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SEC, NSE to develop capital market

By on January 30, 2015

The Securities and Exchange Commission on Wednesday expressed its readiness to collaborate with other stakeholders in the market to take the Nigerian capital market to greater heights.

The Acting Director-General of SEC, Mounir Gwarzo, said this when he received members of the Council of the Nigeria Stock Exchange in his office in Abuja.

According to Gwarzo, the current management of the commission is willing and open to discussions on issues that will move the market forward in the interest of Nigerians and spur economic development.

A statement from the commission quoted the Acting DG to have said, “We realise that the Exchange is very important in our quest to move the market to a new level and SEC is keen on exploring areas of collaboration with stakeholders.

“Some of us have been in this market for some time and we have seen a lot that transpired over the period. We are keen on having close collaboration with people.”

He also stated that in the light of the collaboration, SEC would inaugurate a new complaints management system, which would allow issues to be resolved from the bottom.

He said, “The management is working to empower SROs and trade organisations to enable them handle some complaints and deal with them with dispatch adding that the strategy of the management is not to create committees but to focus on prescriptions and ensuring that they are executed within reasonable time frames.

“We have finished the rules on complaints management framework and very soon, it will be exposed. One of the highlights is to allow complaints to be managed at the lower level.”

On the issue of recapitalisation, Gwarzo expressed delight that the commission had a good collaboration with all stakeholders stating that it would return to the exercise in the next five months.

The President and Chairman of Council, NSE, Mr. Aigboje Aig-Imokhuede, said the capital market would benefit from the partnership.

He said, “We feel that the market here will benefit from this type of partnership and we will be keen on that.

“We would like to see this visit as the beginning of strong collaboration between the NSE and SEC. This does not in any way cross the line between the regulators and the regulated and we will respect our regulator in every way.”

The Chief Executive Officer, NSE, Mr. Oscar Onyema, said the visit was an opportunity to make the relationship between both organisations stronger.

 

[Punch]