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SEC revokes licenses of 53 Fund Management companies

Abu Mubarik

The operating licenses of 53 Fund Management Companies have been revoked by the Securities and Exchange Commission (SEC).

SEC revokes licenses of 53 Fund Management companies
SEC revokes licenses of 53 Fund Management companies

The action was taken pursuant to Section 122 (2) (b) of the Securities Industry Act, 2019 (Act 929) which authorizes SEC to revoke the license of a market operator under some circumstances.

The revocation of the licences follows the companies’ failure to “return client funds which remain locked up and in a number of cases, have even folded up their operations,” SEC said in a statement explaining its decision.

It added that the revocation was “in accordance with its mandate of protecting investors and the integrity of the capital market.”

“Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches."

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The statement added: "The SEC has concluded after extensive engagement with these institutions that their continuous existence in the light of their conduct poses severe risks to the stability of the capital market and to the interests of investors."

The statement also noted that SEC has notified the Registrar of Companies of the revocation of these licenses and has requested that the Registrar petitions the High Court to commence winding-up proceedings against these companies under the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180),” the statement added.

Below is the list of the affected companies

  1. All-Time Capital Partners Limited
  2. Alpha Cap Securities Limited
  3. Axe Capital Advisors Limited
  4. Apex Capital Partners Revoked
  5. Beige Capital Limited Revoked
  6. Brooks Asset Management Limited
  7. Cambridge Capital Advisors Limited
  8. Canal Capital Limited Revoked
  9. Corporate Hills Investment Ltd.
  10. Dowjays Investment Limited
  11. EM Capital Limited Revoked
  12. Energy Investments Limited
  13. Fromfrom Capital Limited
  14. Frontline Capital Advisors Limited
  15. FirstBanc Financial Services Limited
  16. Galaxy Capital Limited
  17. Gold Coast Fund Management Limited
  18. Gold Rock Capital Management Limited
  19. Goldstreet Fund Management Limited
  20. Global Investments Bankers Limited
  21. Heritage Securities Limited
  22. Ideal Capital Partners Limited
  23. Integrity Fund Management Limited
  24. Intermarket Asset Management Ltd
  25. Kripa Capital Ltd.
  26. Kron Capital Limited
  27. Legacy Financial Services
  28. Liberty Asset Management Limited
  29. Kamag Kapital Limited
  30. Mak Asset Management Limited
  31. Man Capital Partners Limited
  32. Mec-Ellis Investment(Ghana) Limited
  33. McOttley Capital Limited
  34. Monarch Capital Limited
  35. Mutual Integrity Assets Management Limited
  36. Nesst Capital Limited
  37. Nickel Keynesbury Limited
  38. Nordea Capital Limited
  39. Omega Capital Limited
  40. Procap Finance Company Limited
  41. QFS Securities Limited
  42. SGL Royal Kapita Limited
  43. Sirius Capital Limited
  44. Strategic Hedge Capital Limited
  45. Standard Securities Limited
  46. Supreme Trust Capital Limited
  47. Tikowrie Capital Ltd.
  48. Unisecurities Limited
  49. Universal Capital Management
  50. Ultimate Trust Fund Management Ltd.
  51. Utrak Capital Management Limited
  52. Wealth Vision Financial Services Limited
  53. Weston Capital Limited

Voluntary Cessation

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  1. HFC Capital Partners Limited
  2. Attai Capital Limited
  3. Serengeti Capital Limited
  4. Indigo Investment Management Limited
  5. Verit Investment Advisory Limited

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Abu Mubarik Abu Mubarik Abu Mubarik is a writer at Pulse Ghana with special interests in Ghana politics, international relations and geopolitics.

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