The Nigerian Stock Exchange (NSE) has summoned fifteen (15) dealing member firms to the disciplinary committee of the NSE national council.
The firms that are expected to appear before the disciplinary committee on Monday, July 27, 2015 are Al-Pina Investment & Trust Company Limited; BBL Asset Management Limited; Integrated & Allied Securities Limited; Multi Trust Securities Limited; Standard Chartered Securities Limited; Translux Services Limited; Afro-Arab Investment Limited; Barakat Investment Limited; Bosson Capital Assets Limited; Dealers Assets Management Limited; and Enabell Capital & Investment Limited.
Others are: First Express Limited; KFF Worldwide Solutions Limited; Kingdom Securities Limited; and Silver & Gold Securities Limited.
The NSE in the letter signed by Tinuade T. Awe, head legal and regulation division, who is also the council secretary said, the dealing member firms are to appear before the disciplinary committee for a hearing in respect of their failure to activate their Dealing Member licenses.
Recall that BusinessDay had disclosed that the Nigerian Stock Exchange is a haven for about fifty (50) inactive stockbroking firms, most of which have not recorded any form of trading activity for three or more months.
At the Exchange, there are about 220 active dealing member firms; 20 inactive deaing member firms deregistered by the Securities and Exchange Commission (SEC); and 18 inactivated dealing member firms.
“At the hearing, the above listed Dealing Members will be required to give reasons why disciplinary action should not be taken against them. Any documents they wish to rely upon during the hearing should be provided to the Nigerian Stock Exchange by 12:00 noon on Thursday, 16 July 2015. Noted that in the event of a failure to honour this invitation, the Disciplinary Committee shall proceed with the hearing and make such decisions and issue such directives as it deems fit,” the NSE stated.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
