With the infrastructure, the pains investors go through while completing various data forms in the nation’s capital market would be eliminated.Furthermore, he noted that the initiative would enhance turnaround time for investors’ completion of data form, thereby attracting more retail investment into the market.
He added that once the data of an investor is captured in the centralised database, which would be held by the central depository, all qualified stakeholders handling such investment would have direct access to the investors’ data form.
“The impact is that everybody qualifies to see the data base at the same time; once a broker is working on it, the registrar can be working on it, and it enhances the turnaround time, and makes investors experience more friendly.
“The objective is that we don’t want investors to go through the rigors of completing various forms, you complete one form for e-dividend, you complete another for DCS, you are called upon again to complete another for X and Y.
“What we are trying to do is to consolidate all these efforts to make sure we have a centralised data base once we capture the data of an investor in the centralised database, which would be held by the central depository.“It would be held in such a way that all stakeholders that are qualified like the SEC, NSE, CBN, CSCS, registrars, and brokers can have direct access to the data. Investors will complete this form online; we gather all the data and information of the investors we require and keep it in that centralised database.”
The Operations Manager, Market Operations, NSE, Keneth Nwafor, urged stockbrokers to support the regulators by creating awareness of these initiatives to the investing public.
“All these initiatives would help reduce the level of complaint on diversion of investors’ money and market infractions. It would improve speed and transparency and boost both local and foreign investors’ confidence in the market.”
The Chief Executive Officer of United Securities Limited, Seyi Owoturo, stressed the need for operators to identify those investors that are yet to migrate their securities to their preferred brokers.
By Helen Oji
The Guardian Newspaper September 18th, 2017