SEC shuts down Stockmatch Investments

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Borno State-based investment firm, Stockmatch Investments Ltd, was on Tuesday shut down by the capital market regulator, the Securities and Exchange Commission (SEC).

The regulator said Stockmatch was operating illegal investments, as it didn’t have the approval from the SEC to conduct fund management activities in the country.

SEC disclosed that Stockmatch promises exorbitant rates of returns to lure investors, as a result, the regulator, by the powers under Section 13 (w) Investments and Securities Act 2007, has closed the premises of the firm.

“This company does not have registration of the SEC to conduct fund management activities and has been found to promise exorbitant rates of returns to lure investors.

“The SEC has exercised its powers under Section 13 (w) Investments and Securities Act 2007, to shut it down,” the SEC said in a statement released on Tuesday.

SEC stated that it was illegal for a company to raise capital from the public to finance its operations as enshrined in the Investments and Securities Act, 2007.

In the statement, the SEC said: “The public is hereby reminded that it is unlawful for any private enterprise whether incorporated as a company or not, to solicit funds from the public by whatever means, to fund its private ventures as doing this will be in contravention of the Investments and Securities Act, 2007.”

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