‘Why we’re opposed to floating Chartered Institute of Securities and Investment’

Financial Market Dealers Association of Nigeria (FMDA) has kicked against moves by the Chartered Institute of Stockbrokers (CIS) and four other professional bodies to float the Chartered Institute of Securities and Investment of Nigeria (CISI) to control and regulate financial market operations in Nigeria.

The FMDA, created to develop financial market infrastructure, human capital and promote professional and ethical standards in treasury activities in Nigeria, distances itself and its members from the sponsors of the CISI Bill, which was created to destabilise the financial market and economy by assigning illegal powers to the CISI.

Other institutes said to be involved in the planned floating of the CISI include

Institute of Capital Market Registrars (ICMR), Fund Managers Association of Nigeria (FMAN), Association of Issuing Houses of Nigeria (ASHON) and Association of Investment Advisers and Portfolio Managers (AIPM).

FMDA secretary, Mary Gbegbaje, says the CISI Bill seeks to repeal the current Chartered Institute of the Stockbrokers Act and replace it with the Chartered Institute of Securities and Investment (CISI) Act, with the principal objective of determining standards of practice in the securities and investment business.

She raised concerns the financial publics have about the intention and purpose of the bill, adding that FMDA will not accede to signing the MOU from the Chartered Institute of Stock Brokers to distort and weaken securities and investment activities in the Nigerian capital market.