According to the Director-General of the SEC, Daniel Ogbarmey Tetteh the ultimate sanction will be to revoke the licences of such companies.
Ghana’s Securities and Exchange Company threaten to sanction recalcitrant operators
The Securities and Exchange Commission has warned operators under its jurisdiction that it will sanction companies that fail to adhere to regulations guiding the securities market.
He said this will be to deter other operators from repeating actions that may lead to the loss of funds or the collapse of some investment firms.
Mr Tetteh says revoking the licenses will be prudent to protect investments and rebuild confidence.
“There are consequences when there is a corporate failure so directors must be well advised. As a commission, we are at the point where we will begin to ban people from operating in the industry.”
“It’s not going to be only an issue of taking some kind of regulatory action or enforcement but just to protect the industry, we have to make sure that we are fit and proper,” he added.
The securities market is expected to have its round of reforms following a similar one in the banking sector.
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