The Financial Sector Conduct Authority (FSCA) today conducted a search and seizure operation at the premises of Sekunjalo Investment Holdings (Pty) Ltd.
The operation was conducted as part of an investigation into allegations of prohibited trading practices (market manipulation), in possible contravention of section 80 of the Financial Markets Act, 19 of 2012 (FMA). The order for the search was granted by Justice PAL Gamble of the Western Cape High Court on 8 October 2019. It allows the FSCA to conduct the search under the supervision of an independent attorney.
As a market conduct regulator, the FSCA is mandated in terms of the Financial Sector Regulation Act, 9 of 2017 (FSRA) to investigate, and in appropriate instances, take enforcement action in cases of market abuse on the financial markets. This is to maintain the integrity of the financial sector by ensuring that all regulated entities, their key individuals and representatives always act in the best interest of the South African consumer.
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