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The Director General of the Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo and Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema has reiterated the need for operators on the floor of the equities market to be above board in their dealings in the local bourse.
The duo said the position of the Commission and the Exchange on zero tolerance on market infractions, remains sacrosanct, as strict adherence by market operators on the rules guiding the market against any form of abuse is germane to its growth and development.
Gwarzo and Onyema, gave this remarks on Tuesday at the induction ceremony of 36 new Dealing Clerk members to the trading floor of the Exchange in Lagos.
According to Gwarzo who was represented at the event by the Commission’s Lagos Zonal Director, Mr. Deji Falomo, he said while continuous capacity building remains the backbone of the stock market, operators must as a matter of necessity imbibe the culture of compliance to rules of the market, even as they must be transparent in their duties to the general public.
Gwarzo who said the Commission had already put in place a 10 road map to turnaround the fortunes of the equities market, said operators must jettisoned any form of abuse on the ethics of their profession, even as they must at all times ensure that investors investment in the stock market are protected.
He reiterated the need for the new inductees to be innovative in their career pursuit as this will help to increase the depth of the market.
Further in his comment, Onyema implored the new dealing members to uphold the value of the stockbrokerage profession, noting that anything done contrary to the rules guiding trading in the stock market will engender confidence in the market.
“As we continue to work on our goal of becoming a more agile and demutualized exchange, the importance of your role cannot be over emphasized. It goes without saying that the investing community will know and judge the Nigerian capital market through your character and service innovation.
“The manner in which you engage and render your professional duties to your clients will go a long way in shaping the perception of our market. We will support you in developing your capacity and businesses.
“However, NSE will not hesitate to wield the axe on any erring member that falls short on any of our rules. Let me be clear that we have a zero tolerance policy on all infractions and I am confident that I will not get a negative report concerning any of you. To this end, I would like to challenge you to uphold the tenets of your profession. Let your word be your bond. This would not only build and sustain a transparent and harmonious working relationship, but would also engender confidence and growth of your respective organizations and the capital market at large”, he added.
Photo Caption:
From Left: Adeoye Abimbola Adepeju receiving her certificate from Oscar N. Onyema ,OON, Chief Executive Officer, The Nigerian Stock Exchange (NSE) during the Induction Ceremony for Newly Qualified Dealing Clerks on Tuesday at The Exchange.
