Due to increased public awareness and enlightenment programs by SEC, the primary segment of the Nigerian capital market is expanding. The effect of this expansion is not without its own challenges. Some of such challenges include the delay in receipt of Return Money Warrants and Share Certificates.

It should be noted that share certificates as well as return monies are to be dispatched within 15 and 5 working days respectively after the clearance of allotment.

The Commission in its quest to address these challenges has taken the following steps:

Target inspection on all Registrars involved in public issues within the last 2 years to ascertain their level of compliance.

The Commission has also set up an industry-wide Committee on Registrars’ IT Infrastructure to meet current and expected challenges in the market.

Giving a deadline of 2008 for the full automation of all processes of Registrars and full compatibility of their systems among themselves and with the CSCS. Most Registrars are already automated.

Mandating all receiving agents to make returns to Registrars and Issuing Houses in soft copies as well as hard copies.

Meeting with all the stakeholders to ascertain the causes of the problems and to discuss possible solutions.

Mandating Registrars and Issuers to henceforth periodically publish a list of unclaimed certificates in the national dailies and on their respective websites to alert investors on how to claim them.

Also advised that reputable courier companies to be engaged in dispatch of certificates where only physical addresses are used by investors.