Securities and Exchange Commission
(SEC) has revoked registration of Mainland Trust Limited as a capital market operator with immediate effect
Gatekeepers News reports that SEC in a statement, noted that the company’s registration was revoked for regulatory violations.
The commission said the decision was made under its powers as provided in Section 38(4) of the Investments and Securities Act, 2007, and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations, 2013.
SEC said the revocation was due to the company’s failure to comply with regulatory directives and its inability to resolve several complaints lodged against it.
It said, “The commission’s decision is informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.”
“All clients of Mainland Trust Limited are by this notice advised to contact the Central Securities Clearing Systems PIc(CSCS) for appropriate guidance on the transfer of their stocks to another stockbroker of their choice.”
The commission further directed Nigerian Exchange Group (NGX), Institute of Capital Market Registrars (ICMR), Chartered Institute of Stockbrokers (CIS), CSCS, and all capital market trade associations to cease any capital market-related dealings with the company.
