SEC threatens to transfer unregularised shareholdings to development fund

The Securities and Exchange Commission (SEC), has warned all concerned bodies to transfer to the Capital Market Development Fund (CMDF), all shares not consolidated into one account by investors, who subscribed for them using multiple identities.
The SEC’s Acting Director-General, Abdul Zubair, disclosed this in Abuja, at a media briefing on the on-going capital market initiatives by the Commission.
According to him, SEC would effect the transfer to CMDF from 31st of March 2018, which marks the expiration of the fresh extension for the Commission’s forbearance of multiple accounts by investors.
He said the new date was picked with a view to encouraging many more investors to consolidate their multiple subscriptions into one account.
“Investors that bought shares of the same company during public offers, using different names, are allowed till March 31st this year to continue to approach their stockbrokers or registrars to regularise their shareholdings, in line with SEC rules on customer identification.