Okumagba vows to protect stockbrokers’ interest in SEC induced recapitalisation




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Chartered Institute of StockbrokersLAGOS – The Chartered Institute of Stockbrokers (CIS) on vowed to protect the interest of stockbrokers in the ongoing Securities and Exchange Commission (SEC) broad-based recapitalisation for operators.

The President of CIS, Mr Albert Okumagba, gave capital market operators’ the assurance at his investiture in Lagos.

Okumagba said the institute was discussing regulators on the need to implement market-friendly decisions in the recapitalisation.

He said the institute would also protect the interest of stockbrokers in the demutualisation of the Nigerian Stock Exchange (NSE).

SEC had on December 19, 2013, issued a new capital requirement for capital market operators with Dec. 31, 2014 as deadline.

The CIS boss said the institute would continue to play a leading role in the advocacy to protect its members and their businesses.

“The Institute will continue to play a leading role in the advocacy to protect our members and their businesses and to ensure that we operate our market with globally acceptable standards,” Okumagba said. [eap_ad_2] He also said that the institute would use its platform to create and support knowledgeable professionals in the collective effort to deepen the market and engender national financial inclusion.

Okumagba said the CIS was working with market stakeholders to develop a Nigerian peculiar savings strategy using all platforms in the financial such as insurance, pension, mortgage securities and mutual funds.

He, however, said that the institute would the requisite professionals to trade on the four market platforms, the NSE, NASD Plc, FMDQ OTC and the Nigerian Commodities Exchange.

Also speaking, Mr Ariyo Olushekun, the CIS immediate past President, noted that the institute during his tenure made an impact both locally and internationally.

Olushekun said that CIS under his tenure succeeded in getting forbearance for stockbrokers and Value Added Tax (VAT) and stamp duty waiver on stock market transactions.

He pledged to support Okumagba and his team as they continue with the task of improving the profile of the institute. (NAN)[eap_ad_3]