Section 16: Offences and penalties AS AMENDED BY SECTION 2 OF THE CHARTERED INSTITUTE OF STOCKBROKERS (AMENDMENT) ACT, 2016.

(1) If any person, for the purpose of procuring the registration of any name, qualification or other matter-
(a) makes a statement which he believes to be false in a material particular; or
(b) recklessly makes a statement which is false in a material particular, he is guilty of an offence.
(2) If, on or after the coming into force of this Act, any person who is not a member of the Institute practices as a member or uses any name, title, addition or description implying that he is a member of the Institute, he is guilty of an offence.
(3) In the case of a person referred to in section 12 of this Act-
(a) the provisions of subsection (2) of this section shall not apply in respect of anything done by him during the period of three months mentioned in that section; and
(b)
if within that period he duly applies for membership of the institute, then unless within that period he is notified that his application has not been approved, the provision of subsection (2) of this section shall not apply in respect of anything done by him between the end of that period and the date which he is registered or is notified as aforesaid.
(4) If the Registrar or any other person employed by or on behalf of the Institute wilfully makes any falsification in any matters relating to the register, he commits an offence.
(5) A person guilty of an offence under this section is liable-
(a) on summary conviction, to a fine of an amount not exceeding N500,000 ; or
(b) on conviction on indictment, to a fine of an amount not exceeding N5,000 or to imprisonment for a term not exceeding two years, or to both such fine and imprisonment.
(6) Where an offence under this section which has been committed by a body corporate is proved to have been committed with the consent or connivance of or to be attributable to any neglect on the part of any director, manager, secretary or other similar officer of the body corporate or any official purporting to act in any such capacity, he, as well as the body corporate, shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.