•To sanction defaulting members
As uncertainties around the global business environment rise, the Chartered Institute of Stockbrokers (CIS), has unfolded two key tactics as part of the interim measures to boost income stream and grow membership base to strengthen its operation.
The Institute’s Governing Council had late last year, approved recovery strategy for the huge outstanding membership annual dues and other applicable fees, which runs into millions of Naira with graduated sanctions for defaulters.
But early this month, under the new leadership of Olatunde Amolegbe, the Institute slashed the registration fee for the professional examination for September 2020 Diet by 20 per cent to cushion the effects of COVID-19 pandemic on purchasing power of candidates.
The Council also endorsed the suspension of members who are in default for five years and below, and the removal from the Register of Stockbrokers, those in excess of five years. The Institute is believed to have earlier deployed moral suasion and debt relief to no avail.
Due to the lockdown, occasioned by COVID-19, pandemic, the Institute postponed its March diet, and announced this will hold five weeks following total lifting of lockdown.
Already, it has opened the examination portal to enable candidates register, but deferred the commencement of its new certification scheme to associate members, and reviewed the syllabus till March next year.
A statement signed by the Registrar and Chief Executive, Adedeji Ajadi, said: “The Governing Council of the Chartered Institute of Stockbrokers, at their meeting of Wednesday 11th December, 2019, approved the delisting of members, who have been indebted to the Institute regarding payment of annual dues and other applicable fees for over five years, from the Register of Members, effective 31st of March, 2020.
“However, due to the disruption occasioned by the COVD-19 pandemic, Council has given a grace period of three additional months from the date announced earlier for affected members to pay up their outstanding balances and bring themselves up to date on or before July 1, 2020.”
“This action is pursuant to section 5 (6) (c) of CIS Act 105 of 1992, which provides for the Registrar to record the names of members of the Institute who are in default for more than six months in the payment of annual subscriptions, and to take such action in relation thereto (including removal of the names of defaulters from the register) as the Council may direct or require.
“Members, who are in default of annual dues and other applicable fees for more than five years, will be removed (delisted) from the Register of Members. Such members can only be readmitted upon fulfilling the following conditions: Completion of a re-admission form, payment of all outstanding annual dues and other applicable fees, payment of re-admission fee of N100,000 only.
“Defaulting members who owe annual dues and other applicable fees for less than five years, up to the 31st of December 2019 will be suspended from the register of members. Such members can only be re-admitted upon payment of all outstanding dues and applicable fees, and an administrative charge of N20, 000.00.”