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- The Securities and Exchange Commission (SEC) and operators in the capital market have appointed Accenture, a leading consulting and management firm, the project manager for the nation’s bourse dematerialisation.
Accenture’s mandate also covers the direct payment to clients and mass trading being implemented in the market. - A management source, who pleaded anonymity, said in Lagos that the firm would act as project manager for the full dematerialisation of the market.
- Dematerialisation is the process of replacing paper certificates with electronic records at the Central Securities Clearing System (CSCS).
- The source said the appointment of Accenture by stakeholders in the market was to guide the process and ensure smooth running of the various initiatives in the market.
- According to the source, the plan of the present SEC management is to ensure implementation of the various initiatives done by Capital Market Committee in the past five years.
- He said the consulting firm would work closely with a technical committee appointed by the commission to ensure a smooth transition.
- He said the report of the dematerialisation committee had been with SEC for five years, noting that the commission’s management remained committed to the full implementation of dematerialisation.
- Mr. Mounir Gwarzo, SEC Director-General, had at the first Capital Market Committee (CMC) meeting in the year pledged that the final blueprint of the dematerialisation document would be ready in July.
- Gwarzo said the commission would at the second quarter CMC release the final blueprint of the dematerialisation for effective implementation
- Source:Hallmark
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