SEC cautions against investing with six fund management firms

The Securities and Exchange Commission (SEC) has cautioned the public against dealing with six fund management companies in the country who have been ordered to cease operations with immediate effect.
SEC Tuesday that said anyone who engages in any transactions with the companies or their representatives in their capacity as fund managers “could be exposing him/herself to avoidable risk”.
The names of the companies were given as HFC Capital Partners, Attai Capital Limited, Serengeti Capital Limited, Indigo Investment Management Limited, Verit Investment Advisory Limited, Waxson Investment and Pension Management Limited.
SEC claimed in its statement that the companies voluntarily requested to cease their operations “for various reasons” but did not explicitly say what those reasons were.

It said after a “thorough assessment” of the circumstances under which the request was made it has approved the request.
“The above companies are therefore not mandated to carry out any fund management activities,” it stated.
SEC said it is committed to ensuring rigorous enforcement of all the rules for operators in the capital market in order to promote growth and development of an efficient, fair and transparent securities market.
That, it explained, will ensure that investors and the integrity of the market are protected.