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SEC extends deadline for market operators for recapitalisation.

The Securities and Exchange Commission (SEC) has announced the extension of the deadline for market operators to comply with the minimum capital requirement by three months, from the initial December 31, 2016.

This means that operators have till March 31st to increase their capital base.

The extension followed a plea by stockbrokers, who had requested additional six months to enable them comply successfully.

Under the new recapitalization, a broker/ dealer is required to have a capital base of N300 million from N70 million, while that of a broker has been increased by 400% to N200 million from N40 million.

A dealer is expected to have N100 million capital base up from N30 million, while capital base for Issuing houses is increased from N150 million to N200 million.

 

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