In a bid to address challenges associated with identity management in the capital market, the Securities and Exchange Commission, SEC has developed a standardized Investor’s Data and Consent Form to be adopted by all Capital Market Operators.
Identity theft is the deliberate use of someone else’s identity, usually as a method to gain financial advantage or obtain credit and other benefits in the other person’s name, and perhaps to the other person’s disadvantage or loss.
The Form will assist CMOs in collecting and updating investors data as well as enable CMOs to obtain consent of investors for implementing capital market initiatives targeted at improving overall experience and participation in the capital market.
Acting DG of the SEC, Ms. Mary Udukwho disclosed this in an interview, said identity management has been a problem not just in the Capital market but in many sectors of Nigeria’s economy, but assured that the SEC is handling it in the capital market.
“We are handling it, and that is why we came up with that form, that form has been exposed and we have asked the Capital market operators and other stakeholders to give us their comments on that form. We want to get as much information as we need from investors to be able to use it in the right way while also protecting that information.
The Acting DG expressed the commitment of the Commission to identify investors properly so as to guard against flow of illicit funds into the capital market.