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The Securities and Exchange Commission (SEC) has revoked the operating licences of Gold Coast Securities and some 52 other investment companies.

According to SEC, the revocation of the licences is to protect the integrity of the securities market and investors.

In a statement SEC said, “These actions were taken pursuant to Section 122 (2)(b) of the Securities Industry Act, 2016 (Act 929 or “the Act”) which authorities the Securities and Exchange Commission to revoke the licence of a market operator under any of the following circumstances:

(a) If it is wound up;

(b) It ceases to carry on the business for which it was licensed;

(c) If the Commission has reason to believe that the licensed body or any of its directors or employees has not performed its functions or the functions of directors efficiently, honestly and fairly;

(d) If the licensed body contravenes or fails to comply with a condition or restriction applicable in respect of the license or any other provision of Act 929; and

(e) If the licensed person fails to commence business within 6 months of being granted a licence.”

Below is the list of companies whose licenses have been revoked

All-Time Capital Partners Limited

Alpha Cap Securities Limited

Axe Capital Advisors Limited

Apex Capital Partners Revoked

Beige Capital Limited Revoked

Brooks Asset Management Limited

Cambridge Capital Advisors Limited

Canal Capital Limited Revoked

Corporate Hills Investment Ltd.

Dowjays Investment Limited

EM Capital Limited Revoked

Energy Investments Limited

Fromfrom Capital Limited

Frontline Capital Advisors Limited

FirstBanc Financial Services Limited

Galaxy Capital Limited

Gold Coast Fund Management Limited

Gold Rock Capital Management Limited

Goldstreet Fund Management Limited

Global Investments Bankers Limited

Heritage Securities Limited

Ideal Capital Partners Limited

Integrity Fund Management Limited

Intermarket Asset Management Ltd

Kripa Capital Ltd.

Kron Capital Limited

Legacy Financial Services

Liberty Asset Management Limited

Kamag Kapital Limited

Mak Asset Management Limited

Man Capital Partners Limited

Mec-Ellis Investment(Ghana) Limited

McOttley Capital Limited

Monarch Capital Limited

Mutual Integrity Assets Management Limited

Nesst Capital Limited

Nickel Keynesbury Limited

Nordea Capital Limited

Omega Capital Limited

Procap Finance Company Limited

QFS Securities Limited

SGL Royal Kapita Limited

Sirius Capital Limited

Strategic Hedge Capital Limited

Standard Securities Limited

Supreme Trust Capital Limited

Tikowrie Capital Ltd.

Unisecurities Limited

Universal Capital Management

Ultimate Trust Fund Management Ltd.

Utrak Capital Management Limited

Wealth Vision Financial Services Limited

Weston Capital Limited                                                

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