Key highlights:
- The proposed inauguration date of the redesigned e-DMMS platform is July 31.
- SEC is in ongoing engagement with the Federal Inland Revenue Services (FIRS) on the just-released regulations on the taxation of non-interest financial instruments.
- SEC also ensure deeper market ties, which enables expanding insurance coverage for the commodities trading value chain.
Nigeria’s Securities and Exchange Commission (SEC) announced the redesigned electronic Dividend Mandate Management System (e-DMMS), which would go live on the 41st of July.
This was disclosed by the Director-General of SEC, Mr Lamido Yuguda, at the first quarter post-Capital Market Committee (CMC) media briefing in Abuja on Thursday.
The e-dividend portal enables Inter-Bank Settlement System’s Document Management System to complete e-Dividend Mandate Forms for capital market investors in Nigeria.
E-dividend
The SEC boss stated that NIBSS would be responsible for hosting and disseminating a comprehensive e-dividend form, while registrars would validate them as part of the dividend payment process, citing that the SEC is committed to measures tackling unclaimed dividends in the market, he said:
- ”E-Dividend Mandate Management Committee notified members of efforts to rebuild the E-Dividend Mandate Management System (e-DMMS).
- ”The committee reported on the redesigned e-DMMS platform, which incorporated stakeholder feedback.
- ”The proposed inauguration date of the redesigned e-DMMS platform is July 31.
FIRS
He added the SEC is also engaging the Federal Inland Revenue Services with the view of taxation of non-interest financial instruments, he said:
- ”The Non-Interest Capital Market Implementation Committee provided updates on various activities, including its ongoing engagement with the Federal Inland Revenue Services (FIRS).
- ”The engagement is on the recently released regulations on taxation of non-interest financial instruments.
NAICOM
SEC also added that its Technical Committee on the Commodities Trading Ecosystem collaborated with various Commodities Exchanges including the National Insurance Commission (NAICOM), the regulator of the Insurance industry.
He revealed the process plans to ensure deeper market ties, which enables the involvement of insurance companies and expanding insurance coverage for the commodities trading value chain, he added:
- ”Another important issue mentioned at the meeting was the approval of Rules on the revised National Investors Protection Fund (NIPF), and the registration of five new FinTech companies as full-fledged market operators.
- ”They comprise two crowdfunding intermediaries, two digital sub-brokers, and one robo-adviser.
- ”Full commencement of the Regulatory Incubation (RI) Programme for these companies was also announced during the meeting”
In case you missed it
Nairametrics also reported from the event that the Securities and Exchange Commission, assured investors that the interest of minority shareholders would be protected during all transactions in the capital market.
This follows the decision of Oando Plc to delist from the Nigerian Exchange Limited, NGX.
He noted that protecting the interests of both majority and minority shareholders was the primary responsibility of the Commission.
- “Protection of investors is the central mandate of the Commission and when the Commission protects investors, we do not discriminate between minority and majority shareholders.
- “When there is a case of delisting, the application for the delisting cones to the Commission and we go through it very carefully to ensure that the shares of the company being delisted are fairly valued because fair valuation is what protects all the shareholders”, he explained.