By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) said with effect from May 16 2012, it will suspend Dealing Member Firms that are yet to render its Quarterly Returns for the Period Ended March 31 2012 after its May 15 2012 deadline.

This is contained a Circular Thursday 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 15th May 2012” the Notice said.

According to the NSE, Dealing Member Firms that fails to meet the May 15 2012 deadline will immediately be suspended from trading and would attract a penalty of N5, 000 per day of default.

“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” the NSE said.

However, the Nigeria’s Exchange advised the Dealing Members yet to comply to do so on or before the May 15 2012 due date to avoid regulatory action.

According to the NSE, the suspension from trading if applied can only be reversed on submission of the Quarterly Returns and payment of the N5, 000 daily penalty.

“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 Notice said.