SEC cracks the whip; revokes licenses of 53 investment firms

The Securities and Exchange Commission (SEC) has revoked the licenses of 53 fund management companies with immediate effect. This is in accordance with Section 122(2) of the Securities Industry Act of 2016, Act 929. The Act authorises the Commission to revoke the license of any fund management company which, among others, contravenes the laws of operation. “The revocation of the licenses of the specified companies has become necessary as they have largely failed to return client funds which remain locked up and in a number of cases, they have even folded up their operations,” a release from SEC on Friday, November 8 noted. While 21 lost their licenses as a result of inactivity, 32 lost their licenses because of breaches to Act 929. Among the firms whose licenses were revoked as a result of their dormancy are Alpha Cap Limited, Beige Capital Asset Management Limited, Cambridge Capital Advisors Limited, EM Capital Limited, Energy Investments Limited, Fromfrom Capital Limited and Gold Rock Capital Management Limited. The others are Gold Rock Capital Management Limited, Heritage Securities Limited, formerly Futurepip Asset Management, Kamaag Kapital Limited, formerly Lifeline Asset Management, Kron Capital Limited, Mak Asset Limited, Man Capital Partners Limited, Mec-Ellis Investments Limited and Nickel Keynesbury Limited. The rest are SG Royal Kapita Limited, Standard Securities Limited, formerly ASN Investments Limited, Tikowire Capital Limited, Ultimate trust Fund Management Limited, Universal Capital Management Limited and Weston Capital Limited. The 32 fund management companies whose licenses were revoked as a result of various infractions are: Source: 3news.com|Ghana]]>