The Securities and Exchange Commission (SEC) has cautioned investors against panic withdrawals, following the recent reforms in the financial sector.
“We are aware of some level of anxiety among a section of investors because of the recent reforms taking place within the financial system. We wish to reiterate that the objective is to produce sound market operators, stronger financial intermediation and financial inclusion and ultimately a more robust financial sector.”
“…We wish to reiterate that there is no need for panic withdrawals as the Commission is committed to ensuring a sound, efficient and robust market where investors’ funds are protected”, a statement from SEC indicated.
SEC also acknowledged that certain investors are unable to access their matured investments from its licensed Asset Management Companies (AMCs) or Fund Managers (FMs) due to some liquidity challenges.
It indicated that the Commission has instructed all AMCs/FMs to “put in place mechanisms to meet their obligations as they fall due to their clients, consistent with the terms and conditions of the investment contracts signed with them.”
