• Wednesday, July 24, 2024
businessday logo

BusinessDay

First quarter CMC: Revised master plan implementation, others top agenda

Banks’ recapitalisation and the issues at SEC

The Securities and Exchange Commission (SEC) and the capital market community would discuss the implementation of the Revised Capital Market Master Plan, Fintech and commodities trading ecosystem roadmap as well as other matters relating to the capital market and the economy at its first Capital Market Committee (CMC) meeting in 2023.

The meeting is scheduled to hold on Wednesday April 12, 2023, virtually through Zoom with key stakeholders in the capital market in attendance on the first day, while the usual interface with the press, on the outcome of the CMC meeting, will take place the following day.

The CMC is an industry-wide committee comprising members of the SEC, representatives of capital market operators and trade groups and other stakeholders. It was primarily established to serve as a medium for the exchange of ideas among market stakeholders as well as an avenue for providing feedback to the SEC on how to continuously address challenges, improve market operations and enhance the regulatory framework.

Read also: Five takeaways from Ecobank’s 2022 financials

According to the SEC, “Attendance to both events is strictly by invitation. Invited participants will be sent unique links with which to join the meeting.

“During the meeting, issues bordering on implementation of the Revised Capital Market Master Plan, implementation of the Fintech Roadmap, the commodities trading ecosystem roadmap as well as other salient matters relating to the capital market and the economy would be discussed.”

The Commission unveiled the Revised Capital Market Master Plan (CMMP) in November 2022 which serves as a blueprint to harness opportunities to better position the capital market as the engine of economic growth and development. The SEC had previously implemented the initiatives of the 10 Year Capital Market Master Plan, which were designed to reposition the Nigerian Capital Market as an attractive investment destination and a critical facilitator of capital formation for the accelerated growth and development of the Nigerian economy.

Some of the CMMP initiatives that have been implemented include; Direct Cash Settlement, regularisation of multiple subscriptions, dematerialisation of share certificates, and the introduction of the e-Dividend Management System.

The CMMP initiatives have helped in promoting transparency, protecting investors and enhancing market confidence, while also ensuring that only fit and proper persons are allowed to operate in the capital market.

The objectives of the CMMP are also in consonance with the Federal Government’s economic strategy, focused on deepening the capital market and encouraging a private sector-led economy to drive inclusive growth.