At the end of the 3rd Capital Market Committee meeting recently, the Acting Director-General of the Securities and Exchange Commission , Mary Uduk, spoke to journalists on how the capital market regulator is grappling with its challenges.QUES: The issue of unclaimed dividends by investors is growing by the day and constituting a huge burden. What is the Commission doing to tackle this problem?: Unclaimed dividends are legacy issues. They happened way back in the past.
Of recent, there has been a lot of engagements with shareholders on this issue. The registrars don’t have direct interface with shareholders, they deal directly with stockbrokers. What was agreed was that we would update information of such shareholders. That information will be transmitted to the CSCS who will update their own information and send them to the registrars.What the CMC also agreed was that there will be no transaction in respect of any account that information is not updated.
Before you can complete the application, the system will validate your account number, the system will not accept incomplete application. Of recent, we interacted with the army on the issue. Even for us, it was an eye opener. They came out in their numbers and we intend to do more. We have a department in the Commission where students from all over the country come to the Commission for interactions.
For all the northern states, we look at ethical funds and we are going to do roundtable discussions there in collaboration with the state governors.The shareholders’ associations can be a force for good, and we recognise their importance. We are still having engagements with them, we are getting more companies listing, you are aware of all the listings we have had this year.: We have a committee which has been engaging all institutional investors that have a substantial holding of equities.
PENCOM is the largest local institutional player in our market. They will lend out these securities and make money out of it. At the end of the contract, they get their money back. Instead of holding on to their securities, they are making money out of it. If people make wealth in the capital market, it will impact the economy positively. If you have more companies doing well in the capital market, the unemployment situation we have will reduce.
A lot of the awareness we are carrying out right now like Capital Market Studies, as well as the collaboration we are now having with the academia will impact the economy.
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