The Capital Markets Authority (CMA) wants the Government to set up a special court for capital markets disputes.
The CMA, which is reviewing the nine-year old Capital Markets Act, met 15 High Court Judges recently to discuss the proposal for the special court.
The tribunal would be the second capital markets court in Africa after Nigeria. CMAâ€™s chief executive officer, Japheth Katto, said recently that CMAâ€™s scope has expanded and steps need to be taken to avoid disputes.
Katto said the tribunal would punish unprofessional practices. The head of the Nigerian Investments and Securities Tribunal, Dr Nnenna Orji, said most courts are ill-equipped to handle capital markets disputes.
Orji said the Nigerian tribunal has jurisdiction to suspend or cancel registration of capital markets operators.
She said the tribunal could also revoke certification of securities exchange or capital trade subject to approval by the finance minister.
CMA wants special court