IST demands increased funding for operational efficiency

The Investments and Securities Tribunal, IST, has requested for increased funding in order to effectively cope with   expansion in its   operational responsibilities. Chairman of the Investment & Securities Tribunal (IST), Isaiah Idoko-Akor, made this request when members of the Tribunal visited the Acting Director General of SEC, Dr. Abdul Zubair in Abuja. He said: “IST is serving the market, it is very important to the market and that is why we commend SEC for its support to the IST. “However, IST needs to be strengthened to be able to carry out its functions effectively. As the market is expanding, we also need funds to expand our operations to be able to serve better” he said. Akor, while commending the SEC on the various initiatives it has rolled out, also called for increased enlightenment and sensitisation of the investing public especially as it relates to seeking redress on issues relating to the capital market. Speaking earlier, Zubair said that the Commission will partner with the IST in its quest to ensure zero tolerance on infractions in Nigeria’s capital market and to ensure that perpetrators of fraudulent acts are brought to book. He said: “SEC has zero tolerance on infractions adding that anyone that flouts the rules will be made to face the consequences of such actions. Zubiar told the IST team that the SEC has been embarking on a number of initiatives to protect investors in the market and ensure that they reap the benefits of their investments. “SEC has rolled out a number of initiatives and campaigns which have been yielding results. These initiatives are to ensure that investors are aware of what to do to protect their investments “The e-dividend is one of such campaigns and we enjoin investors to key-in so that they can reap the benefits of their investments” he added.