{"id":13008,"date":"2017-05-10T14:49:35","date_gmt":"2017-05-10T13:49:35","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=13008"},"modified":"2017-05-10T14:53:06","modified_gmt":"2017-05-10T13:53:06","slug":"e-dividend-investors-mandate-2-2-million-accounts-sec","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/e-dividend-investors-mandate-2-2-million-accounts-sec\/","title":{"rendered":"E-dividend: Investors mandate 2.2 million accounts\u2014SEC"},"content":{"rendered":"

\u2026as last dividend warrant issuance remains June 30th<\/sup>.<\/p>\n

\u2026to enforce direct cash settlement by September 1st<\/p>\n

\u2026CSCS achieves 100% shares certificate dematerilisation<\/p>\n

FRIDAY EKEOBA<\/p>\n

To ensure transparency and further enhance investors\u2019 confidence in the nation bourse, the Security and Exchange Commission (SEC), E-dividend policy drive for an equitable market, has seen over 2.2 million investors mandating their accounts for an electronic payment on return on their investment.<\/p>\n

Also, June 30th<\/sup> this year remains the last date where listed companies will be made to issue dividend warrants to investors in the capital market. By this date, investors are expected to have given their mandate to their registrars, for their dividend to be paid into their bank accounts free of charge.<\/p>\n

This formed the major highlights on Wednesday during a press briefing by the Director General of SEC, Mr. \u00a0Mounir Gwarzo, on some development from initiatives embarked upon in 2016, after the commission\u2019s organised first quarterly\u00a0Capital Market Committee (CMC) meeting in Lagos.<\/p>\n

The SEC DG said while investors in the capital market have uptill June this year to do their mandate free of charge, as the date remains sacrosanct, the commission has also slated September 1st<\/sup> for the commencement of Direct Cash Settlement.<\/p>\n

\u201cThrough SEC\u2019s, NIBSS, CSCS and other market financial stakeholders collaborative efforts, over 2.2million investors have mandated their accounts for E-dividend. It is important for investors to mandate their accounts. It will provide them the opportunity to claim long outstanding dividend.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Mr. Gwarzo who said the equities market has achieved 100 per cent dematerialisation in shares certificate, noted that while investors who bought shares in the market with same surnames will be made to come forward to reconcile their holdings with proofs, those who bought shares with multiple accounts and having outright different names will be made to forfeits such holdings, even as proceeds from the shares will be plough back into the dedicated Market Development Fund accounts.<\/p>\n

\u201cMultiple accounts. A committee has been set up to look at it. For those who use fictitious names in the buying of shares. It will go to market development fund. It will be used for the benefit of the capital market.<\/p>\n

To properly galvanise confidence in the domestic market, Mr. Gwarzo said while it has become mandatory for every market operator to have a compliance officer, even as the commission will continue to engage in financial literacy enlightenment to the general public, operators in the market has uptill September to update their records with the commission.<\/p>\n

On market risk supervision, the SEC DG said the commission has moved the department saddled with the responsibility from its office in Abuja down to Lagos, for effective and regular visit to market operators to ascertaining their level of compliance to the commissions\u2019 directives on developing the equities market.<\/p>\n

Determined to further deepen the market, Mr. Gwarzo said a pilot policy scheme that will ensure transaction cost cut will be implemented soon, and that it is meant to run for a year to ascertain its benefit to the market.<\/p>\n

\u201cSEC, NSE, Issuing Houses and Receiving Agents have identified big cost areas. We all have agreed to shed weight and cut cost of transaction, which will soon be made public\u201d, he added.<\/p>\n

Photo Caption<\/strong>:<\/p>\n

From left; General Manager Operations, CSCS, Mr Joe Mekiluwa, Director General, Securities & Exchange Commission, SEC<\/span>, Nigeria, Mounir Gwarzo at the SEC 1st<\/sup>quarter 2017 CMC Meeting in Lagos on wednesday.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u2026as last dividend warrant issuance remains June 30th. \u2026to enforce direct cash settlement by September 1st \u2026CSCS achieves 100% shares certificate dematerilisation FRIDAY EKEOBA To ensure transparency and further enhance investors\u2019 confidence in the nation bourse, the Security and Exchange Commission (SEC), E-dividend policy drive for an equitable market, has seen over 2.2 million investors …<\/p>\n","protected":false},"author":11,"featured_media":13010,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[575],"coauthors":[2392,2393],"class_list":["post-13008","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-sec"],"yoast_head":"\nE-dividend: Investors mandate 2.2 million accounts\u2014SEC - 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