Three stockbroking firms, Apel Asset & Trust Limited, EDC Securities Limited, and Calyx Securities Limited, have been penalised by the Nigerian Stock Exchange (NSE) for various market infractions.
The trio would collectively be paying N21.5 million as penalty while also facing suspension from trading for one week.
Apel Asset & Trust Limited will pay N15 million as penalty; EDC Securities Limited will pay N5 million as penalty, while Calyx Securities Limited will pay N1.5 million as penalty.
The decision to penalise these dealing member firms was made by the disciplinary committee of the National Council of the Nigerian Stock Exchange (NSE) following their meeting on February 21, 2013.
The committee also directed that the information regarding the infractions of and sanctions on the three dealing member firms be made known to the public.
According to the NSE, the action on Apel Securities Limited was in respect of trading account number 129342611 (Apel Asset Nominees Limited); also allegation of suspected infraction of price movement on DN Meyer Plc by Calyx Securities Limited Between September 18, 2012 and October 23. 2012.