Nigeria’s Securities and Exchange Commission, SEC weekend expressed how investors should channel their complains in the capital market so as to get effective response.
A statement from the commission advised that investors ought to make use of the Commission’s Complaints Management Framework, CMF, in expressing their reservations if any, in the capital market.
According to the Acting Director General of the SEC, Mary Uduk, the aim of the the CMF was to address the complaints of Capital Market investors.
Uduk said the initiative is not only to help investors lay their complaints through the right channel but also assist the regulator in addressing the issues in the shortest time possible.
She said: “Before this framework people complained to many offices, some go to EFCC, some go to the police, some go to any person that they think even thugs, to come and get their investment back but then, it was not yielding fruit and it was dragging the regulator on many fronts, we therefore saw the need to change our strategy and come up with a more robust framework.
“Our current complaints management framework will guide investors and ultimately protect their investments in the market. If you have question about the capital market, you know where to go to”.
Uduk said as a step further, the SEC also now closely monitors and supervises the capital market operators so that the investment of investors are not violated, misused or mismanaged in any way.
“We have now set up a framework where we now monitor them more regularly. We also have other initiatives arising from our 10-year master plan, which is to protect investors and bring confidence in the market such as the e-dividend mandate. When people invest in the Capital Market they expect returns, they expect to make money. So one of it is to be able to protect your dividend and get your dividend as at when due.
Others the SEC Boss said, are the multiple subscriptions, National Investors Protection Fund that protect investors arising from problems that Capital Market Operators go through other than those of them that are brokers, as brokers are covered by the Nigeria Stock Exchange, NSE.
“In the past, people subscribe for shares and bond in many different names. Some as many as 5, 6 different names and because of that they are not able to get the benefit of investing in the Capital Market. For instance if you have a bank account, a bank account recognizes only one name with only one BVN and therefore if you have different names thay are not your real names and your share certificate does not carry those names and the banks does not recognize those names, you are not able to get the dividend of investing the market.
“Therefore, we have given the stakeholders, the market a window of opportunity for people that engaged in multiple subscriptions to come and regularize those holdings that they have and consolidate them to be able to get the benefit of investing in the Capital Market. Uduk disclosed that many