BY PROVIDENCE OBUH
The Director General of the Securities and Exchange Commission (SEC), Arunmah Oteh has said that it is partnering with the Nigerian Stock Exchange (NSE) to build a world class complaint management framework that will ensure the return of confidence in the market.
Oteh made the disclosure during the official commissioning of the NSE investors and stakeholders contact centre at the Stock Exchange House Lagos, stating that it is significant that an information centre is being launched to celebrate the consumers.
“Given the discussions that we have had with the Interim Administrator of the Exchange, Mr. Emmanuel Ikazoboh. we are partnering on developing a world class complaint management framework”.
She commended the initiative, adding that the other aspect of what the Exchange has already described as a way to become closer to the ordinary investors is the beginning of many initiatives.
She said in continuance to enhancing investors confidence in the market it is therefore important that there is an easily accessible ways that individual investors can seek to have their questions answered.
“We at SEC believe that if we are able to protect the investors then our market will flourish and our market will truly be transformed for our country”
“We are delighted at this initiatives that the Exchange has taken to have a contact centre., we believe at SEC that there will be no capital market without investors, capitals market flourish because there are investors, market operators and intermediaries” she said.
Meanwhile, Ikazoboh added that the commissioning of the contact centre will further buoy investors confidence in the Nigerian market noting that every enquiries will be responded to within 24 to 48 hours.
In respect to the publication carried recently, on extension of trading hours to seven hours, from 9:30am to 4:30pm, Ikazaboh said.
“Reuters asked me, considering the fact that volumes increased as a result of the two hours we had, what are we thinking about, are we going to increase the trading hours?.
“I said we are going to watch the it further, if we see that volumes are increasing as a result, we will consider increasing it by another two hours, that was my response, its not a concrete statement, but what happens in the next few months will determine whether we need to increase the trading hours again“.
Going further he said, but the indication is that with the two hours increase, volume transaction from foreign investors increased and this is because of the timing difference between our zone and the United State’s zone.
He advanced that if they are only able to make orders for only within 30 minutes of NSE’s market closing and volume has increased, it means that if they increase it by another two hours volume will definitely grow further.
“I think is something the council will look at and am sure figures will determine whether there will be approval or not, he said.