The companies are Georgetown Capital Partners Limited, Equity Capital Limited, Index Analytics Limited, DM Capital Limited and Oxygen Advisory Limited.

According to a statement posted on the commission’s website on Tuesday, April 23, 2019, licences of the companies were revoked in pursuant to Section 122 of Security Industry Act, 2016 (Act 929).

Although the statement on the website of SEC ( www.sec.gov.gh ) did not give the exact reason for the closure of the companies, it hinted that the closure of the five companies was as a result of the fact that they breached some provisions governing the operations of security companies.

The SEC, therefore, cautioned the public against engaging in any further transaction with them.

“The Commission wishes to inform the general public that anyone who engages in any transaction with any of these companies or their representatives, in their capacity as Fund Managers, could be exposing him/herself to avoidable risk,” a statement on the commission’s website said.

Per the Security Industry Act, 2016 (Act 929), SEC has been mandated to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.

It also has the power to sanction and revoke any company that breaches any provisions in the Security Industrial Law.

The commission, however, assured all investors, market operators and the public that “it is committed to ensuring rigorous enforcement of all the rules for operators in the capital market as spelt out in its core mandate”.

SEC denies social media information

In a related development, the commission has stated that it had picked up a social media message communicating the imminent closure of some capital market operators.

“The social media communication/publication does not emanate from the SEC and same should be ignored. The firms listed in the said publication have either unresolved complaints or regulatory issues,” the statement said.

Consequently, the commission has advised the public to ignore the messages, since all communications attributed to the SEC did not emanate from any of its official media communication channels.

The statement, however, did not list the companies mentioned on the social media platform purported to have been closed down but rather said the commission would communicate further information in due time.

“When the SEC decides to proceed further with any other action, the SEC shall communicate same in accordance with section 208 via its official media communication channels listed above,” it said.