SEC adjusting 10-year capital market master plan to current realities
The Securities and Exchange Commission (SEC) has said it is reviewing the 10-year capital market master plan in line with current realities.
The apex regulator of the capital market said the implementation of the master plan had yielded results that helped to deepen the market.
The Executive Commissioner, Operations, SEC, Mr Dayo Obisan, was quoted in a statement issued by the organisation on Tuesday as saying during an interview in Abuja that quite a number of initiatives as contained in the master plan had reached various stages of completion while some had already been completed.
According to him, the initiatives include e-dividend, setting up of National Investors Protection Fund, recapitalisation of capital market operators, direct cash settlement, dematerialisation, and regularisation of multiple accounts.
He said, “Quite a lot of notable things have been done; it is not like we are 100 per cent there overall, but we are making tremendous progress.
“We took stock around November/December last year and we are still fully on track. But then, it is worth mentioning that a couple of initiatives formed back then in 2015 have started yielding fruit, part of it is the commodities trading system.
“Several other initiatives are being implemented, such as taking advantage of the non-interest capital market for increase and growth, people accessing Sukuk, a type of bond which is one of the most formidable ways of reaching the infrastructure challenges in the country.
“We are reviewing the master plan just to recalibrate and make sure we are not just using an old template to face a current or more dynamic world. It is a 10-year master plan; however, nothing is static.”
According to Obisan, a lot of things have happened and technology is taking a front burner in SEC’s discussions.
