The Nigerian Stock Exchange, NSE, has called for the cooperation of the Institute of Capital Market Registrars, ICMR, in ridding the capital market of infractions and also in building a virile stock market for the Nigerian economy.

Speaking at the third annual conference of ICMR in Lagos, Mr. Oscar Onyema, Chief Executive Officer of the NSE said, ““We are all stakeholders on this project. It behoves us to bequeath a strong capital market to future generations of Nigerians.”

Onyema, who was represented by Mr. Mohammed Momoh, Head, Brokers and Dealers Regulation called on the institute to continually review and fine tune its processes in a bid to nip in the bud any unwholesome practices in the capital market as exemplified in unauthorized sale of investors shares, pilfering of dividend warrants among others.

He said over time, they have observed that many unathorised sales of investors’ shares succeed with the active connivance of registrars, adding that this was partly the reason why the various electronic products – e-bonus, e-dividend, e-IPO were introduced.

The NSE boss contended that “While I agree there are challenges that you face as registrars, I would desire a collective resolution of the problems posed by trying to verify certificates owned by the sick, weak and elderly people, the unresolved issue of huge unclaimed dividends in the books of listed companies, the cumbersome process involved in transfer of shares held by estates of the deceased, among others, while not negating your responsibility for risk prevention.”

He also asked the institute and its members to continually develop methodologies that will provide satisfaction to investors in the area of fast-tracking the processes of share verification and lodgments.

Onyema said the NSE have adopted a multi-departmental approach to quotation drive, considering that their branch network is providing a geographical coverage geared towards increasing the number of quotable companies and instruments listed in the market.

“We are putting in place flexible listing rules to attract both issuers and investors,” Onyema said, remarking that this will make the market liquid and promote visibility, growth, transparency, continuity, sustainability and investor confidence in the capital market,” he said.

Earlier in her welcome address, Mrs. Lola Oyebadejo, President /Chairman of Council, ICMR, said the purpose of the conference was to x-ray the dynamics of market performance occasioned by the seemingly unusual happenings in the financial system and the avalanche of new rules introduced by the regulatory authorities with a view of accurately refocusing for the future.

Oyebadejo who is a fellow of the institute said the institute would continue to train and retrain professional registrars since they are the ultimate custodians of the nation’s capital market.

She appealed to President Jonathan to sign into law the bill establishing the Chartered Institute of Capital Market Registrars (ICMR).