Culled—Proshare
February 6, 2017
In line with the direct cash settlement initiative agreed at the November 2015 CMC meeting, the Nigerian Stock Exchange has come up with a product, Direct Cash Settlement, which allows it to credit directly investors’ bank account with the proceed from trades executed by brokers on the Exchange.
This initiative has taken effect since January 4th 2016 based on SEC’s approval received by the Exchange.
Each investor/client bank account details are expected to be provided to the Central Securities Clearing System Plc (CSCS) via their respective stockbroking firms by filling a designated form for the purpose.
The completed form will be forwarded to the CSCS for proper and execution of the mandate as stated by the investor/client.
Investors/clients are advised to contact their respective brokers for the investor’s bank account update form for direct settlement.
