By Benjamin Umuteme
Abuja
The Director General, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo has urged capital market operators to constantly adapt to new and rapidly changing economic, regulatory and business environments.
The Director General said this at the opening ceremony of 21st Annual conference of the Chartered Institute of Stockbrokers in Lagos added that it will aid them in performing their expected roles in economic development of the nation.
According to Mr. Gwarzo “almost everything now comes down to the application of (relevant) technology. In fact, at the nucleus of dynamic changes is technology.
The financial market institution of the future is one that is currently making conscious effort to automate its processes by leveraging on relevant technology”.
As a way of showing its proactive response, the SEC helmsman noted that capital market has begun to observe the evolution of new products and processes such as Sukuk, Green Bonds, Derivatives, Commodities and Financial Technology(Fintech).
The SEC, explained that the Commission is committed to continue developing the Nigerian Capital Market in line with the 10-year Master Plan.
Also, the E-Dividend initiative is very central and recently the Commission has embarked on a massive media campaign to sensitize the public on the December 31, 2017 deadline on free e-dividend registration exercise and regularization of multiple accounts by investors.
In addition, he highlighted that the Commission has strengthened its Rule making process and more Rules are considered on a timely basis with the underlying justifications which will aid the market’s understanding of the thought process behind coming up with the rules.
As evidence of yielding positive results on some of the recently introduced initiatives, he disclosed that the number of reported cases of infractions in the market has reduced from 291 in Q1’2016 to 36 in Q3’ 2017. Also, the number of Enforcement Cases has come down from 49 to 30 within the same period.
He concluded by saying that all the initiatives introduced and results are believed to help capital market stakeholders respond adequately to the dynamic changes in the financial market.
