In line with its zero-tolerance for market infractions, the Nigerian Stock Exchange, NSE, has imposed sanctions against seven dealing member-firms for unauthorised sale of clients’ shares. The exchange’s disciplinary committee for 2013, chaired by Chike Nwanze, announced that the sanctions range from fines to suspension on the operators and other market participants.
In respect of these complaints, the committee explained that it dealt with issues centred on the protection of investors as well as measures to sanction erring dealing firms. “In one of the cases dealt with by the committee, the dealing firm fully complied with the directives of the committee and restituted the complainant that lodged the complaint,” adding “in the remaining cases where the dealing member firms failed to comply with the directives of the committee to restitute the complainants, additional sanctions were imposed.”
The sanctions include monetary fines, referral to other regulatory and or law enforcement authorities such as the Securities and Exchange Commission, SEC, Economic and Financial Crimes Commission, EFCC, and the Chartered Institute of Stockbrokers as well as continued suspension.
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