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SEC to empower SROs, trade groups for dispute settlements


THE Securities and Exchange Commission (SEC) has stated that it would empower trade groups and Self Regulatory Organisations (SROs) in the Nigeria Capital Market to settle complaints in their various groups so that only unresolved issues can be reported to the Commission 

   Acting Director General of the Commission,  Mounir Gwarzo made this clarifications recently in Abuja while receiving the leadership of the Institute of Capital Market Registrars (ICMR) led by its President, Bayo Olugbemi.

   This, according to him, would enable the commission concentrate more on its core functions of regulating and developing the capital market.

    He said the commission is working to empower SROs and trade groups to enable them handle some complaints and deal with them with dispatch and also exercise some measure of control on their members.

   “We have finished the rules on complaints management framework and very soon, it will be exposed. One of the highlights is to allow complaints to be managed at the lower level” Gwarzo explained.

   He emphasized that the strategy of the Commission is not to create committees but to focus on prescriptions of previous committees and ensuring that these prescriptions are executed within reasonable time frames.

    Gwarzo charged the registrars to ensure efficient service delivery, including 100 percent compliance with e-dividend, total support for dematerialization of share certificates as well as ensuring drastic reduction of unclaimed dividends.

Agreeing that the work of Registrars is enormous, Gwarzo advised that the members should have good negotiation with their clients before taking up a job detailing their services. “We cannot negotiate for you, instead, you are to have a good negotiation with your clients, stating your functions and then they will reason with you”

   Gwarzo also advised the ICMR members should comply with the Commission’s directive to avoid sanction. 

Speaking earlier, the president of ICMR listed the factors affecting the operations of the registrars, to include; poor income from their activities in the market, and non-passage of the institute’s bill among others. 

 “We are in support of reduction of fees in the capital market but what we earn is just too small and not a reflection of services we render and the bill for the institute to be chartered has not been passed.” 

 Olugbemi added that statute barred unclaimed dividends in the possession of Registrars have been remitted to the companies in line with the law and  SEC’s directive.

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