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E-divided Complaint: SEC re-interate June 2017 Deadline Date
…To withdraw operators license over recapitalisation failure by December
FRIDAY EKEOBA
Worried about the slow adherence by investors in the capital market on the issue of e-dividend, the Security and Exchange Commission (SEC) has reiterated that June 31st 2017 remain the final compliance date in the equity market.
SEC said it has become necessary to put a stop to the lackadaisical attitude of investors’ showing on the e-dividend scheme, noting that till-date only six million investors have complied.
The Director General of the commission, Mr. Mounir Gwazor, who make this remarks during a briefing post Capital Market Committee (CMC) held on Monday, said after the final date, no more dividend warrant will be issued by quoted companies.
SEC had created the e-dividend platform to ensure that investors in the nation capital market get their returns on investment as at when due, just as it will check the incidence of loss of dividend warrant as well as reducing to the bearest minimum the unclaimed dividend problem in the capital market.
It will be recalled that over N90billion dividend is yet to be claimed in the stock market.
Also addressing the issue of non-compliance by operators on the issue of recapitalization, the SEC DG said that it was agreed at the CMC meeting that by December 31st this year, any operator who fails to recapitalise will have their license withdrawn.
He noted that operators in the market have been ample time to sure-up their capital base, noting that any operator whose license is revoked will have to go through the gamut of re-application and registration before they can be considered.
Informing further on some of the issues raised and discussed extensively at the CMC meeting, the SEC DG, explained that all stakeholder in the capital market have expressed readiness to work assiduously at ensuring that the capital market takes its rightful place and become more vibrant.
He said why some overlapping functions at the commission will streamlined, a plan is already in place to have a uniformed technology to drive the market positively.
He disclose that a committee has been set up to look at modalities and to come-up with a framework on how make the financial market an inclusive one, by way of encouraging the culture of saving which is lacking in the domestic economy.
” A week on financial literacy, in collaboration with stakeholders in the industry, on the need to ensure financial inclusion will be embarrassed soon. The commission has as part of drive to deepen the capital market, will engage in driving the policy of encouraging companies to list on any of the Exchange in the capital market. SME’s financing in the market will also be encourage ed.”
He added that, “why a lot is been done in the debt capital portfolio market to embrace both institution and retail investors’, ” the market has recorded 98 percent of investor’s share certificate dematerilisation,” he added.
