The Securities and Exchange Commission (SEC) has announced plans to launch a revised version of the 10-year Capital Market Masterplan in 2022 to reflect the dynamism of the market and developments in FinTech among others.
This is as stockbrokers expressed support for the introduction of regulatory charges on fixed income securities by the regulator.
Recall that SEC introduced regulatory fees on Fixed Income (Bonds) secondary market transactions executed on the Securities Exchange for onward transmission to a Depository for settlement, price discovery and corporate disclosure, effective January 1, 2022.
By this fee structure, the SEC will charge 0.025 per cent of the total value of all secondary market transactions on bonds, while the Securities Exchange on which the transaction occurs will charge an amount not exceeding 0.025 per cent of the total value of secondary market transactions on bonds.
Speaking on the revised masterplan, SEC director general, Mr Lamido Yuguda, in a statement that was issued by the commission yesterday, stated that as the year 2022 commences, the commission is confident that the results of the various initiatives implemented will begin to gradually manifest, spurring developments in many aspects of the market.
He expressed the hope that as the restrictions of Covid-19 and its variants are eased up, the market will witness renewed confidence expected to introduce fresh investments from domestic and foreign investors.