduct and maintain professionalism in the discharge of their duties.
He added that this would make the capital market more transparent and attract investors, thereby soliciting the support of the CIS.
He said: “CIS has supported the SEC in our various initiatives in the past, and we hope that this support will continue with the various initiatives we plan to roll out this year. We, therefore, urge the CIS to encourage its members to uphold the code of ethics of the profession and as contained in the rules and regulations of the commission.”
The Director-General said the regulator and the self-regulatory organisations must work together, adding that it would go a long way to eliminate poor market conduct.
He, however, urged the operators to prioritise the interest of investors over their own and be seen to demonstrate the highest level of integrity and transparency in conducting their activities.
He added: “It is very important for us to work harmoniously. We want a harmonious capital market where the regulators and the self-regulatory organisations complement each other.
“We want a harmonious capital market where the forces compliment and rein-enforce each other and not fight. With all the initiatives we are bringing out in place, we are all heading towards a more robust and vibrant market.”
“Only recently, in a bid to curb poor market conduct, the SEC had resolved to intensify monitoring and surveillance of the market and vowed to apply stiff sanctions to any operator who engages in unethical conduct.
“Poor conduct dissuades investors from our market and therefore counters our collective objective of broadening and deepening the market.
“We also expect that the institute will continue to make it mandatory for its members to undertake annual professional development programs that address emerging issues. I believe that this will go a long way in ensuring that the practitioners in the market are highly skilled and are equipped to make a real impact towards growing the market.”
On his part, Olatunde Amolegbe, president of the CIS, said the institute is willing to work with the SEC to ensure professionalism in the capital market, improve ethical standards and weed out bad eggs in the market.
He commended the effort of the SEC and expressed the commitment of CIS to working with the regulator to develop the market.