By Modupe Gbadeyanka
All Capital Market Operators (CMO) in Nigeria have been given till December 31, 2018 to belong to at least one trade groups or associations in the industry.
This directive was contained in a statement issued by the management of Nigeria’s Security and Exchange Commission (SEC), the highest capital market regulatory agency in the country.
According to the statement, the rules guiding the operations of stockbrokers in Nigeria mandate them to be a member of Self-Regulatory Organizations (SROs).
“The commission hereby draws the attention of all Capital Market Operators to Rule 25(1)(a) of the SEC Rules and Regulations (as amended) on Membership of Self-Regulatory Organizations (SROs).
“The Rule provides that ‘Every person registered to perform any function in the market shall be a member of an SRO or a Trade Association relevant to its function,’” the statement issued on Wednesday emphasised.
It was further stressed that, “All Capital Market Operators that are yet to register with their Trade Groups/Associations are hereby required to do so and submit evidence of their registration to the commission not later than December 31, 2018.”
“Any CMO that fails to comply with this directive shall be sanctioned in line with the SEC Rules and Regulations,” the market regulator warned.
Dipo Olowookere 
Adedapo Adesanya