The Securities and Exchange Commission (SEC) has disclosed plans to align the 10 Year Capital Market master plan with current economic realities as well as ensure the planned review is concluded in record time.
A statement from SEC said its Acting Director-General, Ms. Mary Uduk, stated this during a meeting with stakeholders in the capital market in Abuja, weekend.
Uduk disclosed that the review is intended to align the master plan with current realities on macroeconomic, political and market development fronts.
On implementation efforts so far, Uduk said over 90 initiatives outlined in the Capital Market Master Plan, 66 commenced since 2015 out of which 13 have been successfully completed.
Some of the concluded initiatives include dematerialization of shares, recapitalisation of capital market operators, setting up of a National Investment Protection Fund and the establishment of the West African Securities Regulators Association among others. Fifty-five initiatives are at various stages of implementation and it is hoped many of them will be concluded before the end of the year, she said.
“Other achievements include e-dividend mandate, Direct Cash Settlement, Roadmap on commodities ecosystem, new listing, financial literacy, law reviews, non-interest capital market products among several of the initiatives that you have collectively worked on, she also stated.
Uduk, while commending stakeholders in the capital market for their cooperation and support, also disclosed that the commission has approved the rules on Green Bonds, and would introduce the rules on derivatives trading soon, which she said are necessary to move the market forward.
The acting DG also said the implementation of the 10 Year Capital Market Master Plan commenced in earnest under the guidance of the Capital Market Master Plan Implementation Council chaired by Mr. Olutola Mobolurin and had made great strides in its implementation efforts.