The Sec Circular To Public Companies

[Survival2006]

Hi guys,
Did anyone here read the recent circular by The Securities and Exchange Commission to all Public Companies? It was published in the Guardian newspaper of last month, can't really remember the date, but I still have a photocopy here from which I can quote:

"CIRCULAR TO ALL PUBLIC COMPANIES"

"The Securities and Exchange Commission (SEC) in its effort to sanitize and improve the efficiency of the capital market for the benefit of investors, hereby directs that bonuses declared by public companies to their shareholders be issued to the beneficiaries, within one month of the passage of the resolution by shareholders, at the company's Annual General Meeting (AGM).

All public companies are advised to immediately comply with this directive, as failure to do so would attract sanction.

SIGNED MANAGEMENT"

I confesss, I was thrilled to read that announcement and look forward earnestly to seeing SEC implement it as soon as possible. What do you think, do see this really happening?

[oseitutu]

What about the registrars? I am yet to see NSE/SEC sanction have an effect. Let us see how this one would go.