SEC MAY DEREGISTER 94 OPERATORS.

The Securities and Exchange Commission (SEC) may deregister some 94 capital market operators soon if they can not show cause why they should not be.
According to SEC the operators were either inactive or on suspension and did not submit statutory returns to SEC by the deadline of September 15 2015 given to them to do so.
They include about 35 dealing stockbrokers and sub-brokers; about 33 Fund and Portfolio managers; five issuing houses ; and six venture capital managers. Others include one rating agency. Corporate investment advisers and Registrar/underwriter.
We did the above grouping by focussing on sole or first stated activity SEC said they were registered to be involved in.
Very many of them are involved in more than one activity but only those registered as stockbrokers, sub-brokers, fund and portfolio managers have direct relationship with the investing public that could be affected by the withdrawal of their certificate of registration.
Investors are particularly going to be affected if they still have money with fund and portfolio managers and stockbrokers.
They will continue to be so affected if cancellation of the certificate is not well publicised and any one of them prefers to operate underground.
Some of the affected operators include firms associated with old banks and finance companies. These include Oceanic Trustees. PHB Asset Management, and UTB Trustees
Some well known or veteran organizations are also on the list. These include Prudential Securities Ltd active in the market since the 1980s; Express Discount Ltd as fund managers and NICON Trustees Ltd.
They have all been given December 4, 2015 to give reasons why their registration should not be cancelled.

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