Operators To Review Effects Of Tax Laws On Capital Market Transactions

Stakeholders in Nigeria’s capital market, including executives of the country’s Securities & Exchange Commission (SEC), the Nigerian Stock Exchange (NSE), Central Securities Clearing System (CSCS) and operators, among others, rose from a meeting of the Capital Market Committee (CMC) on Tuesday in Lagos, with a resolve to continue discussions on tax legislation as they affect equities’ trading.
A position on the issue, according to statement by the commission on Thursday, would be taken at the forthcoming meeting of the Capital Market Master Plan Implementation Council (CAMMIC), without giving further details.
The CMC meeting, chaired by SEC Director General, Mounir Gwarzo also charged its e-Dividend Committee to address the lingering issues surrounding electronic payment of dividends. He assured that the development of a uniform platform for subscribing to the E-Dividend Mandate Management System and the Direct Cash Settlement System is ongoing.
Participants were also informed of ongoing discussions with the Central Bank of Nigeria (CBN) to achieve the Dual Licensing Model, recalling Gwarzo as stressing the need for Capital Market Operators (CMOs) to professionally advise investors on dynamics of equity investments so as to avoid a repeat of the mistake of the past.
The SEC boss, the statement continued, expressed delight at the sustained uptrend in nation’s the capital market in recent times, expressing hope for its sustained growth as the economic fundamentals of the country continue to stabilize.
He added that between the last CMC meeting and now, the Commission had formulated Rules on Transaction Cost Analysis, which is awaiting the approval of Finance Minister, Mrs. Kemi Adeosun.
The commission also announced a completed Update of the Capital Market Operators (CMOs) Data Base, besides adopting a policy to grant exemption from the Commission’s registration process to Principal Officers of Trade-groups who are already registered sponsored individuals.
“One of the highlight of the event was the launch of the SEC Statistical Bulletin by Mr. Babajide Ogunsanwo of the Fact Box. The event featured presentations from various technical working Committees of the CMC including the recently constituted COMEX Ecosystem Committee Chaired by Daisy Ekineh who presented a roadmap for the Commodities market,” statement added.

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