By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Only 49.51 percent (49.51%) of Dealing Member Firms have submitted their Quarterly Report as at May 15 2012 deadline issued by the Nigerian Stock exchange (NSE).

From the Status Report by the NSE and obtained by www.investadvocateng.com, the 49.51% status represents 154 out of the 257 Dealing Member Firms that rendered their Quarterly Reports compared to 103 yet to comply as at May 16 2012.

Prominent among the list of Dealing Member Firms yet to comply include Afrinvest West Africa Limited, BGL Securities Limited, FSDH Securities Limited and Futureview Securities Limited.

This is coming on the heels of a Circular Tuesday notifying Dealing Member Firms yet to comply to do so before the May 15 2012 deadline and the commencement of penalties on defaulting Dealing Member Firms for noncompliance with effect from May 16 2012.

The NSE has said that with effect from May 16 2012, the penalties set forth in the policy guideline (Policy No. 01 NSE) made pursuant to Article 15(h) of The Rules and Regulations Governing Dealing Members of The Exchange, which came into effect on 1 November 2011, will be implemented with respect to the March quarterly rendition which was due 15th May 2012.

According to the Nigeria’s Exchange, 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

Click here to download Update on Quarterly Report of Dealing Member Firms-May 16 2012