The Securities and Exchange Commission (SEC) has suspended Cowry Asset Limited and its sponsored individuals from issuing house activities.
The SEC, in a statement on its website, yesterday, said, “It is empowered under Sections 13(n), 45, 303 of the Investments and Securities Act (ISA) 2007 and Rule 598 of SEC 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.”
The commission said that it is in line with this that Cowry Asset Management and its sponsored individuals for issuing house functions have been suspended from undertaking issuing house business with immediate effect.
“This is due to the company’s failure to honour its underwriting obligation in accordance with Rule 318 (2) of SEC Rules and Regulations. The suspension shall remain in force until further notice,” the SEC said.
The SEC had in April suspended the board and management of BGL from all capital market activities.
Source : Leadership