The Securities and Change Fee has acknowledged that efforts are ongoing to rebuild the E-Dividend Administration Mandate System (e-DMMS) platform in a sustained effort to drive down unclaimed dividends within the capital market.This was acknowledged by the Director Basic of the SEC, Mr. Lamido Yuguda, throughout an interview in Abuja.Yuguda mentioned members of the Capital Market Committee had adopted some measures to extend the variety of mandated buyers on the e-DMMS and scale back the quantum of unclaimed dividends out there including that the e-dividend Committee had been engaged on the platform and have concluded plans to have it rebuilt.
He mentioned this entails having a centralized submission of E-dividend mandate types, Software Programming Interface (API) for Banks and Registrars, and a revamped net interface amongst others.Yuguda disclosed that the SEC has invested plenty of sources in addition to launched into various programmes on investor schooling to make sure that folks mandate their accounts to allow them obtain the advantages of their funding within the capital market.“The rationale why the quantity might not be decreasing as anticipated is as a result of plenty of buyers haven’t mandated their accounts. Dividends are actually distributed electronically, so dividends go straight into the buyers account and if all people mandates their accounts there can be little unclaimed dividends within the system.
The SEC DG expressed appreciation to the Home of Representatives Committee on Capital Markets and Establishments on Unclaimed Dividends over its efforts to research the rising worth of unclaimed dividend and unremitted withholding tax on dividends.
Yuguda assured of the Fee’s readiness to supply all the mandatory help to the Committee to allow it perform its project.
He additionally emphasised the necessity for the stakeholders within the monetary sector to collectively work in the direction of the enactment of the Investments and Securities Invoice 2022, which is able to improve the efficiency of the Nigerian capital market and align it with international greatest practices.
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