The Securities and Exchange Commission has urged capital market operators to make use of the Commission’s whistle blowing policy and report any infraction in the market for immediate actions.
A statement issued by the commission’s spokesperson, Efe Ebelo, said Uduk recalled several efforts and appeals to such issuers, to list their shares without success, stressing that market operators encouraged private placements knowing that the law did not allow the SEC to regulate private companies.
“Anyone that is caught engaging in any activity that is against the laid down rules, be rest assured that such an operator will be made to face the full wrath of the law,” she said. She called for collaboration to sanitise the market, urging them to bring incidences of market abuse to the attention to the commission and enjoy protection under the law.
She stated that in doing all these, SEC was advising retail investors to invest in Collective Investment Schemes and Mutual Funds because those are managed independently by professionals and are diversified thereby reducing risks.
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