Independent
Panels and Tribunals

The Securities and Exchange Commission (SEC) of Nigeria has two established panels and tribunals to adjudicate disputes and enforce its rules and regulations:

1. The Administrative Proceedings Committee (APC); and
2. The Investment and Securities Tribunal (IST).

The APC is a quasi-judicial body that hears and determines cases of alleged violations of the laws and regulations governing the capital market. It can impose a variety of sanctions on violators, including fines, bans, and suspensions.

The IST is a specialized tribunal that hears and determines appeals against the decisions of the APC. It can also hear and determine cases of alleged violations of the laws and regulations governing the capital market that are not brought before the APC.

How the APC and IST Protect Investors

The APC and IST play an important role in protecting investors in the Nigerian capital market. They provide a forum for investors to resolve disputes with market operators and to seek redress for alleged violations of the laws and regulations governing the capital market. The APC and IST also play a deterrent role by imposing sanctions on violators.

Here are some specific examples of how the APC and IST have protected investors in the Nigerian capital market:

• The APC has imposed fines on market operators for insider trading, market manipulation, and other violations of the laws and regulations governing the capital market.
• The IST has overturned the decisions of the APC in some cases, where it has found that the APC's decisions were not supported by the evidence or the law.
• The IST has also issued orders against market operators for insider trading, market manipulation, and other violations of the laws and regulations governing the capital market.

How to File a Complaint with the APC or IST

If you are an investor and you believe that your rights have been violated by a market operator, you can file a complaint with the APC or IST.

To file a complaint with the APC, you must submit a written complaint to the Secretary to the APC. The complaint must include the following information:

• Your name and contact information
• The name of the market operator against whom you are complaining
• A detailed description of the alleged violation
• Any supporting documentation

To file a complaint with the IST, you must submit a written petition to the Registrar of the IST. The petition must include the following information:

• Your name and contact information
• The name of the market operator against whom you are complaining
• A detailed description of the alleged violation
• Any supporting documentation

The APC and IST are important institutions in the Nigerian capital market. They help to protect investors and maintain the integrity of the market. If you are an investor and you believe that your rights have been violated by a market operator, you should contact the APC or IST to file a complaint.