SEC suspends licence of Lindsay Capital Limited

Accra, July 8, GNA - The Securities and Exchange Commission (SEC) on Thursday announced that the investment adviser licence of Lindsay Capital Limited (LCL) has been suspended for failing to renew the license for 2007/2008 as required by law.

"Lindsay Capital Limited is therefore not allowed to engage in any of the businesses of an investment adviser until further notice," SEC said in an official statement issued in Accra.

The suspension took effect from Tuesday, July 8.

"Clients who may have any dealing with the said company are being advised to contact the company to enquire about the status of their investments and make alternative arrangements should the need arise," SEC said.

It assured the public that it would rigorously enforce the Securities Law, Rules and Regulations in pursuance of its responsibilities to protect the interests of the investing public and maintain the integrity of the market. Under provisions of the Securities Industry Law, 1993, PNDCL333, holders of licenses issued by the Commission are required to adhere to the conditions or restrictions applicable in respect of the licence, or other provisions of the Law. It states that no person shall act as an investment adviser or hold himself out to be an investment adviser unless he is a holder of an investment adviser's licence, which is renewed annually.