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
APC judgment: NCC seeks stay of executionNCC is seeking a stay of execution of judgement following a notice of appeal against the High Court judgement that it violated the rights of the APC. Read More
Digital can overcome Africa’s challenges – Ivory Coast PMAfrica has serious challenges and to overcome them, the continent needs to go the digital route, Ivory Coast Prime Minister Daniel Kablan Duncan said at the 2015 Africa IT & Telecom Forum (AITTF) last week. Read More
NCC postpones 2.6GHz spectrum auction againNigeria’s telecoms industry regulator, the Nigerian Communications Commission (NCC), has again postponed the proposed auctioning of the 2.6 gigahertz (GHZ) spectrum band it started about two week ago. Read More
Public private partnerships panacea to broadband development, says Etisalat chiefChief Executive Officer of Etisalat Group, Ahmad Julfar has identified public private partnership (PPP) as one approach that could help African countries boost broadband development. He argued that access to broadband is a basic right for everyone. Read More
Experts commend Rwanda as a model in using ICT and e-GovernancePolicy makers and experts in ICT gathered in Kigali for the Commonwealth e-Governance Forum Africa from 24-25 March 2015 have commended Rwanda as a model in using ICT and e-Governance for sustainable development. Read More
Pay APC N500m, court orders NCC, telcos - NCC appealsAs the presidential election draws near, a Federal High Court has ordered the regulator of the telecoms sector, the Nigerian Communications Commission (NCC) and five other telcos to pay the All Progressives Congress (APC) the sum of N500 million for unlawfully shutting down the party’s presidential campaign fund-raising platform. Read More
CPC reads riot act to telcos, banks, others over consumer rights breachesNigeria’s Director-General, Consumer Protection Council (CPC), Mrs. Dupe Atoki, has warned telcos, banks, Pay TV service providers and others in the country that end is near for the flagrant abuse of customers’ rights. Read More
Togo launches Digital School Togo projectThe West African nation of Togo has launched the pilot phase of ‘Digital School Togo’, a project that is aimed at introducing digital technology in teaching and underpinning the critical importance of ICTs in the education system. Read More
Ghana Presidency gets a new E-Cabinet platformGhana’s cabinet on Thursday witnessed a major boost as the President John Dramani Mahama unveiled a new E–Cabinet platform to used by himself and members of his cabinet. Read More
FEATURED STORY2bn priced out of internet access
A new report from the Alliance for Affordable Internet shows that the price of broadband remains prohibitive for billions in developing and emerging countries, with women and rural dwellers hardest hit.
BEST READ NEWS
IN DEPTHVillagers get solar training at Barefoot College
The Botswana Human Resource Development Council (HRDC) has seconded seven semi-illiterate mostly Ngwatle villagers for a six month solar electrification training course at the famed Barefoot College in India.