By Peter OBIORA InvestAdvocate

(Lagos INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) still retain its penalty on 83 Quoted Companies on its Bourse with a fine totaling N26 million for late filing of Financial Statements.

This is contained in the X-Compliance Report of the Nigeria’s Exchange dated November 05 2012 and made available by www.investadvocateng.com in Lagos Nigeria.

“Contained in schedules nine and ten are the list of companies that filed their 2011 and 2012 financial statements after the due date. The Exchange applied sanctions in accordance with the provisions of Section 14 of Appendix 111 of the Listing Rules” the X-Compliance Report said.

The NSE has said that Quoted Companies on its Bourse are required to file their financial statements on a timely basis in accordance with Appendix 111 of the Listing Rules.

The Nigeria’s Exchange affirms that Sanctions for non-compliance with periodic financial disclosure obligations are clearly spelt out in Appendix 111 of the Listing Rules and has vowed to protect the integrity of its Rules.

As earlier reported, the 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 Report as at November 05 2012