SEC scraps deadline for shareholders regularisation of multiple accounts

SEC Capital Market Institute operates 3 centres


The Securities and Exchange Commission (SEC) has announced a suspension of the deadline for the regularisation of multiple accounts names used by shareholders to purchase shares.

This was part of the outcome of the third Capital Market Committee (CMC) meeting held in Lagos, weekend.

SEC Acting Director General, Ms Mary Uduk said this will enable other shareholders that are having challenges with their details to come up and regularize their holdings, noting that, the commission has discovered that some shareholders are avoiding it due to the fear of prosecution.

According to her, “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 regularization banners in the banking halls all over the country.

“The Committee also reported that CMOs have commenced the filing of report on regularized 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 regularization.

“We are keeping it open for now with no deadline. We are also encouraging investors to take advantage of this to regularise their accounts and claim their dividends”.

Uduk explained that other resolutions that were reached at the meeting include, “Registrars are to discontinue the practice of requesting for confirmation of bank signature during the E-DMMS process. CMOs are to display awareness campaign banners of e-DMMS at their offices and Venue of Annual General Meetings (AGM). Capital market operators should also work with the Commission to share awareness information on their social media platforms”

She said the commission also reviewed the request from the Association of Stock-broking Houses of Nigeria (ASHON) for extension of time for compliance on the transfer of complete investor data among operators such as Brokers, Registrars and CSCS. Adding that upon completion, the position of the Commission will be communicated to the relevant parties.

Determined to deepen liquidity in the nation’s purse, the SEC said it is engaging the National Pension Commission (PENCOM) and the Asset Management Corporation of Nigeria (AMCON) on securities lending. Ms Mary Uduk, SEC acting Director-General, disclosed this at the third quarter post-Capital Market Committee (CMC) meeting news conference on Friday in Lagos.

She said that the commission was engaging PENCOM on modalities that would permit Pension Fund Administrators (PFAs) to participate in Securities Lending. Securities lending is the act of loaning a stock, derivative or other security to an investor or firm.

Securities lending requires the borrower to put up collateral, whether cash, security or a letter of credit.“We have been engaging not only PENCOM but all local institutional investors that have substantial holding of equities and the essence of having this securities lending is to actually deepen our market.

“All of us are contributing to our own pension accounts and these PFAs are buying equities.“What they do is to buy and hold, they don’t sell and they hold it, so the essence of securities lending is now to give room for them to make money and so that the money will now add up to their own contribution fund.“We have a framework which has been approved and we are encouraging the market to go into self lending by meeting these institutional investors.

“Pension is the highest institutional investor in our market, they will now lend out these securities and when they lend out, it will be credited back to the pension fund account. At the end of the contract, they will get their securities back. Instead of holding the securities, they are making money out of it; that is the essence.

“So, we are engaging PENCOM to see it as an investment opportunity, and they have bought into the idea. We are discussing to see how they can be able to come up with their guideline based on their provision of the Act to allow securitues lending to take place.

“In addition, we are engaging another institutional investor, AMCON.“It is a holistic approach to have a win win situation in our market,” Uduk said

Speaking on e-Dividend Mandate Management System (e-DMMS) introduced to curb unclaimed dividends, Uduk said that a total of 2.82 million had enrolled into the platform at the end of third quarter 2019.

She said that registrars had been directed to discontinue the practice of requesting for confirmation of bank signature during the E-DMMS process to tackle unclaimed dividends.

Uduk said that capital market operators were to display awareness campaign banners of e-DMMS at their offices and venue of Annual General Meetings (AGM).

She stated that the Non-interest Finance Committee presented the importance of granting the PFAs the permission to invest a given percentage of a willing contributor’s Retirement Savings Accounts in Non-Interest capital market products.

Comment With Facebook

Comments (70)

  1. buy levitra 20 mg levitra online – buy viagra canada online

  2. viagra cheap india levitra prices – cialis sale australia

  3. prices of cialis cialis 20 mg best price – how do i order cialis

  4. discount levitra pills cheap cialis – buy online levitra in usa

  5. purchase discount cialis online cialis coupon – order cialis online in canada

  6. buy cialis in belgium – alaren online taking 2 cialis pills

  7. viagra online order – generic tadalafil meds sale levitra

  8. It’s remarkable to visit this web page and reading the
    views of all mates about this article, while I am also keen of getting experience.

  9. buy viagra online cheap uk – generic alaren buy viagra uk only

  10. order real cialis online order cialis online uk

  11. buy viagra vegas cheapest way buy cialis

  12. schizofrenia Może to być również skuteczne w przypadku warunków fizycznych. Jedno badanie na szczurach wykazało, że olej CBD może leczyć ból związany z zapaleniem stawów, podczas gdy inne badanie na ludzkich komórkach wykazało, że krem ​​CBD był skutecznym środkiem przeciwzapalnym.

  13. 4) Nonetheless yet another issue in the direction of feel at, every time picking out a residence-removals enterprise, is the styles of makes sure it is ready in direction of offer you by yourself. The extent in the direction of which they are eager in the direction of just take obligation for the security of your wares is one particular of the factors by yourself must feel more than listed here. The extent in direction of which your wares are insured throughout transit issues way too. On your own will way too have to have in the direction of understand in the direction of what extent they are inclined in direction of provide economic and timeliness assures.

  14. Hi, There’s no doubt that your blog could be having browser compatibility issues.Whenever I take a look at your web site in Safari,it looks fine however, if opening in I.E., it’s gotsome overlapping issues. I merely wanted to provide you witha quick heads up! Apart from that, wonderful blog!

  15. Appreciate you sharing, great post.Thanks Again. Great.

  16. I did not think a neti pot would do the job since they kind of dribble water through your sinus. Lean your head slightly to 1 side and forward to some extent. A few weeks later, We a different problem.

  17. What a great post. Thank you very much for sharing those knowledge. I will of course check it out.

  18. It might harden better to ro along with your managing postpartum despression symptoms without using paxil if you are strapped regarding it.

  19. An impressive share, I merely given this onto a colleague who had been doing a small analysis within this. And that he actually bought me breakfast since I discovered it for him.. smile. So ok, i’ll reword that: Thnx for the treat! But yeah Thnkx for spending time to talk about this, I’m strongly about this and love reading regarding this topic. If you can, as you grow expertise, would you mind updating your website with more details? It is extremely of great help for me. Massive thumb up for this text!

  20. I really like your writing style, good information, appreciate it for putting up : D.

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.