A letter released by the Securities and Exchange Commission of Ghana (SEC) Accra, on 8th November, 2019, has, with effect from yesterday revoked the licences of Fifty-Three (53) Fund Management Companies (see Annex A for list of Companies).
(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.