The Securities and Ex
\nchange Commission (SEC) says it is working assiduously to make the Nigerian Capital Market electronically driven.
\nIts Director-General, Mr Mounir Gwarzo, said this while speaking to newsmen\u00a0 in Abuja, saying that the e-system would help the commission realise some of the objectives of the Capital Market Master Plan 2020.
\n\u201cOne of our initiatives in the master plan is to ensure that our market is highly electronically driven.\u2018The issue of giving certificates should now be a thing of the past.
\n\u201cAnd I am happy to report that as at last year, we have been able to dematerialise 97.5 per cent of all the certificates that are with the registrars.
\n\u201cBefore June last year, only 40 per cent were dematerialised, but we insisted that all share certificates that are with registrars must be dematerialised and must be sent to the CSCS (Central Security Clearing System).\u2019\u2019
\nHe explained that with the measure in place, it would no longer take investors a long time to obtain their certificates.
\n\u201cSome five to ten years ago, it takes you between six months to one year to get your certificate verified and we said this cannot continue to happen.
\n\u201cThat is why we are pushing for dematerialisation; that henceforth, any company that issues shares, the ownership of those shares must be represented in a certificate form.
\n\u201cWe are also having issues with the provisions of CAMA, because the Companies and Allied Matters Act provides that when you buy shares you must be given a certificate.
\n\u201cPart of the things we are saying is that of enlightening people on the need for them to get their certificates to be dematerialised, so that it is a willing thing you are doing.
\n\u201cAlso, if there is any primary issue, there is usually a proviso that you are now exempting the issuance of certificates so that you will not go against the provision of the law,\u2019\u2019 he said.
\nThe director-general stated that the commission is looking into the cases of some companies that have failed to hold their Annual General Meetings or declare dividends for their shareholders,
\n\u201cWe have directed NSE to look at all these issues and they have looked at them.
\n\u201cThey have invited the companies because there are some companies that have not held AGM for quite a while, which is a violation of the provisions of CAMA and a violation of the listing requirements.
\n\u201cNSE is going to engage those companies to know why they have not done that.
\n\u201cCertain actions will certainly be taken,\u2019\u2019 he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Securities and Ex change Commission (SEC) says it is working assiduously to make the Nigerian Capital Market electronically driven. Its Director-General, Mr Mounir Gwarzo, said this while speaking to newsmen\u00a0 in Abuja, saying that the e-system would help the commission realise some of the objectives of the Capital Market Master Plan 2020. \u201cOne of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67],"tags":[],"class_list":["post-131757","post","type-post","status-publish","format-standard","hentry","category-icttelecom"],"_links":{"self":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/131757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=131757"}],"version-history":[{"count":0,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/131757\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=131757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=131757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=131757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}