Nairobi bourse to embrace digital records
GOVERNMENT| July 25, 2012, 1:29 p.m.
By Semaj Itosno, Nairobi, Kenya
The Nairobi Securities Exchange (NSE) will soon discard use of physical records as the official proof of shares as it goes digital.
Consequently all investors at the NSE are required to convert all shares held in paper form to electronic accounts which will also be used for corporate actions.
The bourse and Kenya’s Central Depository and Settlement Corporation (CDSC) have proposed to start using electronic records from November 30 2012. CDSC says already 80.95% of the shares available for trading at the NSE are in electronic form.
Also known as dematerialization, the move to a fully electronic process started in 2004 after CDSC was formed. This allowed for the surrender of physical certificates with an electronic record of holdings through a process known as demobilization.
“From the dematerialization date, share certificates shall no longer be recognized as the prima facie evidence of ownership of shares and this will be replaced with the electronic record at the depository,” reads a joint statement from the CDSC and NSE.
Kenya Capital Markets Authority CEO Paul Muthaura speaks to Biztechafrica about the dematerialisation of the market.
MORE GOVERNMENT NEWS
NITA gets a new bossGhana’s President John Dramani Mahama has appointed a 35 year old computer scientist, George Atta-Boateng, as Acting Director General of the National Information and Technology Agency. Read More
Nigeria BVN deadline loomsBank customers in Nigeria are reported to be rushing to register for their biometric banking ID as the deadline for the BVNs looms. Read More
Young entrepreneurs in Rwanda told to be more creativeThe latest YouthKonnekt Hangout hosted by Rwanda’s Ministry of Youth and ICT (MYICT) in partnership with UNDP, ADMA, Tigo, and HeHe Labs, has urged young entrepreneurs to be innovative. Read More
Jumia gets visit from Côte d’Ivoire MinisterCôte d’Ivoire’s Minister of Post and Information and Communication Technology, Bruno Kone, has paid a visit to the offices of e-commerce firm Jumia. Read More
African heads of state to participate in TGAISFive heads of state have already confirmed their participation in the 2015 Global African Investment Summit. Read More
Francis Wangusi reappointed CAK DGThe Board of the Communications Authority of Kenya has announced the appointment of Francis Wangusi as the Director General for a term of four years, effective 22 August 2015. Read More
NIN mandatory from September 1, says NIMCThe National Identity Management Commission (NIMC) has put 1st September, 2015 as the date from which all transactions involving the identification of individuals must be done with the National Identification Number (NIN). Read More
Minister encourages young innovatorsRwanda’s Minister of Youth and ICT, Jean Philbert Nsengimana, has encouraged young innovators in Rwanda to be driven by passion. Read More
NCC, Cameroon telecoms regulator seal dealBanking on the vast experience of the Nigerian Communications Commission (NCC) as a foremost regulator in Africa, the Telecommunication Regulatory Board (TRB) of Cameroun at the weekend signed a Memorandum of Understanding (MOU) with the NCC. Read More
African leaders commend NEPAD’s role in Africa’s transformation and regional integrationAfrican leaders gathered at the Sandton Convention Centre in South Africa for the 33rd NEPAD Heads of State and Government Orientation meeting have commended NEPAD on its work toward regional integration. Read More
FEATURED STORYIHS plans to inject fresh $500m to grow capacity
Mohammed Darwish, managing director of IHS Towers, says the firm will soon inject another $500million into the business after raising some $2.5billion to finance expansion drives. Darwish spoke with biztecafrica.com in Lagos.
BEST READ NEWS
IN DEPTHAs curtain falls on MDGs, what next?
Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.
COMPANY NEWSMTN Business expands partnership with Samsung to offer enterprise customers increased security
Samsung Electronics South Africa has announced that MTN Business has been appointed as a reseller of Samsung’s KNOX licenses to its customers.