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.
Acting director-general of SEC, Ms. Mary Uduk stated this during a meeting with stakeholders in the capital market in Abuja, at the weekend. Uduk disclosed that this review is intended to align the master-plan with current realities on macro-economic, political and market development fronts.
On implementation efforts so far, Uduk said over 90 initiatives outlined in the Capital Market Master Plan, 66 initiatives have 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.
55 initiatives are at various stages of implementation and it is hoped many of them will be concluded before the end of the year. 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 initiative that you have collectively worked on.
Uduk disclosed that the Commission has approved the rules on Green Bonds, and would in the nearest future introduce the rules on derivatives trading which she said are necessary to move the market forward. The acting DG 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 have made great strides in its implementation efforts.