Section 158 Investments and Securities Act

Section 158 of the Investments and Securities Act 2025 is about Registration of units or securities of a scheme. It is under Part XIII (Collective Investments Schemes) of the Act. It provides as follows:

(1) A person shall not, directly or indirectly, deal in units or participatory interest of a scheme unless such units or participatory interest have been duly registered with the Commission.

(2) A scheme or any other arrangement may be registered under this Act by the issuer filing an application with the Commission in accordance with the provisions of this Part and the rules and regulations made under Act.

(3) The Commission shall establish and maintain a register of units or securities and collective investments schemes (in this Part referred to as “the register”).

(4) Any person who contravenes the provisions of this section is liable to a penalty of not less than N5,000,000 and a further sum of N100,000 for every day the contravention continues.