By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s apex capital market regulator, the Securities and Exchange Commission (SEC) said on Wednesday it has suspended Cowry Asset Management Ltd and its sponsored individuals from Issuing House functions.

SEC says the reason for the suspension is due to the company’s failure to honour its underwriting obligation in accordance with Rule 318 (2) of SEC Rules and Regulations.

“The Securities & Exchange Commission is empowered under Sections 13(n), 45, 303 of the Investments and Securities Act (ISA) 2007 and Rule 598 of its Rules and Regulation to protect the integrity of the capital market against all forms of abuses by sanctioning persons who violate the provisions of the Act and the Rules and Regulations made pursuant thereto,” SEC affirmed.

According to the Commission, the suspension is indefinite an in line with it wishes to notify the investing public of the development.