The Securities and Exchange Commission (SEC) today [Friday, November 8, 2019] revoked the licenses of 53 Fund Management Companies.
According to the SEC, the revocations were done pursuant to Section 122 (2) (b) of the Securities Industry Act, 2019 (Act 929) which authorizes SEC to revoke the license of a market operator under some circumstances.
SEC, in a statement explained that the revocation follows the companies’ failure to “return client funds which remain locked up and in a number of cases, have even folded up their operations.”
Here is the full list of the affected institutions
- All-Time Capital Partners Limited
- Alpha Cap Securities Limited
- Axe Capital Advisors Limited
- Apex Capital Partners Revoked
- Beige Capital Limited Revoked
- Brooks Asset Management Limited
- Cambridge Capital Advisors Limited
- Canal Capital Limited Revoked
- Corporate Hills Investment Ltd.
- Dowjays Investment Limited
- EM Capital Limited Revoked
- Energy Investments Limited
- Fromfrom Capital Limited
- Frontline Capital Advisors Limited
- FirstBanc Financial Services Limited
- Galaxy Capital Limited
- Gold Coast Fund Management Limited
- Gold Rock Capital Management Limited
- Goldstreet Fund Management Limited
- Global Investments Bankers Limited
- Heritage Securities Limited
- Ideal Capital Partners Limited
- Integrity Fund Management Limited
- Intermarket Asset Management Ltd
- Kripa Capital Ltd.
- Kron Capital Limited
- Legacy Financial Services
- Liberty Asset Management Limited
- Kamag Kapital Limited
- Mak Asset Management Limited
- Man Capital Partners Limited
- Mec-Ellis Investment(Ghana) Limited
- McOttley Capital Limited
- Monarch Capital Limited
- Mutual Integrity Assets Management Limited
- Nesst Capital Limited
- Nickel Keynesbury Limited
- Nordea Capital Limited
- Omega Capital Limited
- Procap Finance Company Limited
- QFS Securities Limited
- SGL Royal Kapita Limited
- Sirius Capital Limited
- Strategic Hedge Capital Limited
- Standard Securities Limited
- Supreme Trust Capital Limited
- Tikowrie Capital Ltd.
- Unisecurities Limited
- Universal Capital Management
- Ultimate Trust Fund Management Ltd.
- Utrak Capital Management Limited
- Wealth Vision Financial Services Limited
- Weston Capital Limited
Voluntary Cessation
- HFC Capital Partners Limited
- Attai Capital Limited
- Serengeti Capital Limited
- Indigo Investment Management Limited
- Verit Investment Advisory Limited