If you have shares with Partnership Investment Company and Partnership Securities Limited or know someone who does, tell the person it is time to act.

If you do not have shares with them, you should also know what it means for the Securities and Exchange Commission (SEC) to withdraw the operating licence of a brokerage firm.

The capital market is a place an individual can raise long term funds and SEC monitors the activities of brokerage firms that trade there.

On Tuesday, however, SEC announced the withdrawal of the the operating licence of companies under the Partnership Investment Company and Partnership Securities Limited.

It also banned the Managing Director, Mr Victor Ogiemwonyi, from holding directorship positions in any public company in Nigeria.

The spokesman for SEC, Mr Naif Abdussalam, announced the measure in a statement in Abuja.

He said Ogiemwonyi had been banned for some professional reasons in the Nigerian capital market.

“Pursuant to Section 38 (4) of the Investments and Securities Act 2007 and Rules 34 (1), (a) of the SEC Rules and Regulations made pursuant thereto, the certificate of registration of Partnership Investment Company Plc is hereby cancelled without prejudice to the recovery of all existing liabilities due to the complainants and penalties payable to the commission," the statement read.

Ogiemwonyi had breached Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees, as contained in the SEC Rules and Regulations made pursuant to the Investments and Securities Act 2007.

The Chief Executive Officer of Grand Capital & investment LimitedMr Azu Odita said that therule in simple terms requires that "the dealer [stock brokerage firm or broker under it] shall not engage in any act that would adversely affect the general investing public's image of, and confidence in, the capital market".

Unauthorised sale of shares without mandate, diversion of proceed of sale, price manipulation and failure to execute client's mandate among others are some of the acts that could lead to withdrawal of licence, Mr Odita, who is also a financial and investment analyst, added.

When a licence is withdrawn customers of the troubled firm have few options.

They can move their shares to another brokerage firm through inter-member transfer which is usually gotten from the brokerage firm the individual intends to move the shares to.

Or wait until the regulatory body announces the company that will take over trading of the troubled customers' shares.

But waiting will mean that any individual who speculates will not be able to sell the shares with the brokerage firm the shares until regulatory agency acts.

Stocks kind of get stuck with the company until the individual takes action.