NEW CAPITAL MARKET OPERATORS TO BE INTERVIEWED

On  Wednesday and Thursday this week the Nigerian Securities and Exchange Commission (SEC) will interview new capital market operators at its head office in Abuja.
According to an official notice, those to be interviewed include companies seeking fresh registration into the capital market; additional sponsored individuals for existing companies and existing companies seeking registration of additional functions.
Letters of invitation have been sent to affected companies and individuals but for enquiries contact Elisha Tanko on 08121694100; Agam Emomotimi on 08034503686; Irobo Johnson on 08066484000 and Zainab Abdullahi on 08051300678.
Among the hurdles so far crossed by those to be interviewed include minimum capital requirements; and payment of stipulated application fees in addition to N5000 for application form.
The minimum capital requirements differ ranging from N500m to establish commodity and stock exchanges, Clearing Settlement and Custodial agency and OTCs  to N150m as issuing house;  N100m as underwriter; and N70m as broker/dealer.
The minimum capital required to be a stock broker or commodity broker, fund/portfolio manager and trustee is N40m while to be just a dealer in 30m,  to be registrar or inter dealer broker is N50m.
Those invited who aim to be individual sub broker or individual investment adviser must have put together N500000 minimum capital.
To be registered as a market maker the minimum capital is N2bn.
The application fees range between N1000 for sponsored individuals to N50,000 for consultants, sub broker and commodity broker to as high as N200,000 for underwriters, issuing houses, market makers and custodial services.

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