SEC Deregistered Mainland Trust Limited over 'Regulatory Violations' The Securities and Exchange Commission (SEC) reports it has cancelled the registration of Mainland Trust Limited as a capital market operator with immediate effect for “regulatory violations”.
In a statement on Friday, the commission reported the decision was made under its powers as provided in Section 38(4) of the Investments and Securities Act, 2007, and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations, 2013.
According to the SEC, the revocation was due to the company’s failure to stick to with regulatory directives and its inability to resolve several complaints lodged against it.
“The commission’s decision is told by the company’s failure to cohere with regulatory directives and non-resolution of several complaints against it,” the SEC revealed.
“All clients of Mainland Trust Limited are by this notice cautioned to contact the Central Securities Clearing Systems Plc(CSCS) for appropriate guidance on the transfer of their stocks to another stockbroker of their choice.”
The commission further directed the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the CSCS, and all capital market trade associations to pulse a few capital market-related dealings with the company.
Category: World-News
Tag: SEC Deregistered Mainland Trust Limited over Regulatory Violations
Written by Author
Published 3/16/2025