The Securities and Exchange Commission (SEC) has introduced a fully electronic registration process for Capital Market Operators (CMOs).
The e-registration allows designated regulatory services to be completed online as part of efforts to improve efficiency, strengthen oversight and modernise Nigeria’s capital market.
The Commission disclosed this in a statement on Wednesday, saying the electronic registration platform, deployed through its ePortal, is another milestone in its digital transformation agenda aimed at creating a technology-driven regulatory environment.
Under the new system, designated registration processes, including application submission, regulatory review, approvals and communication of regulatory decisions, will now be handled electronically, eliminating manual processing for the services covered in the current phase.
According to the SEC, the digital platform is expected to simplify engagement between the regulator and market operators by reducing administrative bottlenecks, shortening processing timelines and allowing applicants to monitor the progress of their applications.
“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the Commission said.
The regulator stressed that the migration to a fully digital registration system would strengthen regulatory oversight through standardised workflows, electronic documentation, secure digital record management and enhanced audit trails, while also improving operational efficiency.
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It maintained that the platform supports its broader strategy of leveraging technology to improve market efficiency, enhance the ease of doing business and deliver better regulatory services to stakeholders.
According to the SEC, the initiative will also improve the integrity of regulatory processes by reducing delays associated with paper-based documentation and enhancing the quality of regulatory data used for decision-making.
It noted that the platform would provide a stronger foundation for regulatory analytics and future innovations designed to improve oversight of Nigeria’s capital market.
It said implementation of the e-Registration platform would be phased to ensure a smooth transition for market participants while preserving the stability and integrity of the regulatory process.
The Commission explained that the current phase covers only post-registration services for existing Capital Market Operators, while applications from new entrants into the Nigerian capital market will remain outside the platform until a later phase.
It said it would announce the commencement of electronic processing for new registration applications in due course.
It urged Capital Market Operators to familiarise themselves with the platform and comply with the implementation timelines to ensure a seamless transition to the electronic registration process.
The SEC said the initiative forms part of its broader reform programme to improve regulatory efficiency, strengthen market infrastructure, enhance transparency and support the continued growth, resilience and global competitiveness of Nigeria’s capital market.
It reaffirmed its commitment to implementing reforms that promote innovation, improve regulatory service delivery and reinforce investor confidence in Nigeria’s capital market.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X