SEC to hold first virtual committee meeting

The Securities and Exchange Commission has announced that the first Capital Market Committee meeting in 2020 will hold this week.

SEC said the meeting planned for April could not hold due to the COVID-19 lockdown in Nigeria.

The meeting, which will be virtual with key stakeholders in the capital market, will take place on Thursday.

A press briefing on the outcome of the meeting is expected to take place on Friday.

The CMC was established to serve as a medium for the 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.

SEC said during the meeting, issues bordering on the implementation of the 10-year Capital Market Master Plan, the implementation of the Fintech Roadmap, and other matters relating to the capital market and the economy would be discussed.

The commission had in November 2014 unveiled the CMMP and has continued to implement the initiatives designed to reposition the Nigerian capital market as an attractive investment destination.

It said some of the CMMP initiatives already implemented included the Direct Cash Settlement, the regularisation of multiple subscriptions, the dematerialisation of share certificates, and the introduction of the e-Dividend Management System.

SEC said the CMMP initiatives had helped in promoting transparency, protecting investors, and enhancing market confidence.

It said, “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.”

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