By Opeyemi Issa InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) Tuesday issued a May 16 2012 deadline for Dealing Member Firms to submit their Quarterly Returns for the Period Ended March 31 2012.

This is contained in a Notice to the Dealing Member Firms by the Nigeria’s Exchange and obtained by www.investadvocateng.com in Lagos Nigeria.

“This is to remind all Dealing Member Firms that their Quarterly Returns for the Period Ended 31st March 2012 is due on or before 16th May 2012” the Notice said.

The NSE said that failure to abide by this date will attract a Daily N5,000 fine penalty for defaulting Dealing Members Company coupled with suspension from trading with effect from the first trading day after the May16 2012 deadline.

“Please be informed that based on (Policy No.01 NSE) made pursuant to Article 15(h) of the Rules and Regulations Governing Dealing Member of The Exchange which came into effect on November 1 2011; that failure of a Dealing Member to submit Quarterly Returns on the due date shall attract a penalty of Five thousand Naira only (N5,000) per day of default and the Dealing member shall be suspended from trading with effect from the first trading day after the due date.

Consequently, you are required to submit the returns to The Exchange on or before the above mentioned due date to avoid regulatory action.

Note that the suspension mentioned above if applied can only be vacated on the submission of the Quarterly Returns and payment of penalty for late submission” the NSE said.