The Securities and Exchange Commission (SEC) has directed company registrars to discontinue with the practice of requesting for confirmation of bank signature during the electronic dividend mandate management System (E-DMMS) process.
Acting Director General of SEC, Ms Marry Uduk who disclosed this in Lagos while briefing journalist after Capital Market Committee (CMC) meeting said the number of shareholders enrolled on the e-DMMS platform has increased to 2,820,065 at the end of the 3rd quarter of 2019.
She said that it was resolved at the Meeting that Capital Market Operators should display awareness campaign banners of e-DMMS at their offices and Venue of Annual General Meetings (AGM) and also work with the Commission to share awareness information on their social media platforms.
She said that the apex regulator of capital market would review the request from the Association of Stockbroking Houses of Nigeria (ASHON) for extension of time for compliance on the transfer of complete investor data among operators such as Brokers, Registrars and CSCS, adding that upon completion, the position of the Commission will be communicated to the relevant parties.
She said the Commission would engage the National Pension Commission (PENCOM) on modalities which would permit Pension Fund Administrators (PFAs) to participate in Securities Lending and also develop rules and regulations on warehouse receipts within the current legal framework.
