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SEC to engage stakeholders on 10-year master plan


The Securities and Exchange Commission has revealed its plans to engage relevant stakeholders on the implementation of some initiatives of its 10-year capital market master plan.

SEC said in a statement that the engagements would be on e-Dividend registration and multiple accounts regularisation in a bid to reducing the unclaimed dividends in the capital market.

The acting Director-General, SEC, Ms Mary Uduk, said as part of the engagement, brokers and registrars were required to make available to the committee on multiple subscription accounts, on a periodic basis, the number of regularised accounts.

She gave a specific area of engagement as ensuring that complete investor data were transferred among operators such as brokers, registrars and the Central Securities Clearing System Plc, to discourage unclaimed dividends from building up from securities of newly-listed companies.

She said, “Another thing we need to do is develop the modalities for validating register of members, where the registrars are furnished with incomplete information such as missing account numbers.”

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