BY OLUSHOLA BELLO, Lagos
Stakeholders in the Nigeria’s capital market, Securities and Exchange Commission (SEC), the Nigerian Stock Exchange (NSE), Central Securities Clearing System (CSCS) and Capital Market Operators (CMO) have resolved to continue discussions on tax legislation as it affect equities’ trading.
According to statement by the commission, a position on the issue will be taken at the forthcoming meeting of the Capital Market Master Plan Implementation Council (CAMMIC).
The discussion, which rose from a meeting of the Capital Market Committee (CMC), last week in Lagos, was chaired by the director-general of SEC, Mounir Gwarzo.
It also charged its e-Dividend Committee to address the lingering issues surrounding electronic payment of dividends.
He assured that the development of a uniform platform for subscribing to the e-Dividend Mandate Management System and the Direct Cash Settlement System is ongoing.
Participants were also informed of ongoing discussions with the Central Bank of Nigeria (CBN) to achieve the Dual Licensing Model, recalling Gwarzo as stressing the need for Capital Market Operators (CMOs) to professionally advise investors on dynamics of equity investments so as to avoid a repeat of the mistake of the past.
The SEC boss, the statement continued, expressed delight at the sustained uptrend in the nation’s capital market in recent times, expressing hope for its sustained growth as the economic fundamentals of the country continue to stabilize.
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