Registrarstask SEC, stakeholderson CMCresolutions

THE Institute ofCapitalMarket Registrars (CMR), yesterday, advised the Securities and Exchange Commission (SEC) and all stakeholders to religiously implement resolutions reached at the recently held Capital Market Committee maiden meeting.According to the institute, implementing the resolutions adequately is capable of restoring confidence and attracting more investors to the Nigerian capital market.The Registrar and Chief Executive of the Institute, Dr. David Ogogo, explained during the recently held maiden meeting that some committeeswere restructured, adding thatSEC and NSE should insist all decisions reached are implemented.He also used the opportunityto appeal to regulators to establish transparent structures as part of strategies to encourage more investorsto the capital market.Ogogo explained thattransparency makes investors feel safe and'would continue to invest because things are handled transparently.The CMC is comprised of officials of the SEC, NSE, and other stakeholders inthe Nigeria's capital market.The Director-General of SEC, Arunma Oteh, had during the CMC maidenmeeting held in Uyo, Akwa Ibom State recently, disclosedthat the commission,in conjunction with the Nigerian Stock Exchange (NSE) is in partnership withall stakeholdersas part of strategies to sustain and expand ongoing investors' education in the capital market.According to Oteh, the commission isalsoputting plans in place to increase the depth in the Nigerian capital market by encouraging new listing.Explaining further, Oteh said: 'We are aware that new issues and listings would work towards improving and increasing the depth in the Nigerian Stock Exchange. It is important that we the regulators do all we can to ensure that there are more issuances in the market.'The situation in 2011 showed that there has been a decline in the number of issuances in the market. We (SEC) have taken steps to ensure that this is corrected,' said the SEC boss.Otehpointedout thatattracting more listing was important, adding that it is one of the strategies designedto boostactivities and attract more investors.'We want to do all we can to ensure that the market remains attractive so that more investors, both local and foreign would be attracted to the market,' she said.She explained that in a bidto reposition the Nigerian capital market, the commission hasinaugurated seven sub-committees of the Capital Market Committee that would map out strategies for the revival of the market for better performance.She noted that the sub-committees would come up with a roadmap that would assist in the determination of the direction of the market in 2012 and beyond.Oteh identified efforts to restore investors' confidence as key to the development of the market, adding that the capital market play a lot of roles in the development ofeconomy and by extension, the society.
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