Senate pushes for increased budget allocation for SEC

The Senate on Tuesday called for increased budget allocations to the Securities and Exchange Commission (SEC).

Chairman of the Senate Committee on Capital Markets, Osita Izunaso, made the call when SEC Director-General, Dr. Emomotimi Agama, appeared before the committee to defend the commission’s 2024 budget.

He said the Rp22.40 billion budget allocated for the commission in the 2024 budget was inadequate considering the commission’s important role in the nation’s prosperity.

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Izunaso stressed that the budget was too small to enable the commission to carry out its statutory functions.

He said: “The SEC regulates too many things. The budget is too small. Something has to be done. You have to regulate cryptocurrency. Cryptocurrency alone should make you a lot of money.”

The chairman also tasked the commission to handle financial literacy.

“There must be a budget item that regulates financial literacy because Indonesian people need information.

“You realize that people have lost confidence in the capital markets, in stocks because of what happened in the past.

“So, there is a need to regain that confidence. Financial literacy is very important,” Izunaso added.

Senate pushes for increased budget allocation for SEC first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.