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STRUCTURE AND FUNCTIONS OF SECURITIES AND EXCHANGE COMMISSION (SEC)

            STRUCTURE AND FUNCTIONS OF SECURITIES AND EXCHANGE COMMISSION (SEC)

The security and exchange commission (SEC) is the regulatory apex organization of the Nigeria Capital market. Security and exchange commission was established in 1979.

            As at April 2013, the corporation has a total of One Thousand and Twenty Four (1024) diverse workforce spread across its Head office in Abuja and Lagos office as well as Zonal offices in Kano, Bauchi, Enugu, Ilorin, Benin, Port – Harcourt, Sokoto, and Yola.

The Securities and Exchange Commission (SEC) is the principal regulatory agency that regulates and makes compliance issues for the securities industry.

The primary mission of the Securities and Exchange Commission is to protect investors and maintain the integrity of the securities markets including primary market and secondary market. The Commission is appointed by the government and have overall responsibility to formulate securities legislation and administer as well. Securities and Exchange Commission also monitors various important regulatory and compliance functions. The Securities and Exchange Commission also oversees other key participants in the securities market, including stock exchanges, broker – investment advisors, mutual funds, and asset management companies.

Functions of SEC

The main purpose of the Securities and Exchange Commission activity deal with disclosure of important financial information, enforcing the securities rules and regulations, and protecting individuals as well as institutional investors who interact with these organizations. The major functions of the Securities and Exchange Commission are as follows:

  1. To control the stock exchange or any other security market business.
  2. To determine and register the activities of stock broker, sub – broker, share transfer agent, trustee or trustee deed, issue registrar, underwriter, portfolio manager, investment advisor, or any other middle related with the share market.
  3. To register any type of joint – stock scheme including mutual fund and monitor and control them.
  4. To develop, monitor and control security market’s all authorized and self – controlled bodies/organizations.
  5. To develop investment – related knowledge and to arrange for training facilities for persons involved with security market.
  6. To control speculative business especially for securities.
  7. To take shares and stock of companies and control of companies.
  8. To inspect security dealers, issuer and stock exchange and ask to provide information, investigation and conduct audit.
  9. To analyze, discuss and conduct research any activity related with security.
  10. To disclose and preserve any information and data related with security market. These are the functions of SEC to develop the share market and protect the interest of the shareholders.


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