SEC extends deadline for multiple accounts regularisation

The Securities and Exchange Commission has extended indefinitely the regularisation deadline put in place for shareholders that opened accounts for the purchase of shares with different names.

The acting Director General, SEC, Ms Mary Uduk, said this would enable other shareholders that had challenges with their details to come up and regularise their holdings.

She said the commission had discovered that some shareholders were avoiding it due to the fear of prosecution.

According to her, the multiple subscription committee presented the status of its ongoing engagement with the Central Bank of Nigeria and Committee of Heads of Banking Operation to display multiple accounts regularisation banners in the banking halls all over the country.

She added that the committee reported that capital market operators had commenced the filing of reports on regularised accounts with the commission on a quarterly basis.

According to Uduk, given the relevance of the exercise and the need to create more awareness, the committee requested an extension of the deadline of multiple accounts regularisation.

She said, “We are keeping it open for now with no deadline. We are also encouraging investors to take advantage of this to regularise their accounts and claim their dividends.

“Other resolutions that were reached at the meeting are that registrars are to discontinue the practice of requesting confirmation of bank signature during the e-Dividend Mandate Management System process.

“Capital market operators are to display awareness campaign banners of e-DMMS at their offices and venue of annual general meetings. They should also work with the commission to share awareness information on their social media platforms”

Uduk stated that the commission also reviewed the request from the Association of Stockbroking Houses of Nigeria for extension of the time for compliance on the transfer of complete investor data among operators such as brokers, registrars and the Central Securities Clearing System.

She added that upon completion, the position of the commission would be communicated to the relevant parties.

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