Ibekimi Oriamaja Reports
The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have rationalized the Chartered Institute of Securities and Investment of Nigeria, CISI, Bill, claiming that it will drive the registration of all professionals in the securities industry, as opposed to the current duplication of roles among various professional bodies.
ASHON has also proposed that stockbrokers be appointed to the Securities and Exchange Commission (SEC) Board of Directors as core operators in the Nigerian capital market.
A statement from the CIS made available to Vanguard emphasized the importance of properly defining the Institute’s functions and the securities in which a stockbroker can deal.
“CISI Bill seeks to properly define the scope of a stockbroker, which includes securities dealing, fund and portfolio management, asset management, investment management, corporate finance, and other related fields,” according to the statement.
“The importance of a professional body in the Nigerian capital market that is legally empowered to regulate the training and certification of core capital market operators cannot be overstated.”
This would prevent the unnecessary proliferation of professional bodies performing similar roles, ensure standardization of training and certification, and limit the influx of charlatans and quacks as Capital Market operators, resulting in the continued development of our market. Weak controls in this area had a negative impact on the market, resulting in the near-collapse of the capital.
