Story by Kayode Tokede
The Securities and Exchange Commission (SEC) has said that it’s on going initiatives as contained in the ten year capital market master plan are aimed at making the market deeper, vibrant and more effective.
Acting Director General of the SEC, Ms. Mary Uduk stated this in Lagos weekend, while speaking with newsmen.
She disclosed that the forbearance window for shareholders with multiple subscriptions is still open. and enjoined those who have not come forward for the regularization of shares purchased with multiple identities, to do so.
Uduk said: “The Multiple Subscription Committee presented the status of its ongoing engagement with the Central Bank of Nigeria (CBN) and Committee of Heads of Banking Operation to display multiple accounts regularisation banners in the banking halls all over the country.
“The committee also reported that CMOs have commenced the filing of report on regularised accounts with the commission, on a quarterly basis. Given the relevance of this exercise and the need to create more awareness, the committee requested for an extension of the deadline of multiple accounts regularisation.”
She said the SEC has developed a two-pronged approach to addressing the intractable challenges associated with transmission of shares related to the estate of deceased investors.
“The first involves engagement with and enlightenment of the Probate Registry with a view to providing solutions to the cumbersome process of transmitting shares. Secondly, Rules are being developed around the time frame for transmission of shares and the fee structure” she stated.
Uduk said to boost the e-dividend mandate and Direct Cash Settlement initiatives, the SEC is engaging NIBSS (Nigeria Inter-Bank Settlement System) on behalf of the capital market community to facilitate identity validation and account validation in an effort to enhance market processes.
According to her, the Electronic distribution of annual accounts by public companies to shareholders continues to gain traction, as shareholders have largely accepted the new initiative which will ensure timeliness of information and cost reduction to public companies.
“On the need to grow the market for trading in securities on unlisted public companies, we are making concerted efforts in collaboration with CAC and other stakeholders to assist public companies that are yet to register their securities to do so without much difficulty” she added.