Stockbrokers seek financial support for IST
Kayode Ogunwale

 

Stockbrokers have urged capital market regulators to provide financial support for Investment and Securities Tribunal (IST) that will enable the Tribunal to function optimally.
Speaking during a courtesy visit of IST to the exchange and closing gong ceremony in Lagos, Doyen of the market, Sam Ndata urged the Securities and Exchange Commission (SEC) and NSE to make the tribunal more functional through proper funding.
He noted that lack of funding would undermine the efficiency of the tribunal.
Ndata enjoined the tribunal to be judicious with funds as well as ensure proper accountability of every fund allocated to it.
The Doyen said that members on IST board were men of integrity and expertise, noting that their contributions were of essence.
In his own, Chairman, IST, Mr Isiaka Idoko-Akoh, urged companies to adhere to the principles of corporate governance to reduce trade disputes in the capital market.
He said that adherence to corporate governance by companies would reduce trade disputes and fraud in the market.
Idoko-Akoh assured investors that the tribunal would continue to ensure quick resolution of disputes and cases brought before it to strengthen investor confidence.
According to him, the tribunal will ensure that no investor losses money in the market.
He said that IST was established to adjudicate on matters relating to capital market disputes to ensure quick dispensation of justice.
The chairman urged investors to embrace the tribunal in dispute resolutions instead of going to normal court that could take up to 10 years before passing judgment.
He, however, stressed the need for awareness creation, public enlightenment and training for people to understand the workings of IST.
The chairman said that disputes, when properly handled would increase quantum of business in the market.
Idoko-Akoh also called for good remuneration for the management and staffers of the tribunal for efficient service delivery.