Abuja — The crash witnessed in the shares of companies listed on the Nigerian Stock Exchange (NSE) was as a result of the recklessness and failure of those responsible for the day to day running of the Exchange, Acting Director General and President Umaru Musa Yar'adua's nominee for the Securities and Exchange Commission (SEC) Ms Arunma Oteh has said.

Ms Oteh, who spoke yesterday at the National Assembly during her confirmation hearing by the Senate Committee on Capital Market said, "Operators of the Exchange have broken the trust between them and Investors, and we need to restore confidence in the sector.

We have to punish those who malpractice on the stock exchange and deepen the capital market, have risk management, revamp our regulation, disclosure and enforcement."

President Umaru Musa Yar'adua had in July approved the nomination of Ms Arunma Oteh as Director-General of the Securities & Exchange Commission (SEC) along with that of Mr. Ahmed Remi Makele who was named Executive Commissioner (Legal & Compliance).