The Investments & Securities Tribunal (IST) is a dedicated fast-track civil court established pursuant to section 274 of the Investments & Securities Act 2007, for the resolution of disputes in the Nigerian Capital Market. The Tribunal, the first of its kind in Africa is similar to the Upper Tribunal of United Kingdom, the Securities Appellate Tribunal of India and the Market Misconduct Tribunal of Hong Kong.
IST is part of the government reform agenda for the Nigerian Capital Market to provide an adjudicatory framework and make for predictability and certainty in dispute resolution. It is a civil court for all purposes with jurisdiction for all matters arising out of investments and securities transactions. It also has an Alternative Dispute Resolution (ADR) Centre which facilitates the amicable settlement of disputes with the consent of the parties.
The Tribunal is composed of a Chairman and Nine members (four of whom are full-time members and five part-time members) who are professionals with in-depth knowledge and expertise in securities laws and capital market operations. Appeals from the Tribunal lie to the Court of Appeal and thereafter to the Supreme Court.