THE Securities Commission (SC), having been granted new powers to disqualify and remove directors of listed companies even before they breach securities laws, has warned that it will not hesitate to flex its muscles to bring errant bosses to book.
The amendments to the Securities Commission Act 1993 (SCA) and the Securities Industry Act 1983 (SIA), which came into effect last month, have broadened the SC's powers significantly, including disqualifying and removing from office directors found likely to contravene the SIA, SCA or any other securities laws.