By Dipo Olowookere
In a bid to reposition the capital market so that it can continue to positively contribute to the economy and as well restore confidence of investors, Federal Government has reconstituted the Investment and Securities Tribunal (IST).
The tribunal was put back together in Abuja on Tuesday by the Minister of Finance, Mrs Kemi Adeosun.
The reconstituted 10-man tribunal has Siaka Isaiah Idoko as the Chairman.
According to the Minister, the tribunal will strive hard to bring back the confidence of the capital market operators as well as the investing public, which might have been dampened by the delay in the dispensation of justice during its absence.
It is expected that the reconstitution and inauguration of the tribunal will ensure that rising cases in the capital market would be effectively and efficiently handled.
Recall that the tribunal was dissolved in compliance with the Federal Government’s directive on dissolution of boards of parastatals, agencies, institutions and government-owned companies conveyed in circular Ref. No. SGF.19/S:18/XIX/964 dated October 16, 2015.
The Investments & Securities Tribunal was established under section 274 of the Investment and Securities ACT (ISA) 2007. It was constituted and formally inaugurated on December 19, 2002 as part of the Federal Government’s key reform of the financial sector.
It is a dedicated, specialised and fast-track civil court for the resolution of disputes arising from investments and securities transactions.
These disputes are resolved in an accessible, flexible and cost-effective as well as efficient and transparent manner.
The ISA 2007 stipulates that all matters before the Tribunal are to be disposed off within 90 days from date of hearing.
Adedapo Adesanya