The Security and Exchange Commission(SEC),had expressed optimistism that that the nation’s capital market will do well during the ongoing COVID-19 pandemic.
Mr. Dayo Obisan, Executive Commissioner Operations of the SEC, who disclosed this in Abuja,said the use of technology has been effective in activating the processes of the market during the pandemic.
He said:”Activities were still going on, the market did not stop not even for one minute and our regulatory activities are still going on and the market is on. The market even recorded gains at the end of the year at some point. So it gave us the opportunity to pave way for a business continuity plan on some of the operators under our purview and even the regulator, it gave us the opportunity to even test ourselves, how technologically sound we are, we now know we can continue if human interface was not possible.
“The only part on the regulatory side that got affected was the market growth side because that involves to a large extent physical engagement and that got a little imparted. You have a lot of the exchanges that are still working between 60 -70% to 100% work from home policy. And things have not stopped, people are still trading, people are working as opposed to before now where technology was an option, now it’s the main thing and the physical interaction is an option.
According to him,the commission has fashioned out strategies to ensure that activities in the capital market are not affected by COVID-19 pandemic.
He added that the implementation of the 10-year capital market master plan is already yielding tremendous results that have helped to sustain the capital market.
He disclosed notable initiatives as contained in the master plan like e-dividend, setting up of National Investors Protection Fund, Recapitalistion of Capital Market Operators, Direct Cash Settlement, Dematerialization, regularization of multiple accounts among others have reached advanced stages,while some have been completed.
He said:“Quite a lot of notable things have been done, it is not like we are 100% there overall, but we are making tremendous progress. We took stock around November/December last year and we are still fully on track. But then it is worth mentioning that a couple of initiatives formed back then in 2015 have started yielding fruit, part of it is the commodities trading system.
“Several other initiatives are being implemented like taking advantage of the non interest capital market for increase and growth, people accessing Sukuk, a type of bond which is one of the most formidable ways of reaching the infrastructure challenges in the country. We are reviewing the master plan just to recalibrate and make sure we are not just using an old template to face a current or more dynamic world.
