The Securities and Exchange Commission has with immediate effect, revoked the licences of some 53 Fund Management Companies.

According to a public notice served by the Commission, the action is in accordance with its mandate of protecting investors and the integrity of the capital market, and in pursuant to Section 122 (2) (b) of the Securities Industry Act , 2016 (Act 929or “the Act”) which authorises the Securities and Exchange Commissionto revoke the licences of a market operator under certain circumstances.

“The revocation of the licences of the specified companies has become necessary as they have largely failed to return client funds which remain locked up and in a number of cases, they have even folded up their operations. Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches.

The SEC is committed to ensuring that the Fund Management Sub-sector remains supportive of the Capital Market growth and the economy as a whole. The SEC will continue to regulate and promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected,” the statement further stated.

FULL LIST OF FUND MANAGERS WHO ARE NOT OPERATING AND WHOSE LICENCES HAVE BEEN REVOKED

LIST OF FUND MANAGERS WHO ARE OPERATING AND WHOSE LICENCES

HAVE BEEN REVOKED