SEC sets January 31 deadline for registration renewals

By Abubakar Yunusa

The Securities and Exchange Commission (SEC) has reminded Capital Market Operators (CMOs) to ensure that they renew their registration on or before January 31, 2025.

The Commission said this in a circular issued recently to ask the operators to begin this annual renewal of registration from January 1 to January 31, 2025.

The annual renewal of registration of Capital Market Operators, is aimed at ensuring that only fit and proper persons operate in the Nigerian capital market.

SEC in the secular stated: “This is to inform all Capital Market Operators (CMOs) and the general public that the annual renewal of Registration of CMOs for the year 2025 will commence from January 01, 2025.

“All CMOs applying for renewal are required to include their 2025 annual subscription receipt from their respective trade groups as part of their application.

“In line with the Commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2025 on or before January 31, 2025 via the renewal of registration portal www.eportal.sec.gov.ng. For enquiries or support in completing the process, please contact registration@sec.gov.ng”

The Commission emphasized that CMOs without valid registration will be penalized and may be excluded from carrying out capital market activities.

The SEC had in 2021 re-introduced periodic renewal of registration by capital market operators, which was premised on the need to have a reliable data bank of all CMOs registered and active in the Nigerian capital market.

The aim was to provide updated information on operators in the Nigerian capital market for reference and other official purposes by local and foreign investors, other regulatory agencies and the public.

The renewal was also introduced to increasingly reduce incidences of unethical practices by CMOs such as may affect investors’ confidence and impact negatively on the Nigerian capital market, as well as strengthen supervision and monitoring of CMOs by the commission.

Consequently, the SEC amended its rules and re-introduced the requirement for yearly renewal of registration by all CMOs, which is carried out electronically in order to ensure efficiency.