By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) reported it fined 83 Quoted Firms N26 million for late filling of its Financial Results.
This is contained in the X-Compliance Report of the Nigeria’s Exchange dated October 16 2012 and made available by www.investadvocateng.com in Lagos Nigeria.
The NSE said the Companies filed their 2011 and 2012 financial statements after the due date.
The Exchange affirmed it applied sanctions in accordance with the provisions of Section 14 of Appendix 111 of the Listing Rules.
On Schedule nine (9) of the Report, 65 Firms were sanctioned for late filing of their Financial Statements and the amount accumulated to N8,826,427.91.
While the Schedule ten has 18 Firms with a fine of N16, 800,000.00; making it a total of N25, 626,427.91 in the review period.
X-Compliance Report is a transparency initiative of The Exchange which is designed to maintain market integrity and protect the investors by providing compliance related information on all listed companies.
According to the NSE, Companies that are listed on The Exchange are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules. Financial information which is periodic disclosure and on-going material events disclosure should be released to The Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly Market.
Click here to download full Report as at October 16 2012
Click here to download full Report as at October 16 2012
