The Nation Newspaper

Tag: SEC

  • SEC, DMO collaborate to issue Nigeria’s First Sovereign Sukuk

    SEC, DMO collaborate to issue Nigeria’s First Sovereign Sukuk

    Nigeria moved a step closer to issuing her first sovereign sukuk as the Securities and Exchange Commission (SEC) and the Debt Management Office (DMO) agreed to collaborate towards realizing that goal.

    A statement from the SEC issued Tuesday evening said this was the major outcome of the visit to the DMO by the SEC Director General, Mr. Mounir Gwarzo.

    In November last year, the DMO Director General, Dr. Abraham Nwankwo, paid a courtesy call on Mr. Mounir Gwarzo during which the two chief executives agreed to reinforce partnership to deepen the domestic bond market. “The latest visit, the second meeting in less than three months, is a clear sign of a closer working relationship the two government agencies now enjoy,” the statement read.

    Dr. Nwankwo of DMO highlighted the importance his agency attaches to the non-interest products space and revealed that a sovereign sukuk issuance has been part of the institution’s strategic plan drawn up three years ago.

    He solicited support from the SEC, especially in the area of capacity building in order to realize the goal of issuing Nigeria’s first sovereign sukuk within the year 2016.

    In his response, Mr. Gwarzo assured the DMO of continued support, pledging to take measures that will help enhance the capacity of relevant staff of the DMO including establishing regular interfaces between the DMO and key staff of SEC who are very knowledgeable in the area of non-interest finance.

    The SEC, Gwarzo said “will equally enable nominated staff of DMO to participate at the Capital Market Committee sub-committee on non-interest products to further deepen their capacity.”

    Mr. Gwarzo noted that “the continued decline in the prices of crude oil in the international markets, attendant drop in both foreign exchange and government revenues as well as fragility of growth from major emerging markets like China, the need for alternative sources of capital to finance infrastructure becomes increasingly more compelling.”

    Both government agencies therefore agreed on the urgent need to begin mobilizing capital in order to address the Nation’s investment needs. Particularly, issuing a sovereign sukuk will attract significant amounts of affordable capital from the Gulf countries and other established Islamic markets around the world into Nigeria.

    According to the SEC Director General, issuing a sovereign sukuk will send a much needed positive message to the market amidst the negative investor sentiment that persists currently. He expressed confidence that Nigeria’s maiden sovereign sukuk will be oversubscribed as both domestic and foreign investors have appetite for exposure to Nigeria.

    He therefore urged the DMO to take advantage of this unique opportunity to make a mark on the sukuk market in spite of the challenging times.

    When the SEC released rules on sukuk issuance in 2013, the State Government of Osun took advantage of the robust regulatory framework to issue Nigeria’s first sukuk in which it raised N11.4 billion.

  • SEC moves to clear N80b unclaimed dividends

    SEC moves to clear N80b unclaimed dividends

    The Securities and Exchange Commission (SEC) has said it is putting in place machinery to clear unclaimed dividends worth over N80 billion.

    Its Head, Corporate Communications, Naif Abdussalam, told The Nation that the capital market regulator would this week commence a road show to sensitise Nigerians on their rights to the unclaimed dividends and how to redeem them before holding a Town Hall meeting with stakeholders on the matter.

    The SEC, he said, has “directed all registrars of public companies to return all unclaimed dividends, which have been in their custody for 15 months and above, to the paying companies.”

    The SEC also notified the  public that enrolment for e-Dividend payments could now be efficiently conducted at bank and registrar branches nationwide through the online platform launched on July 29, last year.

    The e-Dividend scheme, Abdussalam said, “has been a priority initiative for the entire capital market in a bid to curb the growth of unclaimed dividends and improve the overall efficiency of Nigeria’s equities markets.”

    SEC advised all shareholders and investors in the capital market to approach their banks or registrars to complete the e-Dividend Mandate form for immediate processing and upload to the e-Dividend Mandate Management System (e-DMMS).

    This service, SEC said, is free for the first 90 days beginning from December 14, last year after which it will attract a fee of N100.

    To eradicate the difficulty encountered by retail investors in claiming their dividends through their savings account, SEC, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS) in July, last year launched the e payment platform.

    Unveiling the platform, the Director-General of SEC, Mr. Mounir Gwarzo, said the platform would address the issue of unclaimed dividend in the market.

    According to him, the platform, which is part of the 10- year capital market master plan, would address the issues of non-payment of dividends into savings account.

    “The era of stale dividend and huge unclaimed dividend in the market will be a thing of the past with the launch of e-Dividend payment platform. The commission will conduct intensive training for bankers and registrars on the usage of the new portal,” Gwarzo said.

    He re-emphasised the determination of the commission to implement the capital market master plan, which he said would transform the market for the benefits of all stakeholders.

    The Commission followed this with a notice posted on its website, advising registrars to exercise caution while validating names generated by the system to avoid dissimilarity with the physical forms.

    He further explained that “all registrars’ offices/ accredited outlets shall be points of upload of completed e-Dividend Mandate forms by investors who may alternatively approach their banker to process their completed e-Dividend Mandate Form(s)’’.

    Explaining the modality for the use of the portal, SEC said: “Every registrar shall validate investor’s shareholder account number, name, signature and Clearing House Number (CHN); this shall be followed with upload of scanned copy of completed e-Dividend Mandate Form(s) on to the portal for immediate access by the investor’s nominated bank for the verification of his/her bank account details. Registrars shall exercise caution when validating names generated by the system for the clearing house number, shareholder account number and bank account number against the physical form to ensure there is a reasonable level of congruence before the document is accepted and saved on the portal.

    ‘The receiving bank may reject the mandate uploaded by presenting registrars if the signature on the mandate does not tally with the specimen signature of the account holder in the bank.”

    The Commission added: ‘Investors should be educated to complete separate forms for each shareholder account number, as upload of e-Dividend Mandate Forms shall be on the basis of individual shareholder number and company of investment indicated by the investor on the physical e-Dividend Mandate Form.

    ‘To mitigate errors in the treatment of e-Dividend Mandate Forms, Registrars shall institute a marker-checker system that enables the verification and upload of e-Dividend Mandate Form(s) by a Registrar Uploader subject to confirmation and approval by a Registrar Checker’

  • SEC revokes licences of 84 capital market operators

    SEC revokes licences of 84 capital market operators

    The Securities and Exchange Commission (SEC) over the weekend revoked the operational licences of “84 capital market operators that are inactive”.

    A statement from SEC called on the Nigerian Stock Exchange (NSE), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc, capital market trade groups, the investing public and others to desist from dealing with the operators whose licences were revoked.

    SEC, in its statement, said it “is empowered under Section 30 (1) and (2) of the Investment and Securities Act (ISA) 2007 to revoke the operational licence of capital market operators that are inactive.”

  • SEC moves to deepen market with rules on crowdfunding

    Securities and Exchange Commission (SEC) has started arrangements to introduce crowdfunding into the Nigerian capital market as part of efforts to deepen the market and enhance its global competitiveness.

    Director-General, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, said the commission was partnering with the Ontario Stock Exchange to develop framework and rules on crowd funding for the Nigerian capital market.

    Crowdfunding is a means of raising money from a large number of people to fund a project or venture. It is usually undertaken through online medium and it has gathered steam as a form of alternative finance. The crowdfunding model is based on three actors: the project initiator who proposes the idea, individuals or groups who support the idea and the platform that brings the parties together.

    Gwarzo said the commission was interesting in developing Nigeria’s crowdfunding framework as another way of deepening participation in the Nigerian capital market and ensuring that businesses and entrepreneurs have many channels of accessing funds.

    He said the apex capital market regulator has been implementing initiatives that would strengthen investors’ confidence in the capital market.

    According to him, SEC believes that retail investors will return to the capital market once their concerns are properly addressed.

    He noted that the commission has inaugurated the board of Investors Protection Fund (IPF) and from next year, proceeds of shares sale will be paid directly into the account of investors as part of efforts to address the investor concerns.

    He pointed out that dematerialisation is very important to the growth of the market and by 2016 more shares would be dematerialised.

    Gwarzo said the introduction of the over-the-counter (OTC) platforms- FMDQ OTC Plc and NASD Plc, have transformed the way the capital market is perceived in Nigeria.

    According to him, the level of liquidity and price of unlisted securities in Nigeria has been greatly enhanced by the operation of the two OTC platforms.

    “On our part at the SEC, we will continue to ensure that these platforms are optimally regulated so that they can continue to add value to investors. As you are aware, the SEC is currently leading the capital market in implementing the 10-year master plan for the growth and development of our market,” Gwarzo said.

     

  • Stock market and SEC listing

    Stock market and SEC listing

    •Time to breathe life into the economy

    The Nigerian Stock Exchange (NSE) has seen many bearish months and days, but last week’s Monday, November 30, was particularly a low point.  According to Reuters, the NSE, the second biggest weighting after Kuwait on MSCI frontier market index, shed 0.84 percent on thin volumes to close at 27,385, a result last experienced in December 2012. Shares on the market lost 6.5 percent in October and another 6.1 percent in November, as many traders, particularly foreign investors stayed on the sideline, awaiting government’s fiscal policy.

    While the Security and Exchange Commission (SEC) is planning new listings to buoy the market, the Federal Government must urgently set its economic plans afoot, to starve a crash.

    Like the national economy, the stock market is faced with recession, and this is worsened by near economic inactivity, six months after the Buhari government came to power. But the Chief Executive Officer of the NSE, Oscar Onyema, has argued that the exchange is not the only one affected by the global economic challenges. He noted that of the 24 Exchanges in Africa, 20 are declining. Specifically, he argues that: “If you look at large, mid and small cap securities, mid cap securities have done well, they have returned six percent positive. Now the whole market is about 18 percent down and that is because of the weight of large cap securities”.

    On its part, SEC is seeking ways to encourage new listings on the stock exchange, particularly the small and medium enterprises which the NSE chief executive argues, are doing better than the big stocks. According to the Director-General of SEC, Mr Mounir Gwarzo, at the third quarter post-capital market committee media briefing in Lagos, “we are willing to relax some of the listing and disclosure requirements to encourage listing of SMEs”. The SEC boss also announced that his commission is collaborating with the Federal Government on tax incentives and exemptions for companies that want to seek listings.

    Furthermore, the SEC is seeking to get the telecommunication companies to list on the exchange. Indeed, there is no explanation why the telecommunication companies are not listed already. But as the saying goes, “better be late, than never”. As part of incentives, Gwarzo said, the SEC is working to reduce the transaction cost, to encourage more listing in 2016. Again, he announced plans to establish a new commodities market, in line with the Federal Government’s policy to boost the agriculture sector. Much as the SEC plans to buoy the future of NSE, the immediate challenges must be addressed, to stem the slide of our national economy.

    In this regard, many have argued that the foreign exchange regime of the government is affecting the stock market. While the government must find a way around the crisis, we doubt if a relapse to the old era of unrestrained trading in forex is in our national interest. Perhaps the solution is in buoying the purchasing power of the consumer. Of note, the consumer goods index fell down by 22.24 percent, in the stock market report, and that is a serious indicator that the purchasing power of Nigerians has greatly declined. Also, the index of the top 10 banks had shed 19.9 percent within the period under review.

    The sharp decline in the market value of the stocks has resulted in high rate of job losses across the economy. Investors, both local and foreign, must be worried that three weeks after the inauguration of the federal executive council, the government of President Muhammadu Buhari is yet to chart a clear economic plan, and the NSE is paying a huge price for this.

     

  • SEC verifies N5b investors compensation fund’s beneficiaries

    SEC verifies N5b investors compensation fund’s beneficiaries

    A team of capital market experts from the Securities and Exchange Commission (SEC) has started the verification of claims by the first set of prospective beneficiaries from the National Investor Protection Fund (NIPF). SEC earmarked N5 billion as a take-off grant for the NIPF, which board was launched late last month.

    A source said the team, which started work last week, was expected to conclude screening and verification of the first set of beneficiaries from the N5 billion Fund within the next three weeks. Payments of compensation to the first set of beneficiaries could be made in late December or early January, according to the source.

    The verification team, led by Mr. Abdul Zubair, a senior management member of SEC, would be looking for genuineness of the investor’s claim, wilful neglect or complicity in the defalcation, compliance with the NIPF rules and the recommendable amount payable to the claimant in the light of the total claim, the maximum compensation receivable under NIPF and the available funds to the NIPF.

    According to the rules of the NIPF, beneficiaries would include investors who suffer pecuniary loss due to the insolvency, bankruptcy or negligence of a capital market operator and defalcation committed by a capital market operator or any of its directors, officers, employees or representatives in relation to securities, money or any property entrusted to, or received or deemed received by the capital market operator during its business as a capital market.

    However, any client who participated in the wrongful act of the capital market operator shall not benefit from the Fund while the NIPF will also not apply to losses arising from transactions not regulated by the Commission.

    The NIPF covers the entire capital market activities under the regulation of SEC, a broader scope than the earlier Investor Protection Fund (IPF) of the Nigerian Stock Exchange (NSE), which covers only the operations of members of the NSE.

    The NIPF will apply only to defalcations by insolvent or bankrupt capital market operators not dealing members of Securities Exchange or Capital Trade Points. In other words, the NIPF will be for  compensating investors whose losses are not covered under the IPFs administered by Securities Exchanges and Capital Trade Points.

    Under the NIPF, the maximum amount payable to an investor who has suffered loss shall be N200, 000 or its equivalent in form of shares and units of bonds. However, where the amount of loss is lesser, the investor shall be paid the calculated amount of loss. The maximum amount claimable under the NIPF is 50 per cent of the N400, 000 limit stipulated by the IPF of the NSE.

    Beside the variance in the maximum compensation, the SEC’s NIPF also differs from the NSE’s IPF in recognition of previous infractions and losses. Where the NSE’s IPF took on backlog of complaints from the NSE, the SEC’s NIPF will not recognise any claim prior to establishment of the NIPF. The board of SEC had in 2011 approved the establishment of the NIPF and it was subsequently incorporated on March 9, 2012 as a company limited by guarantee.

    “Any claim prior to the incorporation of the Fund shall not be covered by the Fund,” the rules stated.

  • SEC moves to deepen market with rules on crowdfunding

    Securities and Exchange Commission (SEC) has started arrangements to introduce crowdfunding into the Nigerian capital market as part of efforts to deepen the market and enhance its global competitiveness.

    Director-General, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, said the commission was partnering with the Ontario Stock Exchange to develop framework and rules on crowd funding for the Nigerian capital market.

    Crowdfunding is a means of raising money from a large number of people to fund a project or venture. It is usually undertaken through online medium and it has gathered steam as a form of alternative finance. The crowdfunding model is based on three actors: the project initiator who proposes the idea, individuals or groups who support the idea and the platform that brings the parties together.

    Gwarzo said the commission was interesting in developing Nigeria’s crowdfunding framework as another way of deepening participation in the Nigerian capital market and ensuring that businesses and entrepreneurs have many channels of accessing funds.

    He said the apex capital market regulator has been implementing initiatives that would strengthen investors’ confidence in the capital market.

    According to him, SEC believes that retail investors will return to the capital market once their concerns are properly addressed.

    He noted that the commission has inaugurated the board of Investors Protection Fund (IPF) and from next year, proceeds of shares sale will be paid directly into the account of investors as part of efforts to address the investor concerns.

    He pointed out that dematerialisation is very important to the growth of the market and by 2016 more shares would be dematerialised.

    Gwarzo said the introduction of the over-the-counter (OTC) platforms- FMDQ OTC Plc and NASD Plc, have transformed the way the capital market is perceived in Nigeria.

    According to him, the level of liquidity and price of unlisted securities in Nigeria has been greatly enhanced by the operation of the two OTC platforms.

    “On our part at the SEC, we will continue to ensure that these platforms are optimally regulated so that they can continue to add value to investors. As you are aware, the SEC is currently leading the capital market in implementing the 10-year master plan for the growth and development of our market,” Gwarzo said.

     

  • SEC optimistic on capital market turnaround in 2016

    SEC optimistic on capital market turnaround in 2016

    The Securities and Exchange Commission (SEC) on Monday expressed optimism that capital market activities would witness a turnaround in 2016 due to its various initiatives.

    Mr Mounir Gwarzo, the Director-General of the commission, told the News Agency of Nigeria (NAN) in Lagos that he was optimistic that the market would perform better in 2016.

    Gwarzo said that the commission was looking at ways to stabilise the market and encourage domestic investors to return to the market.

    He said that SEC was committed to increasing domestic investors’ participation in the market, noting that the market was now dominated by foreign investors.

    “The foreign investors, like we say, is hot money and sometimes when they are not comfortable even though fundamentals are still okay, they will try to either walk away or hold on,” Gwarzo said.

    He listed some initiatives the commission pursued during the year to bring in domestic investors to include e-dividend payment, direct settlement and dematerialisation.

    The director-general said that SEC had also embarked on public enlightenment to educate investors on gains of investing in the market.

    “The market is also happy with some of the enforcement actions we have been taking which shows that anybody that does wrong in the market will be punished,” he said.

    Speaking on the market downturn, Gwarzo said that he was not happy with the current developments in the market.

    “I’m not too happy the way the market is today, but it’s a market that goes up and down. It’s not a market that is continuously growing.

    “If you invest one million naira in the market, it’s not sacrosanct that it will now turn back to be N1.5 million or N1.2 million. It’s a market that can go up and go down,” Gwarzo said.

    He said that the market situation was a reflection of economic situation of the country.

    Gwarzo described the development as a normal trend in all capital markets in the world.

    According to him, the commission is also engaging government in terms of some fiscal incentives that can be provided to enhance activities in the market.

    He said that the National Investor Protection Fund (NIPF), inaugurated by the commission, was another initiative that would boost investor confidence in the market.

    “The NIPF we have set up will give a lot of comfort to the investors even though it may not ameliorate their problems 100 per cent, but we believe it will give them some comfort,” he said.

    He said that investors, who lost money in the market, could be compensated through the fund.

    “I’m very positive that the market will be better next year’’.

    Meanwhile, a turnover of 1.04 billion shares worth N13.01 billion were exchanged by investors in 13,407 deals last week.

    This was against 793.56 million shares valued at N7.15 billion traded in 12,831 deals in the preceding week.

    The financial services sector led the activity chart with 857.05 million shares worth N6.77 billion traded in 7,916 deals.

    The consumer goods industry followed with 64.55 million shares worth N4.22 billion traded in 2,479 deals.

    The third place was occupied by the Conglomerates with a turnover of 62.75 million shares worth N585.66 million in 638 deals.

    The NSE All-Share Index lost 513.83 points or 1.83 per cent to close at 27,617.45 last week against 28,131.28 posted in the preceding week.

    Also, the market capitalisation, which opened at N9.670 trillion, lost N175 billion to close at N9.495 trillion.

    Tiger Brands topped the losers’ chart in percentage terms, dropping by 17.65 per cent or 33k to close at N1.54 per share.

    Unity Bank trailed with a loss of 11.30 per cent or 13k to close at N1.15, while May & Baker dropped 10.48 per cent or 11k to close at 94k per share.

    On the other hand, Ikeja Hotel led the gainers’ table in percentage terms, growing by 12.27 per cent or 40k to close at N3.66 per share.

    Unilever followed with a gain of 9.68 per cent or N3.52 to close at N39.90, while Caverton increased by 9.28 per cent or 22k to close at N2.59 per share.

     

  • SEC votes N5b for investors’ protection

    SEC votes N5b for investors’ protection

    Securities and Exchange Commission (SEC) has voted N5 billion as take-off grant for the National Investors Protection Fund (NIPF). SEC, Nigeria’s apex capital market regulator, last week launched the board of NIPF, flagging off the special purpose vehicle that will compensate investors for pecuniary losses arising from the insolvency, bankruptcy or negligence of sundry capital market operators that are not members of a registered stock exchange.

    Director General, Securities and Exchange Commission (SEC), Mounir Gwarzo, disclosed this  at the weekend in Lagos.

    He said the launch of the NIPF has placed Nigeria within the elite group of countries with specialised compensation scheme for investors, noting that investors would now have a window to redress losses that arise non-investment risks.

    “While dozens of jurisdictions have functional investor protection funds run mainly by Exchanges and their dealing members, Nigeria is now among only a few countries to have a National Investor Protection Fund, to compensate investors for pecuniary losses arising from the insolvency, bankruptcy or negligence of non-broker/dealer capital market operators,” Gwarzo noted.

    He said SEC has played its part by providing the take-off grant for the initial operation of the NIPF, adding that the entire capital market community would now have to come together to discuss details of how to contribute to continue funding for this critical market vehicle.

    He assured that the commission would ensure that the fund is used to compensate investors in accordance with the rules guiding its operation.

    Gwarzo said the verification committee will quickly commence its assignment by scrutinising the already processed compensation claims so that the first set of beneficiaries from the Fund may emerge soon.

    He pointed out that since the 2008 financial crisis in which the Nigerian stock market lost about 70 per cent of its value, investor confidence had been eroded, creating apathy that still impacts the state of the market.

    He noted that SEC has a dual mandate of regulating and developing the capital market and as such has put in place several reform measures to restore investor confidence and attract investors back to the market, with the NIPF as part of the investors’ protection mechanisms.

    The inauguration of the board of the NIPF completed a cycle of protection for investors that suffered losses due to inactions of capital market operators. The Nigerian Stock Exchange (NSE) had earlier launched an Investor Protection Fund (IPF) that covers losses due to inactions or bankruptcy of its dealing members-stockbrokers and dealers.

    Under the rules of the NIPF, beneficiaries would include investors who suffer pecuniary loss due to the insolvency, bankruptcy or negligence of a capital market operator and defalcation committed by a capital market operator or any of its directors, officers, employees or representatives in relation to securities, money or any property entrusted to, or received or deemed received by the capital market operator in the course of its business as a capital market.

    The NIPF will cover the entire capital market activities under the regulation of SEC, a broader scope than the earlier IPF of the NSE, which covers only the operations of members of the NSE. The NIPF will apply only to defalcations by insolvent or bankrupt capital market operators not dealing members of Securities Exchange or Capital Trade Points. In other words, the NIPF will be for the purpose of compensating investors whose losses are not covered under the IPFs administered by Securities Exchanges and Capital Trade Points.

    Going forward, the NIPF will subsequently generate funds through grants, subventions, donations and annual contributions to be made by all capital market operators not subject to contribute to the IPF of Securities Exchanges and Capital Trade Points. The board of the NIPF is also empowered to obtain loans, subject to approval of SEC. Also, the NIPF can generate funding through assets, properties or cash that shall be realised from liquidated operators after compensation to investors and proceeds from investment of its resources.

    Under the NIPF, investors can only receive a maximum compensation of N200, 000. The maximum amount claimable under the NIPF is 50 per cent of the N400, 000 limit stipulated by the Investors Protection Fund (IPF) of the NSE.

    According to the rules, the maximum amount payable to an investor who has suffered loss shall be N200, 000 or its equivalent in form of shares and units of bonds. However, where the amount of loss is lesser, the investor shall be paid the calculated amount of loss.

    Beside the variance in the maximum compensation, the SEC’s NIPF also differs from the NSE’s IPF in the area of recognition of previous infractions and losses. Where the NSE’s IPF took on backlog of complaints from the NSE, the SEC’s NIPF will not recognise any claim prior to establishment of the NIPF.

    “Any claim prior to the incorporation of the Fund shall not be covered by the Fund,” the rules stated.

    However, the amount of compensation to be paid by the NIPF may be reviewed from time to time as approved by the board of the Fund.

    Besides, the rules underscored that “the Fund is not under any obligation to pay compensation to an investor”

    However, any client who participated in the wrongful act of the capital market operator shall not benefit from the Fund while the NIPF will also not apply to losses arising from transactions not regulated by the Commission.

     

     

  • SEC to review N90b unclaimed dividends

    Securities and Exchange Commission (SEC) would review the procedures and structures for the management of unclaimed dividends as part of efforts to reduce the backlog of returned monies.

    Director General, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo, said the apex capital market regulator would take another look at the backlog of unclaimed dividends, which currently stand at around N90 billion.

    He said while the launching of the electronic dividend (e-dividend) would stem future accumulation of unclaimed dividends, the Commission would take measures to reduce the backlog of unclaimed dividends.

    SEC had recently directed registrars to immediately begin the implementation of e-dividend. In a circular to all registrars, the apex capital market regulator had stated that the e-dividend mandate management system (e-DMMS) portal was ready for use by all registrars and banks. The e-DMMS portal was launched July 29, 2015 by SEC, which subsequently coordinated trainings for officials of share registration companies.

    According to SEC, it is now mandatory for every registrar to immediately commence the use of the e-DMMS portal as directives will soon be issued to banks to discontinue the verification of paper mandates presented to bank branches.’