SEC, NSE streamline processes to boost market listing

Securities and Exchange Commission (SEC)
Securities and Exchange Commission (SEC)

The Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) have streamlined the processes involved in the listing on the nation’s stock market for more efficiency and cost effectiveness.

A statement in Lagos on Thursday said the approval process between the two organisations had been streamlined.

It said the streamlined process which would come into effect on June 1 was aimed at reducing the regulatory burden on issuers by eliminating duplication of processes between them.

“With the streamlined processes, the SEC and the NSE will carry out joint site visits of companies intending to get listed, following the registration of their securities with the SEC.

“In the same vein, certain offer documents such as the Vending Agreement, Underwriting Agreement, Trust Deed and ISPO, identified to be strictly within the jurisdiction of the SEC are to be submitted only to the SEC.

“Also, the exchange will rely on SEC for approval of offer documents such as prospectus,” it said.

SEC Acting Executive Commissioner Operations, Isiyaku Bala Tilde, was quoted by the statement as saying that streamlining the process was a major milestone.

“Streamlining the issuance process with the listing process of the NSE is a major milestone for the Commission in its quest to create an enabling environment capable of attracting New Listings.

“One of our core values is leading by example, and we hope that other stakeholders will also look inward to explore similar initiatives which will ensure quick time to market of securities in our market.

“We have no doubt that the streamlined process will enhance the competitiveness of the Nigerian capital market as a global investment destination,” Mr Tilde said.

NSE Executive Director, Regulation, Tinuade Awe, commended SEC for streamlining the listing process.

“I commend the SEC for working with us in streamlining the listing process for securities on the exchange.

“The NSE is much obliged for the SEC’s demonstration of a worthy example of effective collaboration all through this process in the interest of the market.

“As an agile exchange, we are determined to make it easier for issuers to list their securities in our market in an efficient, timely and cost effective manner.

“The NSE began its collaboration with the SEC by identifying areas of duplication and overlap between the two organisations, paving way for a better experience for issuers.

“We believe this will potentially attract more issuers to list their companies and other securities on the NSE,” Ms Awe said.

(NAN)

Support PREMIUM TIMES' journalism of integrity and credibility

 

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.