Business News of Wednesday, 1 February 2017
The Securities and Exchange Commission (SEC) has suspended the licenses of Met Capital Group Limited and Mec-Ellis Investments Limited – both investment advisors- for breaching some provisions of the Securities Industries Law.
“The Commission kindly requests any person who has given funds to Mec-Ellis and Met Capital Group, for investments to inform the Commission of such investments,” a statement issued by the SEC, and signed by Mr Alexander Williams, the Acting Director-General, said.
The statement also urged the public to call the Commission’s toll-free number on 080010065, with their queries.
The SEC explained that suspension was in line with section 122 of Act 929, under which their licenses were granted.
Met Capital Group Limited was licensed by the Commission as an Investment Advisor on 11th December, 2013 and currently operates from Block 3, the Financial Hub, No. 375, CSIR, Otinshie, East Legon.
Mec-Ellis Investments Limited was also licensed as an Investment Advisor in March 2013 and operates from Number 5A Dakar Avenue, East Legon, Accra.
“The general public is, therefore, advised not to engage in any securities transactions with either companies or do so at their own risk,” the statement said.
The SEC, a statutory body, was set up, among other legislations, by the Securities and Industry Act, 2016, (Act 929) to regulate and promote the growth of an efficient, fair and transparent securities market.
The functions of the SEC include the maintenance of surveillance over activities in securities to ensure, fair and equitable dealings in securities, the licensing of all market operators and collective investment schemes (unit trust and mutual funds), the examination and approval of invitations to the public and the protection of investments.