Dr Papa Kwesi Nduom, CEO, Groupe Nduom

The Securities and Exchange Commission (SEC) has revoked the licence of Gold Coast Securities and 52 other Fund Management Companies.

The action is in pursuant to Section 122(2) (b) of the Securities Industry Act, 2016 (Act 929).

At a stakeholder meeting Friday before releasing a list of the affected companies, the Director-General of the SEC, Rev. Daniel Ogbarmey Tetteh, said troubled securities firms that have still not been able to address concerns raised about their operations over the years are among those affected by the action.

The revocation of the licences of the companies, according to a statement copied to Adomonline.com, has become necessary to ensure that market operators with infractions and/complaints are removed from the industry to protect current and future investors.

“Efforts by the SEC to get directors of the affected firms to resolve regulatory Breaches identified over the periods have not yielded positive results,” the statement said.