SEC simplifies e-Dividend payment, cancels bank signature for verification

The Securities and Exchange Commission has ordered registrars to discontinue the practice of requesting for confirmation of bank signature during the E-Dividend Mandate Management System process.

The acting Director-General, SEC, Ms Mary Uduk, made this known while speaking during a press briefing on the third quarter Capital Market Committee meeting in Lagos on Friday.

She stated that the presentation by the e-dividend committee showed that the number of shareholders enrolled on the e-DMMS platform had increased to 2,820,065 at the end of the third quarter of 2019.

Uduk said all capital market operators were required to display awareness campaign banners of the e-DMMS at their offices and venues of annual general meetings.

She requested that all capital market operators should work with the commission to share awareness information on their social media platforms.

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

She said, “Upon completion, the position of the commission will be communicated to the relevant parties.

“The commission will also engage the National Pension Commission on modalities, which would permit Pension Fund Administrators to participate in securities lending and see it as a profitable initiative.”

Uduk added that the non-interest finance committee presented the importance of granting the PFAs the permission to invest a given percentage of a willing contributor’s Retirement Savings Accounts in non-interest capital market products.

 

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