SEC urges shareholders to embrace 10yr master plan as it prepares to hold third 2018 CMC meeting
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
The Securities and Exchange Commission (SEC) has urged shareholders in Nigeria’s capital market to take advantage of the initiatives aimed primarily at strengthening the market and accelerating economic development.
The SEC in a statement issued Sunday noted that the vigorous implementation of some of the initiatives in the master plan is aimed at attracting more investors to the market.
The initiatives include direct cash settlement, dematerialization and e-Dividend registration, regularisation of multiple subscription, among others.
The SEC pointed out that these initiatives promote transparency, protect and enhance investors’ confidence in the capital market.
“This is in consonance with the present administration’s economic strategy focused on deepening the capital market as a vehicle for encouraging a private sector-led economy with enhanced productivity,” the SEC said.
In the same vein, the apex capital market regulator extended invitations to stakeholders and market operators for further deliberations at its third capital market commit meeting (CMC) for the year.
The SEC said the meeting scheduled to hold from Wednesday November 14th to Thursday November 15th 2018 at the Federal Palace Hotel, Victoria Island, Lagos will further discuss issues bordering on implementation of the ten year Capital Market Master Plan (CMMP) as well as other issues relating to the capital market and the economy.
The ten-year master plan for the Nigerian capital market which is expected to refocus the market and help double its size over time and grow the economy was unveiled in November 2014.
The SEC stated that ‘those who have been invited to attend the expanded session are chief executive officers (CEOs) of all registered capital market firms, comprising broker dealer, capital market solicitors, custodians, fund .anagers, issuing houses, rating agencies, registrars, reporting accountants, trustees and consultants.
Others are the CEOs of The Nigerian Stock Exchange (NSE), National Association of Securities Dealers (NASD), The Financial Markets Dealers Quotations (FMDQ), Africa Exchange Holdings (AFEX), Nigeria Commodity Exchange (NCX), Central Securities Clearing System (CSCS), Chartered Institute of Stockbrokers (CIS); as well as representatives of relevant financial services’ agencies, among others.
While the key stakeholders in the capital market will meet on November 14th, members of the media would be briefed on Thursday on outcome of the CMC meeting, the SEC explained.
The CMC was mainly established to serve as a medium for exchange of ideas among market stakeholders as well as for feedback to SEC on how to continuously improve the market activities and regulation.
It is an industry-wide committee comprising members of the commission, representatives of capital market operators and trade groups and other stakeholders.
The CMC meets every quarter to deliberate on various issues affecting the market and other policy matters.