AMINA HUSSAINI
The Securities and Exchange Commission (SEC) and stakeholders in the capital market will this week deliberate on the capital market master plan and the economy.
A statement by the Head, Corporate Communication of SEC, Efe Ebelo, said the first Capital Market Committee (CMC) meeting this year will hold from Thursday, August 20 to Friday, August 21, 2020.
The meeting will be held virtually through zoom and in line with the COVID-19 protocols as announced by the Presidential Task Force and the Nigeria Centre for Disease Control.
Capital Market operators expected at the CMC meeting are the chief executive officers of all registered capital market firms (i.e. broker/dealers, investment advisers, custodians, fund/portfolio managers, receiving banks, issuing houses, rating agencies, registrars, reporting accountants, trustees, and capital market consultants); ceos of the Nigerian Stock Exchange, National Association of Securities Dealers, FMDQ Group Plc, Africa Exchange Holdings, Nigeria Commodity Exchange, Central Securities Clearing System (CSCS), and representatives of relevant financial sector regulatory agencies, among others.
Ebelo said, “The CMC was primarily established to serve as a medium for exchange of ideas among market stakeholders as well as an avenue for providing feedback to the SEC on how to continuously address challenges, improve market operations and enhance the regulatory framework.
“It is an industry-wide committee comprising members of the SEC, representatives of capital market operators and trade groups and other stakeholders. The CMC meets every quarter.
“The issues to be discussed at the meeting include issues bordering on implementation of the ten years Capital Market Master Plan, implementation of the Fintech Roadmap as well as other salient matters relating to the capital market and the economy.”
The SEC, it will be recalled, had in November 2014 unveiled a 10-year-Capital Market Master Plan (CMMP) which seeks to reposition the capital market as an attractive investment destination and a critical facilitator of capital formation for the growth and development of the Nigerian economy.
The SEC spokesperson listed some of the CMMP initiatives being implemented by the SEC as: direct cash settlement, regularization of multiple subscriptions, dematerialization of share certificates, and the introduction of the e-dividend management system.
The CMMP initiatives, she added, have helped in promoting transparency, protecting investors and enhancing market confidence.
“The objectives of the CMMP are also in consonance with the Federal Government’s economic strategy, focused on encouraging a private sector-led economy to drive inclusive growth,” Ebelo stated in the statement.
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