By Our Correspondent

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange Thursday fined three (3) Dealing Member Firms N21 million for Market Infraction.

This is contained in a Statement posted on the website of the NSE and obtained by www.investadvocateng.com in Lagos Nigeria.

This is coming on the heels of the Disciplinary Committee of the National Council of the NSE (“the Committee”) that met on February 21 2013 and directed that the following information regarding the infractions of and sanctions on three Dealing Member firms be made known to the public.

Find below details of the Market infractions, Dealing Member Firms involved and sanctions.

A. Matter: Special Report on Trading Activities of Apel Securities Limited – Trading Account Number 129342611 (Apel   Asset Nominees Limited)

Apel Asset & Trust Limited (“Apel”) for the infraction of market manipulation was sanctioned as follows:

• Suspension from trading for one week;
• A fine of Fifteen Million Naira (N15,000,000.00); and
• Public censure via public announcement of the infraction and sanctions

EDC Securities Limited (“EDC”) for the infraction of market manipulation was sanctioned as follows:

• Suspension from trading for one week;
• A fine of Five Million Naira (N5,000,000.00); and
• Public censure via public announcement of the infraction and sanctions

B. Matter: Allegation of Suspected Infraction of Price Movement on DN Meyer Plc. by Calyx Securities Limited Between 18 September 2012 and 23 October 2012 

Calyx Securities Limited (“Calyx”) for the infraction of price manipulation was sanctioned as follows:

• Suspension from trading for one week;
• A fine of One Million, Five Hundred Naira (N1,500,000.00) reduced to One Million (N1,000,000) given that Calyx admitted its infraction, fully co-operated with the investigators, pleaded for leniency and is a first time violator; and
• Public censure via public announcement of the infraction and sanctions