The Chartered Institute of Stockbrokers has hinted that it is working on a Memorandum of Understanding with the Nigerian Bar Association and the Institute of Chartered Accountants of Nigeria to encourage professionalism in the capital market.

A statement from the institute on Sunday said its leadership gave the hint in Lagos at a programme it organised to bring stakeholders together.

It added that the plan was consistent with efforts to reposition the institute as a major player in the financial market.

At the event, called ‘Brunch with the President’, the First Vice-President, CIS, Mr. Oluseyi Abe, was quoted as saying, that the MoU would be signed soon, adding that the institute was keen to partner with other professional bodies in the financial market.

In his goodwill message at the event, the President, Nigerian Stock Exchange, Mr. Aigboje Aig-Imoukhuede, urged stockbrokers to remain conscious of the enormous responsibilities their profession placed on them.

According to him, corporation between the CIS and the Exchange – as well as other professional bodies – was vital for the growth of the market.

For his part, the Chairman, Board of Fellows, CIS, Mr. Sammy Olagbaju, echoed the call by the NSE president for stockbrokers to ensure that they played their roles in developing the market and the institute.

Meanwhile, the President, CIS, Mr. Albert Okumagba, was quoted as explaining that the institute was holding talks with the market regulators regarding the recapitalisation of market operators and demutualisation of the NSE.

He added that consultations were ongoing about how to make the commodities exchange active and attract companies in the telecommunications sector to the market.

The CIS president, who acknowledged the need for more active trading in collective investment schemes, gave the assurance that the institute would monitor the schemes in order to protect investors who do not have professional advisers.

Punch