The Securities and Exchange Commission (SEC) has promised to build the capital market architecture through reforms driven by its capital market master plan initiatives.
The Head, Registration and Market Infrastructure Department, SEC, Emomotimi Agama, while speaking at the Chartered Institute of Stockbrokers’ 22nd Annual Conference, said the reforms aimed to protect investors, ensure fair, efficient and transparent markets and reduce systemic risk.
He explained that the master plan would promote regulations that will provide a level playing field for participants, rid the market of all forms of malpractices, ensure market integrity and promote international competitiveness.
According to him, the commission has leveraged the Financial Sector Regulatory Coordinating Committee to share relevant information with the objective of promoting the needs of market operations and participants, putting effective regulatory framework in place.
Agama maintained that SEC was also improving coordination in regulation with an enhanced turnaround time for regulatory application processes to help in enhancing market regulation and the entire market activities.
He said: “The capital market master plan initiatives are the revitalisation of commodities trading ecosystem, the digitisation push, regulatory-induced consolidation, demutualisation of the Nigerian Stock Exchange and the review of major laws.
“We are also encouraging new listings, promoting direct cash settlement, introduced a corporate governance scorecard, risk-based supervision and reduced the transaction cost for primary issuance to attract investors,” he added.
The President and Chairman of Council, CIS, Adedapo Adekoje, said the theme of the conference ‘The Nigerian economy and capital market: Exploring the next frontier for growth’ was chosen in preparation for the approaching elections.
According to him, it is of utmost importance that people begin to talk about the critical next steps for the Nigerian economy in preparation for another national election, which will usher in a new term of office for elected officeholders in the country.
Adekoje explained: “Despite successes in our primary responsibility of training and certifying practitioners in the capital market, the institute has always made it a cardinal responsibility to bring its rich intellectual resources to bear and serve as a strong advocacy platform to guide policymakers at all levels of government.
“We believe this will organise the private sector in forging strong and robust economy, especially from the perspective of the financial services sector.”