The Investments and Securities Bill has been described as capable of transforming the capital market, encourage the influx of foreign investors as well as boost investors’ confidence, among others.
Chairman of the House Committee on Capital Markets and Institutions, Hon. Babangida Ibrahim, stated this during an interview weekend while commenting on the recent passage of the Bill by the House of Representatives.
Ibrahim said: “the ISA Bill seeks to repeal the existing Investments and Securities Act 2007 and to establish a new market infrastructure and wide ranging system of regulation of investments and securities businesses in Nigeria especially in the areas of derivatives, systematic risk management, financial market infrastructure and Ponzi scheme and platforms.
“Other areas the bill addresses are alternative trading systems, inclusion of National Pensions Commission as part of the board of the Securities and Exchange Commission, deletion of the provisions on merger control in the current Act and amendment of the criteria of borrowing by sub nationals and strengthening and enforcement powers of the Securities and Exchange Commission in line with the requirement of the International Organisation of Securities Commissions (IOSCO).”
According to him, “we owe a duty to Nigerians and Nigeria to make sure that things work well. In the financial market we have the money market and the capital market.
“With the challenges facing the money market, the only option…
