Benefits of ASHON’s new status for market

Patrick Ezeagu

The Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Patrick Ezeagu, has defined that the new status conferred on ASHON, as a commerce group by the Securities and Exchange Commission (SEC), would improve the affiliation’s credibility as a recognised skilled group within the nation’s bourse.

Ezeagu, who described ASHON’s new status as a long-awaited milestone, recommended SEC for the endorsement, noting that “every achievement entails some responsibility to sustain it.”

The Securities and Exchange Commission (SEC) registered ASHON as a commerce group according to its mandate that requires all capital market operators to register with their respective commerce group or face penalty.
As said by Ezaegu, the registration has strengthened ASHON’s legitimacy to function successfully within the capital market.

“The registration of ASHON as a commerce group has offered synergy to enhance our actions. It is a extra formal recongnition of our existence as capital market operators by the Securities and Exchange Commission (SEC).

“The registration has conferred larger degree of legitimacy on what we’re doing. It will additional reinforce all members beneath one umbrella.

“This is a dream come true. We have been on it over time. We are fulfilled. We know that the new improvement has imposed further duties on our members. We should be extra aware of our duties. We should adjust to all the foundations and laws guiding our career.

“There isn’t any hiding place for lukewarm members any longer. Sanctions await any member that runs foul of the legal guidelines. Every member should be certain that it receives annual certificates of foreign money.

The commerce group status shall strengthen ASHON’S grievance administration framework” Ezeagu mentioned.

ASHON’S First Vice President and Chief Executive-designate of Lagos Commodity and Futures Exchange (LCFE), Akin Akeredolu-Ale, defined that one of the primary expectations from the new status of ASHON could be to drive compliance and enforcement.

Ale famous that SEC in approving commerce teams has displayed excessive degree of confidence within the skill of commerce teams to uphold the tenets of battle decision and framework for resolving infractions as they have an effect on the members in any group.

“SEC believes that each commerce group owes it a obligation to control its members. It shouldn’t be each bit of infraction that should be taken to the commission, solely points past the scope of ASHON may be escalated to the regulators- the Nigerian Stock Exchange (NSE) and thereafter, SEC.

“The new registration will give extra which means to stakeholders’ mapping. It will give extra voice to ASHON as capital market operator. Under the submit demutualisation of the NSE, actions of shareholders shall be extra outstanding.

“But this cannot rule out the functions of trade groups as the members possess the skills and competencies to handle operational issues. Trade groups like ASHON shall continue to play advocacy roles”, Akeredolu-Ale mentioned.

Meanwhile, ASHON’S General Secretary, Sam Onuokwe, has appealed to all dealing members’ companies that haven’t registered or up to date their membership to take action on or earlier than the top of September this 12 months.

He defined that a complete listing of ASHON members can be forwarded to SEC originally of October, including that any dealing member that fails to satisfy the deadline could face SEC enforcement motion.

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