Nairobi bourse to embrace digital records

GOVERNMENT

-
Image: By BiztechAfrica
Nairobi bourse to embrace digital records

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.


Share the News

Get Daily Newsletter

comments powered by Disqus

MORE GOVERNMENT NEWS

Computer body seeks report revisit

The Nigerian Computer Society (NCS) has urged the government to take a second look at the report that recommended the merger of the regulatory functions of the NCC, the NBC and NIPOST. Read More

Uganda showcases new one-stop state portal

The Ugandan government is encouraging citizens to log onto Uganda’s one-stop state web portal.  Read More

Malawians start mobile and web voter verification

Malawi has registered an electoral first as prospective voters in the country are now able to verify their voter registration status using mobile phones as well as a web platform. Read More

Private sector investment key to continent’s development, says Kaberuka

African Development Bank support for private equity investment in Africa recorded a major success this week, when The Carlyle Group announced it had raised $698 million for its new Sub-Saharan Africa Fund. Read More

Ghana’s ‘big bang’ approach tackles data penetration

With 110% voice penetration, full data penetration is the next big target in Ghana, says the NCA. Read More

Kenya unveils ICT master plan

Kenya has launched the national Information, Communication Technology Master Plan 2017 to spur economic growth in the country. Read More

Botswana to enhance education through Thutonet

Launching the Thutonet Governance Structure, Secretary of Education Reforms, Taboka Nkhwa, said for Botswana to make any appreciable progress in its socio-economic development efforts, substantial resources should be directed at improving educational delivery. Read More

Kenya to digitally register all citizens afresh

Kenya plans to digitally register all citizens as part of national planning and the war against terrorism. Read More

Botswana passes electronic transaction, communications bill

The Botswana Parliament has passed the Electronic Communications and Transactions Bill, which gives legal recognition to electronic transactions. Read More

Angola stimulates ICT innovation in government

The Angolan Government is seeking to boost the use of ICTs in public service administration and service delivery through its ‘Innovate’ programme for the public sector. Read More

PRESS OFFICES

Sage ERP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN Business

FEATURED STORY

Kenyan shift to Green Economy would generate USD 45bn by 2030 Kenyan shift to Green Economy would generate USD 45bn by 2030

Kenya’s transition to a green economy could produce major economic benefits  equivalent to an estimated USD 45 billion by 2030, a new  study shows.

IN DEPTH

E-waste threatens Ghana’s beachesE-waste threatens Ghana’s beaches

Many beaches in Ghana, already stressed by pollution and poor maintenance, are now facing a new threat: e-waste.

COMPANY NEWS

MTN makes it onto World Champions list

MTN Group has been named as the only South African company on the World Champions list. 

VMware Reports First Quarter 2014 Results

VMWare has announced Year-over-Year revenue growth of 14% to $1.36 Billion in its Q114 results.