The Chartered Institute of Stockbrokers (CIS) and Association of Securities Dealing Houses of Nigeria (ASHON) have presented to the National Assembly the rationale and benefits of passing a bill that will transform CIS to Chartered Institute for Securities and Investment (CISI).
The bill will enable it drive the registration of all professionals in the securities business against the current duplication of roles among different professional bodies.
Similarly, ASHON has proposed inclusion of Stockbrokers on the Board of the Securities and Exchange Commission (SEC) as core operators in the Nigerian capital market.
A statement from the CIS indicates the need to properly define the scope of functions of the institute and the securities that a stockbroker can deal in.
The CISI Bill “seeks to properly define the scope of a stockbroker, which includes securities dealing, fund and portfolio management, asset management, investment management, corporate finance and other related fields.
“ The need for a professional body in the Nigerian capital market empowered by law to regulate the training and certification of core capital market operators cannot be overemphasised. This would prevent the unnecessary proliferation of professional bodies performing similar roles.
“It would also ensure standardisation of training and certification, and check the influx of charlatans and quacks as operators in the capital market, which will lead to the continual development of our market. Weak controls in this area had impacted the market negatively and among other factors, resulted in the near collapse of the capital market a few years ago.
