By Chinyere Joel- Nwokeoma
The Securities and Exchange Commission (SEC) says it is reviewing the Nigerian Stock Exchange (NSE) demutualisation application.
Ms Mary Uduk, SEC acting Director-General, disclosed this at the third quarter post-Capital Market Committee (CMC) meeting news conference held in Lagos on Friday.
Demutualisation is the process through which any member-owned organisation becomes a shareholder-owned company.
Basically, it refers to the conversion of a non-profit, mutually owned company to a for-profit entity limited by shares.
Demutualisation segregates ownership and management from the trading rights of the members of an exchange.
Uduk assured that the commisison would ensure a transparent and equitable process in the exercise.
“We have the framework, properly put out framework for the registration of demutualisation for any exchange whatsoever, irrespective of the name it is called.
“What we are doing, we are reviewing the application…
Source: News Agency of Nigeria