Tag investment and securities tribunal

The Tag Investment and Securities Tribunal (TIST) is a specialized tribunal established in Nigeria to handle disputes and complaints related to investments and securities. Here are some key facts about TIST:

Establishment: TIST was established in 2011 by the Securities and Exchange Commission (SEC) of Nigeria to provide an alternative dispute resolution mechanism for investors and securities market participants.

Jurisdiction: TIST has jurisdiction over disputes and complaints arising from transactions involving securities, investments, and other financial instruments traded on the Nigerian Stock Exchange (NSE) and other securities exchanges in Nigeria.

Types of disputes: TIST can handle a wide range of disputes, including:

  1. Disputes between investors and securities brokers, dealers, or investment advisors.
  2. Disputes between investors and companies listed on the NSE or other securities exchanges.
  3. Disputes related to the sale, purchase, or trading of securities.
  4. Disputes related to investment products, such as mutual funds, pension funds, or other investment vehicles.

Procedure: The procedure for resolving disputes at TIST typically involves the following steps:

  1. Filing a complaint: The complainant files a written complaint with TIST, outlining the facts of the dispute and the relief sought.
  2. Investigation: TIST conducts an investigation into the dispute, which may involve gathering evidence, interviewing witnesses, and reviewing relevant documents.
  3. Mediation: TIST may offer mediation as an option to resolve the dispute, which involves a neutral third-party mediator facilitating a conversation between the parties to reach a settlement.
  4. Arbitration: If mediation is unsuccessful, the dispute may be referred to arbitration, where a panel of arbitrators makes a binding decision.
  5. Enforcement: The decision of TIST is enforceable through the Nigerian courts.

Advantages: TIST offers several advantages, including:

  1. Speed: TIST's process is generally faster than going to court, with disputes typically resolved within 6-12 months.
  2. Cost-effectiveness: TIST's fees are generally lower than those of the Nigerian courts.
  3. Expertise: TIST's arbitrators and mediators are experienced in securities and investment law, ensuring that disputes are resolved fairly and efficiently.
  4. Confidentiality: TIST proceedings are generally confidential, which can be beneficial for parties who wish to maintain confidentiality.

Challenges: Despite its advantages, TIST faces several challenges, including:

  1. Limited awareness: Some investors and securities market participants may not be aware of TIST's existence or its benefits.
  2. Limited resources: TIST may face challenges in terms of funding and staffing, which can impact its ability to effectively resolve disputes.
  3. Complexity: Securities and investment disputes can be complex and require specialized expertise, which can be a challenge for TIST.

Overall, TIST provides a valuable alternative dispute resolution mechanism for investors and securities market participants in Nigeria, offering a faster, more cost-effective, and more expert way to resolve disputes related to investments and securities.