SEC Insists on Full Disclosure

Securities and Exchange Commission (SEC), has reminded regulated entities in the capital market to keep making adequate disclosures on the impact of COVID-19 on their businesses.

This was contained in a circular by the commission to provide update to stakeholders within the market.

This advice came just as trading activities on the floor of the Nigerian Stock Exchange (NSE) closed negative as bears sustained its grip following profit takings after week long gains.

Consequently, the All-Share Index dipped 94.57 basis points or 0.39 per cent to close at 23.950.83 index points as against 24.045.40 recorded the previous trading session while market capitalisation of equities depreciated by N49 billion from N12.531 trillion the last Friday to N12.482 trillion as market sentiment remained on the negative territory.

According to the circular, SEC said: “While we continue to monitor the evolvement of the pandemic and its impact on the capital market, all regulated entities are reminded to make adequate disclosures and report on how the pandemic is impacting operations and discharge of services to investors and other stakeholders.

“We also wish to assure investors that while efforts are ongoing to ensure that capital market services remain accessible, the commission’s priority is the protection of investors.”

The commission also stated that following the Federal Government’s partial easing of the lockdown, it had reopened its head office in Abuja.