TWO CAPITAL MARKET OPERATORS TO FACE SEC PANEL

Two capital market operators, BGL Securities Ltd and BGL Asset Management ltd have been invited to appear Securities and Exchange Commission's Administrative Proceedings Committee on February 3, 2016 to defend themselves against infraction charges.
According to SEC in a notice dated January 7, 2016, they and their sponsored individuals are to defend themselves against infraction allegations levelled against them by 10 investors.
It is alleged that they committed infractions of the Investment and Securities Act 2007, SEC rule and regulations and code of conduct for capital market operators.
Specifically, according to SEC, it has been alleged that they performed capital market functions without due registration; promoted and marketed products not registered by SEC; failed to resolve clients complaints and furnished SEC with false and misleading information.
Being invited before SEC administrative committee is always a serious matter given the antecedents of previous decisions and actions taken by the committee.
From records also available on the SEC website, companies that faced the committee in recent past and came out eventually being restored from suspension include Strand Capital Partners Ltd; Standard Alliance Capital and Asset Management ltd; Cowry Asset Management ltd;  Monument Securities and Finance ltd and Woodland Capital Markets PLC.
However, more companies have been hit by SEC hammer after facing the committee. These include about 36 suspension still in force since 2010 and the outright revocation of the license of Akitorch Securities Ltd for unethical conduct.

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