The Tribunal was constituted and inaugurated on the 19th of December, 2002 by the Minister of Finance, Adamu Ciroma during the administration of President Olusegun Obansanjo.
IST is an independent, specialised and fast-track judicial body. It provides an accessible, affordable, timely and efficient means of resolving disputes within 90 days.
Section 284 of ISA(2007) sets out the jurisdiction of the Tribunal as follows:
(1) The Tribunal shall, to the exclusion of any other court of law or body in Nigeria, exercise jurisdiction to hear and determine any question of law or dispute involving:
(a) a decision or determination of the Commission in the operation and application
of this Act, and in particular, relating to any dispute
between capital market operators;
between capital market operators and their clients;
between an investor and a securities exchange or capital trade point or clearing and settlement agency;
between capital market operators and self regulatory organisation;
(b) the Commission and self regulatory organisation;
(c) a capital market operator and the Commission;
(d) an investor and the Commission;
(e) an issuer of securities and the Commission; and Jurisdiction of the Tribunal, etc.
(f) disputes arising from the administration, management and operation of collective investment schemes.
(2) The Tribunal shall also exercise jurisdiction in any other matter as may be prescribed
by an Act of the National Assembly.
(3) In the exercise of its jurisdiction the Tribunal shall have the power to interpret any
law, rules or regulation as may be applicable.
To be a world class capital market Tribunal that is fair and transparent, dispensing justice without fear or favour.
To promote financial market integrity and stability in the economy by providing reliable, expedient, flexible and affordable dispute resolution for litigants.