By InvestAdvocate

Lagos (INVESTADVOCATE) –The Securities and Exchange Commission (SEC) on Monday issued a registration cancellation pre-notice to 94 inactive Capital Market Operators (CMOs) for failing to render their statutory returns to the Commission.

SEC says the 94 CMOs were registered by it for various functions in the Nigerian capital market; but they have consistently failed to render their statutory returns to the Commission and may have been unable to comply with the new minimum capital requirements before the deadline stipulated by the Commission which expired on September 30, 2015.

“In view of this fact, the Commission hereby directs the affected CMOs to make presentations to the Commission, on or before December 4, 2015, giving reasons why their registration as CMOS should not be cancelled,” the Commission said in a statement on its official website.