In its determination to build a virile stock market and seeking collaboration from other market stakeholders, the Nigerian Stock Exchange (NSE) has called on the Institute of Capital Market Registrars (ICMR) to review and fine-tune its processes in a bid to nip in the bud any unwholesome practices in the market.The NSE said that as the local bouse moves towards its eventual demutualisation and taking leadership position in the African Continent, having any form of unauthorized sale of investors' shares, pilfering of dividend warrants, among others, will further impinge on the integrity and transparency quest of the stock market.NSE Chief Executive Officer, Mr Oscar Onyema, stated this while delivering a goodwill message at the third annual conference of the institute which held in Lagos, noting that the cooperation of the Institute in the task of building a virile stock market for the Nigerian economy was germane to growth and development of the securitiy market.The chief executive, who was represented by Mr Mohammed Momoh, Head of Brokers and Dealers Regulation, stated that 'We are all stakeholders on this project. It behooves us to bequeath a strong capital market to future generations of Nigerians.He said, over time, they have observed that many unathorised sales of investors' shares succeed with the active connivance of registrars, adding that this was partly the reason why the various electronic products ' e-bonus, e-dividend, e-IPO were introduced.The NSE boss contended that 'While I agree there are challenges that you face as registrars, I will desire a collective resolution of the problems posed by trying to verify certificates owned by the sick, weak and elderly people. The unresolved issue of huge unclaimed dividends in the books of listed companies, the cumbersome process involved in transfer of shares held by estates of the deceased etc while not negating your responsibility for risk prevention, will be addressed.'He also asked the institute and its members to continually develop methodologies that will provide satisfaction to investors in the area of fast-tracking the processes of share verification and lodgments.Onyema said the NSE had adopted a multi-departmental approach to quotation drive considering that their branch network is providing a geographical coverage geared towards increasing the number of quotable companies and instruments listed in the market.'We are putting in place flexible listing rules to attract both issuers and investors,' Onyema said, remarking that this would make the market liquid and promote visibility, growth, transparency, continuity, sustainability and investor confidence in the capital market.Earlier in her address of welcome, Mrs. Lola Oyebadejo, President /Chairman of Council of institute, said the purpose of the conference was to x-ray the dynamics of market performance occasioned by the seemingly unusual happenings in the financial system and the avalanche of new rules introduced by the regulatory authorities with a view of accurately refocusing for the future.Oyebadejo who is a fellow of the institute said the institute would continue to train and retrain professional registrars since they are the ultimate custodians of the nation's capital market.She appealed to the President of the Federal Republic of Nigeria to sign into law the bill establishing the Chartered Institute of Capital Market Registrars (ICMR).
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