SEC to launch Market Development Fund, with N5ml seed capital

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SEC to launch Market Development Fund, with N5ml seed capital

Wednesday, May 12, 2017 6.oopm/Proshare WebTV 

Nigeria’s apex financial market regulator, The Securities and Exchange Commission (SEC Nigeria) is set to launch a market development fund this year, to lead efforts in galvanizing capital market activities in the country. The Director General of the Commission, Mr. Mounir Gwarzo, disclosed this at the first post-Capital Market Committee press conference for the year 2017.

Mr Gwarzo said the fund which is not a SEC fund, will be rolled out in the second Capital Market Committee for the year.

The SEC Nigeria DG also revealed that 100% of the shares in the Nigeria stock exchange have been demutualized, through the efforts of the Central Securities Clearance System (CSCS) and the Nigerian Inter-Bank Settlement Systems (NIBSS).

Giving further updates on the E-Dividend, Gwarzo informed correspondents that over 2.2ml Nigerians have mandated their accounts, and by June 30th 2017 there will be no more issuance of dividend warrants.

He stated that SEC is developing a portal for investors, to enable mandates for accounts.

For Direct Cash settlements, the DG said the CMC had done a robust work on it and it will be mandatory for all investors, from September 1st, 2017.

In the area of financial literacy, the Director General hinted that a roadmap in partnership with key agencies and parastatals, will be released later in the year.

Speaking further on market operations, Gwarzo laid emphasis on the fact that work was in progress in ensuring that market transactions are concluded within 3 weeks.

Other issues discussed at the CMC meeting according to the SEC DG include; the Capital Market Master-Plan, a review of the Capital market laws covering Company and Allied Matters Act and the Investment Securities Act.

The SEC Director-General assessing the Economic Recovery and Growth Plan, asserted that it was the first in many years that was tapping into the capital market. He believed the plan will transform the economic landscape, which will have a positive impact on the capital market.

At the Q&A session, responding to the Proshare WebTV correspondent’s question on the update on regulations for Crowd-funding; Mr. Gwarzo assured that the planned Company and Allied Matters Act amendment will make sufficient provisions for it.

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Tags: SEC ,  Mr. Mounir Gwarzo,  Capital Market Committee, 

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