The Securities and Exchange Commission, on Thursday, warned the investing public of the proliferation of unregistered online investment and trading platforms facilitating access to securities listed in foreign markets.

In a circular to Capital Market Operators, the SEC management, noted the existence of several providers of online investment and trading platforms purporting to facilitate direct access for investors in the Nigeria to securities of companies listed on foreign stock markets.

“These platforms also claim to be operating in partnership with Capital Market operators (CMOs) registered with the commission.”

The regulator noted that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007, and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any Exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.

Consequently, the SEC warned CMOs collaborating with the referenced online platforms desist henceforth, while urging investors “to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.”