We won’t Prosecute Multiple Accounts Holders – SEC
The Securities and Exchange Commission (SEC) has enjoined Nigerians not to entertain any fears of prosecution but take steps to regularise their multiple subscription accounts in order to obtain the benefits of their investments in the capital market.
Acting Director General of the Securities and Exchange Commission, SEC, Mary Uduk stated this during an interview in Abuja.
Uduk said such investors should not entertain any fears of prosecution as the Commission is only interested in ensuring investors have the benefits of their investments.
According to her “They are not going to be prosecuted, we just want them to come forward and take back their shares and register them properly with CSCS so that the trading float in the market will increase
According to her “The forbearance window for shareholders with multiple subscriptions has been extended by another year from the December 31, 2018 deadline previously communicated. Consequently, we enjoin those who have not come forward for the regularization of shares purchased with multiple identities, to do so.
Uduk also enjoined investors to take advantage of the on-going e-dividend registration in a bid to reduce the unclaimed dividends profile as well as increase liquidity in the capital market and the economy.
Acting Director General, Securities and Exchange Commission (SEC), Ms. Mary Uduk, has for the umpteenth time enjoined capital market investors that bought shares with different names to regularise their accounts to derive full benefit of their investments.
This is even as the Capital Market Committee (CMC), extended the forbearance for multiple subscription regularisation to enable investors normalise their accounts. Uduk, who spoke at a news conference after the Second CMC Meeting in Lagos, at the weekend, said: “During the banking and insurance sector consolidation between 2004 and 2007, there were a lot of issues in the primary market because the banks or insurance companies came to the market to raise funds. And during that period, because a lot of people were coming to the capital market for the first time, they saw the capital market as a place where they can make a lot of money so a lot of them bought shares in different names.
“Today, those shares are not in the system, because if you are unable to identify yourself properly those shares cannot be properly captured in the system. We are saying come and regularise that situation and get back your shares which are being warehoused somewhere.