SEC Suspends Registrar over Share Certificates

[hispy99]

THISDAY ONLINE

Does anyone know who this registrar is?

[wanaj0]

Originally Posted by hispy99

THISDAY ONLINE

Does anyone know who this registrar is?

I am suspecting Union Registrars.

[riskreturn]

Originally Posted by hispy99

THISDAY ONLINE

Does anyone know who this registrar is?

If Intercontinental Bank has a Registrar, I guess it should be the culprit in view of the the following information from the ThisDay publication:

"THISDAY checks revealed that the hammer of the apex regulatory body of the capital market fell on its first victim, which recently announced its full year financial results, following a deluge of complaints from investors, who did not receive their share certificates."

It is the Intercontinental Bank that recently announced its full year results and also went to the capital market in 2006.

[tonidol]

Originally Posted by hispy99

THISDAY ONLINE

Does anyone know who this registrar is?

No clue but we can get at it by first of all listing all Banks with its own Registrar subsidiary and did an offer in 2006. Abeg make una dig into your database. we must fish out this one.

Suspension is not enough, me l pray for firing squad with immediate effect. This will teach others a lesson.

[threecrown]

SEC Suspends Registrar over Share Certificates
( 25.06.08 )

The Securities and Exchange Commission (SEC), has suspended the Registrar of one of the top three banks in the country from operating in the capital market.

This follows the failure of the Registrar to dispatch certificates to investors who bought the shares of its parent company during its hybrid offer in 2006.

THISDAY also gathered that the Commission also fined the erring Registrar, which is a subsidiary of the bank that re-branded few months ago and whose campaign is presently being aired on the Cable Network News (CNN), the sum of N1.4million.

The issue of certificates delay has been a big problem in the market as investors continue to complain. This development prompted SEC to issue a directive stopping Registrars from handling the registers of their parent companies. However, the directive was suspended as SEC mandated a special committee earlier set up to review the infrastructure of Registrars.

Thereafter, the commission warned that any Registrar discovered to have deliberately delayed the dispatch of share certificates would be punished.

THISDAY checks revealed that the hammer of the apex regulatory body of the capital market fell on its first victim, which recently announced its full year financial results, following a deluge of complaints from investors, who did not receive their share certificates.

"The suspension of the Registrar from all capital market activities will remain in force until it presents to the commission evidence of dispatch of all certificates to allottees," a source close to SEC told THISDAY.

As part of efforts to tackle the problem of share certificates delay, SEC last May directed that all Registrars to public offers for which allotments were approved from October 2007 to May, 2008, should recall all the certificates and return money dispatched through receiving agents.

The Registrars were also asked to publish names of beneficiaries in at least three national newspapers and state the nearest locations where such certificates and return money warrants should be claimed.

However, it is still complaints galore from investors. One of such investors narrated his ordeal to THISDAY in a text message last Monday. The investor who resides in Port Harcourt, Rivers States, explained that one of the banks whose shares he bought had refused to send his share certificates and return money.

He said: "The bank has refused to send my share certificates and return money despite several attempts by my stockbroker. Recently the bank said it had set up a help desk in Port Harcourt. But after over three weeks, the help desk cannot help. I have received interest in the return money with a cheque dated January 9, 2008. But the return money has remained elusive till date."

As part of the efforts to solve the problem of certificate delays, the Special Committee set to review the information technology infrastructure of Registrars, was said to have recommended that the Central Securities Clearing System Limited (CSCS) account be made compulsory for all investors.

Market sources told THISDAY recently that the committee recommended that investors buying public offers should be made to have CSCS accounts so that their accounts would be credited directly instead waiting for certificates.

It was gathered that the committee argued that if every subscriber has a CSCS account and indicates it while filing the application form, the problem of certificate delay would be a thing of the past.

"The idea is that no physical certificate will be issued. Once an investor indicates the CSCS account number, the account is credited electronically with the number of shares allotted. Making it compulsory for investors to own the CSCS account is also imperative because it will facilitate the proposed electronic public offering that is expected to fully take off as from January 2009," a source close to the committee had told THISDAY.

Apart from the CSCS account, the Committee had also recommended that all Registrars should have regional offices all over the country.

The three top banks that adverties on CNN are Zenith, UBA and Inertcontinental Bank. Of them all only Intercontinental Bank recently re-branded. So the spotlight in on their registrar then.

[tonidol]

Originally Posted by threecrown

SEC Suspends Registrar over Share Certificates
( 25.06.08 )

The Securities and Exchange Commission (SEC), has suspended the Registrar of one of the top three banks in the country from operating in the capital market.

This follows the failure of the Registrar to dispatch certificates to investors who bought the shares of its parent company during its hybrid offer in 2006.

THISDAY also gathered that the Commission also fined the erring Registrar, which is a subsidiary of the bank that re-branded few months ago and whose campaign is presently being aired on the Cable Network News (CNN), the sum of N1.4million.

The issue of certificates delay has been a big problem in the market as investors continue to complain. This development prompted SEC to issue a directive stopping Registrars from handling the registers of their parent companies. However, the directive was suspended as SEC mandated a special committee earlier set up to review the infrastructure of Registrars.

Thereafter, the commission warned that any Registrar discovered to have deliberately delayed the dispatch of share certificates would be punished.

THISDAY checks revealed that the hammer of the apex regulatory body of the capital market fell on its first victim, which recently announced its full year financial results, following a deluge of complaints from investors, who did not receive their share certificates.

"The suspension of the Registrar from all capital market activities will remain in force until it presents to the commission evidence of dispatch of all certificates to allottees," a source close to SEC told THISDAY.

As part of efforts to tackle the problem of share certificates delay, SEC last May directed that all Registrars to public offers for which allotments were approved from October 2007 to May, 2008, should recall all the certificates and return money dispatched through receiving agents.

The Registrars were also asked to publish names of beneficiaries in at least three national newspapers and state the nearest locations where such certificates and return money warrants should be claimed.

However, it is still complaints galore from investors. One of such investors narrated his ordeal to THISDAY in a text message last Monday. The investor who resides in Port Harcourt, Rivers States, explained that one of the banks whose shares he bought had refused to send his share certificates and return money.

He said: "The bank has refused to send my share certificates and return money despite several attempts by my stockbroker. Recently the bank said it had set up a help desk in Port Harcourt. But after over three weeks, the help desk cannot help. I have received interest in the return money with a cheque dated January 9, 2008. But the return money has remained elusive till date."

As part of the efforts to solve the problem of certificate delays, the Special Committee set to review the information technology infrastructure of Registrars, was said to have recommended that the Central Securities Clearing System Limited (CSCS) account be made compulsory for all investors.

Market sources told THISDAY recently that the committee recommended that investors buying public offers should be made to have CSCS accounts so that their accounts would be credited directly instead waiting for certificates.

It was gathered that the committee argued that if every subscriber has a CSCS account and indicates it while filing the application form, the problem of certificate delay would be a thing of the past.

"The idea is that no physical certificate will be issued. Once an investor indicates the CSCS account number, the account is credited electronically with the number of shares allotted. Making it compulsory for investors to own the CSCS account is also imperative because it will facilitate the proposed electronic public offering that is expected to fully take off as from January 2009," a source close to the committee had told THISDAY.

Apart from the CSCS account, the Committee had also recommended that all Registrars should have regional offices all over the country.

The three top banks that adverties on CNN are Zenith, UBA and Inertcontinental Bank. Of them all only Intercontinental Bank recently re-branded. So the spotlight in on their registrar then.

E be like say u get am. Na only Intercontinental rebrand recently and dem dey always advetise 4 CNN. It took me a year 2 get my Intercontinental Bank 2006 PO cert though verification was pretty quick. Anyway, we can't conclude yet but the yansh of d chicken go open very soon.

N1.4 million is too meagre a fine when some deep pocket people 4 dis forum sef go fit pay dat kin thing and no go feel am not to talk of a mega Registrar.

[solainvest]

Originally Posted by tonidol

E be like say u get am. Na only Intercontinental rebrand recently and dem dey always advetise 4 CNN. It took me a year 2 get my Intercontinental Bank 2006 PO cert though verification was pretty quick. Anyway, we can't conclude yet but the yansh of d chicken go open very soon.

N1.4 million is too meagre a fine when some deep pocket people 4 dis forum sef go fit pay dat kin thing and no go feel am not to talk of a mega Registrar.

It is Intercontinental registrars (confirmed!)

I think we should use this suspension to name and shame other registrars. From my little experience, I will name and shame UBA Registrars. They will definately go into the hall of shame.

[kenebobo]

From the clues given, it should be intercontinental bank

[hispy99]

Originally Posted by threecrown

SEC Suspends Registrar over Share Certificates
( 25.06.08 )

The Securities and Exchange Commission (SEC), has suspended the Registrar of one of the top three banks in the country from operating in the capital market.

This follows the failure of the Registrar to dispatch certificates to investors who bought the shares of its parent company during its hybrid offer in 2006.

THISDAY also gathered that the Commission also fined the erring Registrar, which is a subsidiary of the bank that re-branded few months ago and whose campaign is presently being aired on the Cable Network News (CNN), the sum of N1.4million.

The issue of certificates delay has been a big problem in the market as investors continue to complain. This development prompted SEC to issue a directive stopping Registrars from handling the registers of their parent companies. However, the directive was suspended as SEC mandated a special committee earlier set up to review the infrastructure of Registrars.

Thereafter, the commission warned that any Registrar discovered to have deliberately delayed the dispatch of share certificates would be punished.

THISDAY checks revealed that the hammer of the apex regulatory body of the capital market fell on its first victim, which recently announced its full year financial results, following a deluge of complaints from investors, who did not receive their share certificates.

"The suspension of the Registrar from all capital market activities will remain in force until it presents to the commission evidence of dispatch of all certificates to allottees," a source close to SEC told THISDAY.

As part of efforts to tackle the problem of share certificates delay, SEC last May directed that all Registrars to public offers for which allotments were approved from October 2007 to May, 2008, should recall all the certificates and return money dispatched through receiving agents.

The Registrars were also asked to publish names of beneficiaries in at least three national newspapers and state the nearest locations where such certificates and return money warrants should be claimed.

However, it is still complaints galore from investors. One of such investors narrated his ordeal to THISDAY in a text message last Monday. The investor who resides in Port Harcourt, Rivers States, explained that one of the banks whose shares he bought had refused to send his share certificates and return money.

He said: "The bank has refused to send my share certificates and return money despite several attempts by my stockbroker. Recently the bank said it had set up a help desk in Port Harcourt. But after over three weeks, the help desk cannot help. I have received interest in the return money with a cheque dated January 9, 2008. But the return money has remained elusive till date."

As part of the efforts to solve the problem of certificate delays, the Special Committee set to review the information technology infrastructure of Registrars, was said to have recommended that the Central Securities Clearing System Limited (CSCS) account be made compulsory for all investors.

Market sources told THISDAY recently that the committee recommended that investors buying public offers should be made to have CSCS accounts so that their accounts would be credited directly instead waiting for certificates.

It was gathered that the committee argued that if every subscriber has a CSCS account and indicates it while filing the application form, the problem of certificate delay would be a thing of the past.

"The idea is that no physical certificate will be issued. Once an investor indicates the CSCS account number, the account is credited electronically with the number of shares allotted. Making it compulsory for investors to own the CSCS account is also imperative because it will facilitate the proposed electronic public offering that is expected to fully take off as from January 2009," a source close to the committee had told THISDAY.

Apart from the CSCS account, the Committee had also recommended that all Registrars should have regional offices all over the country.

The three top banks that adverties on CNN are Zenith, UBA and Inertcontinental Bank. Of them all only Intercontinental Bank recently re-branded. So the spotlight in on their registrar then.

Just curious, why are these banks advertising on CNN? hmmmm....this is what Crystal Bank too did in those go-go days

[threecrown]

Posted Wednesday, June 25, 2008

The Securities and Exchange Commission (SEC) has suspended Intercontinental Registrars Limited, a subsidiary of Intercontinental Bank Plc on the issue of share certificate.
The decision, exclusively reported by ThisDay today, did not make mention of the affected firm involved. However, by noon, the e-mails of our offices was filled with enquiries from concerned investors and stockbrokers which prompted us to investigate the party concerned and it was then discovered that the affected firm was Intercontinental Registrars who at this moment stands suspended from operating in the Capital Market.
The suspension is easily attributable to the non-dispatch of share certificates to investors who took part in Intercontinental Bank’s 2006 hybrid offer.
From the reported gathered by ThisDay, who sought to approach the issue with a view not to create unusual panic in the market by not disclosing the name of the firm but gave enough clues to allow an informed assessment to be made; SEC fined the Registrars following this development.
As earlier reported by Proshare NI, investors have been loosing sleep over the delay in the issue of their share certificates.
Of late, the issue of non issuance of share certificates and return monies by registrars has inundated the mail box of Proshare NI.
It could be recalled that Access Bank Plc about two months ago announced the change of its Registrars in order to resolve the issue of dispatch of share certificates and return monies to investors who took part in the banks 2007 Public Offer (PO).
Capital Market watchers has affirmed that the regulatory body may yet sanction more Registrars following the issue of non-dispatch of share certificates and return monies warrants to investors.
Following this trend, SEC had set up a committee to look into the upgrade of infrastructure; especially on Information and Communication Technology (ICT) of Registrars.
SEC had also affirmed that they may not renew the licenses of those found wanting. A source close to Proshare NI confirmed this prior to this time.
As earlier reported by Proshare NI, the commission is working in conjunction with the Central Securities Clearing System Limited (CSCS) to check the activities of Registrars in the issue of clearing and settlement of transactions in the stock market.
Recently in Lagos Nigeria at the Launch of the e-dividend payment system, Daisy Ekinah of SEC confirmed to Proshare NI that there is a market committee assessing the Registrars operations and infrastructure.
She affirmed that the committee is still carrying out its job; “they have submitted preliminary reports; but not the final report” she said.
As at the time of filling in this report, Proshare NI could not get further details as to this regard. We however understand that the firm is taking necessary steps to resolve the issue.