Economy

Stakeholders harp on IST benefits

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Stakeholders harp on IST benefits

By Itohan Abara-Laserian

Stakeholders in the capital market ecosystem have commended the Investment and Securities Tribunal (IST) for being an effective dispute resolution body in the financial sub-sector.

At a virtual symposium organized in Lagos by the Association of Capital Market Academics of Nigeria (ACMAN), participants praised IST for resolving disputes in a “flexible and rapid” manner.

The symposium was titled “The Role of IST in the Development of the Nigerian Capital Market”.

IST President Amos Azi identified his goal as the swift and efficient resolution of capital market disputes with fairness, flexibility and transparency.

He stressed that any dispute brought to court must be resolved within 90 days.

According to him, IST is the first of its kind in Africa and is recognized globally, noting that its existence has boosted investor confidence in the Nigerian market.

He said that with the existence of the tribunal, investors are assured of prompt resolution of disputes, thereby promoting continued investor confidence in the market.

“The IST is an independent and specialized judicial body established under the Investment and Securities Law (ISA) 2007 to adjudicate expeditiously and effectively exclusively on capital market disputes arising from the ISA and it interprets the applicable laws, rules and regulations, ”he said. noted.

Azi said IST, which is a specialized tribunal, is a critical market infrastructure that drives market reforms.

He said the IST was created due to people’s poor understanding of capital market operations, the need to resolve capital market disputes quickly, and the high cost of legal proceedings in ordinary courts.

Ms. Toyin Sanni, Managing Director, Emerging Africa Group, while welcoming the activities of IST, called for expanding its mandate.

“The limits for me are that there is still a very low and mediocre investor knowledge of the very existence of IST and therefore the challenge will be for us to commit to sharing capital market information”, she declared.

Professor Augustine Agom from Ahmadu Bello University in Zaria said IST has done a good job of contributing to the capital market by making changes, coming up with new ideas, testing existing ideas and testing. group cohesion.

Dr Suleyman Ndanusa, former chief executive of the Securities and Exchange Commission (SEC), who gave the background to the creation of the IST, said he played his role in making the ISA a hub for resolution of cases in the financial sector.

The Nigeria News Agency reports that the symposium, moderated by Prof. Uche Uwaleke, President of ACMAN, brought together lawyers, capital market operators, capital market academics, among other participants. (www.)

Source: NAN

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