By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s Securities and Exchange Commission (SEC) said it has increased the capital requirement for operators in the Nigerian Capital Market (NCM) as broker/dealers are now expected to shore up their capital base to N300 million from N70 million.

SEC said in its official website that the Amendment to Schedule I of the Rules and Regulation (5 Dec 2013) is in pursuant to Section 313(6) of the Investments and Securities Act 2007, which the following amendments were made by the Commission.

The new minimum capital requirements for other Capital Market Operators are: brokers from N40 million to N200 million, dealers from N30 million to N100 million, issuing houses from N150 million to N200 million and underwriters from N100 million to N200 million.

Others are registrars from N50 million to N150 million, trustees N40 million to N300 million, rating agencies from N20 million to N150 million, while that of corporate investment advisers still stands at N5.0 million.

Individual investment advisers are to shore up their capital base from N500,000 to N2.0 million, while fund/portfolio managers are to increase theirs from N20 million to N150 million.

Click here to see full Amendmentto Schedule I of the Rules and Regulation