The company has also activated direct and indirect channels to link it with all stakeholders with the company, whether from brokerage firms, settlement banks, or the main parties dealing with them, such as the Muscat Securities Market and supervisory authorities, mainly the Capital Market Authority and the Central Bank of Oman to complete the work between these parties.
Remote work was implemented during the period of the Coronavirus outbreak, and the company was approved in the first stage of the crisis on the alternative site (Knowledge Oasis) to perform basic work, with most of the company’s employees continuing to do their work from home, according to the state’s directives at that time, and this was achieved with the approval of the company directly. An alternative business plan, which has been linked with all dealers, and the company has used professional and practical methods to enable it to perform the work with the same levels of quality and speed required to provide the various services of the company to the public of its clients.
3. Managing the first public offering for the issuance of the first government sukuk offered for public subscription. The company has worked with the relevant authorities of the offering, the issuance manager, all the subscription banks and brokerage firms to provide direct electronic services for the IPO operations by the investors in the market. Subscription through the company's electronic platform and subscription banks, and the company has achieved a unique achievement in completing all allotment procedures with the concerned authorities and completing the listing procedures in the market within only two business days from the end of the subscription, and this is a new precedent in the Omani financial market.
4. Implementing a number of internal accounting and human resources programs. During the past year, the company has completed the implementation of many systems and programs that will facilitate revenue collection through the website. What made it easy for companies and issuers of securities listed on the Muscat Securities Market to use the company's electronic platforms to request services and use them electronically, including the collection of fees directly in exchange for performing these services. The company has also completed a special program for human resources that allows many features by using the system directly to request leaves, obtain reports, and others. These systems have been developed to apply the process of linking employee performance evaluations with the specific goals of each worker and department in the company.
Future projects
1. Completing the infrastructure enhancement plans to enable all parties with the company to use the available electronic channels and portals, and to make it easier for all stakeholders to obtain data and follow up on investments, as well as update shareholder data by using electronic channels and smart phone applications and utilize from the services provided by the widespread (Sanad) offices In all governorates and regions of the Sultanate, the company has invested in developing its website, which will witness a number of updates during the year to provide electronic link services with a number of entities such as mortgagee banks, supervisory and judicial authorities.
2. Accomplishing the second phase of the E-IPO program development, as the second phase will include new electronic features such as Book Building features and other features that will provide new linking channels with the licensed IPO banks and issuance managers to facilitate completion of The initial public offerings mechanisms to achieve the objectives that those in the capital market sector in the Sultanate aspire to in reducing the listing periods for any securities offered for public subscription after the end of the subscription, and to accelerate the allocation of securities and the return of surplus funds and other characteristics that ensure the participation of brokerage firms on behalf of their clients in the underwriting processes.
3. Study the methods available to complete the risk management structure of the company, and work to develop the tools available in activating the control mechanisms and identifying and managing risks. The company will work during the year to study regional and global applications appropriate to the Omani financial market in developing mechanisms for financial and equity settlements of securities dealt with in the Muscat Securities Market, and the company is also working with the Capital Market Authority to study and implement appropriate mechanisms for the market during the next phase.
4. Working with the Capital Market Authority to complete the adoption of some new legislation such as the amendment and adoption of a new regulation for clearing and settlement that includes procedures for working with new features such as lending and borrowing operations (SLB) and partial settlements operations. And other new features that are expected to be applied in the Omani financial market during the current year 2021.
The Federation of Euro-Asian Stock Exchanges
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