SEC Instates Committee To Adopts Electronic Initial Public Offer

Kindly Share This Story:

……. strategies to attract new listings

 

 

 In other to further Deeping capital market and attract more companies to the various exchanges in the Country, the Acting Director General of the Securities and Exchange Commission (SEC) Ms Mary Uduk has constituted a committee that will look into modalities for the adoption of Electronic Initial Public Offer (e-IPO).

The Acting DG disclosed this while addressing financial journalist about the post Capital Market Committee (CMC) in Lagos.

 Ms Uduk said globally, capital markets are moving towards electronic IPO and Nigerian capital market is working to adopt this trend.  Members of the committee include the Securities and Exchange Commission (SEC), Nigeria Stock Exchange (NSE), Association of Issuing Houses of Nigeria (AIHN), Association of Stock Brokers (ASHON), Central Securities and Clearing System (CSCS), Institute of Capital Market Registrars (ICMR), Capital market Solicitor Association (CMSA), Fund Managers Association of Nigeria (FMAN), and NIBSS.

Other issues that was discussed according to her is the committee that will look into new listing to the market.

She explained further that the issue of increase in delisting of public companies was one of the highlight of their CMC deliberation.

“This poses a threat to the growth and development of the market in view of the fact that quite a number of them are highly capitalized companies. We are expecting the committee on listings would come up with strategies to attract new listings”.

The new acting DG also noted that the commission has extended the forbearance to shareholders that have multiple subscriptions with multiple accounts to September 2018. She pointed out that registrars have acknowledged that investors have started coming forward but there are challenges in the process.

Adding that the CMC deliberated and recommended the appropriate Technical Committee to seek input and come up with recommendations to address the challenges. While she encourage all affected investors to come forward and take advantage of the window before the new deadline.

On market confidence, she seeks the support of all stakeholders in order to move the market to the next level.

She also said that all strategies in the master plans will be adopted to boost investors’ confidence in the market.

Other executive management of the Commission that was present includes, Messrs Isiaku Bala Tilde, Ag. Executive Commissioner, Operations; Henry Adekunle Rowlands, Ag. Executive Commissioner Corporate Services; Reginald Karawusa, Ag. Executive Commissioner, Legal and Enforcement

 


Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

amehnews greetings

x
%d bloggers like this: