By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) has said it fined 19 Dealing Member Firms a total of N2.4 million between January and December 2013.
According to the NSE, the Dealing Member firms were fined for breach of various market rules in relation to Articles 7, 144, 155 and 156 which were breached between January and December, 2013.
Prominent among the firms fined were FBN Securities Limited, Diamond Securities Limited, Fidelity Finance Company Limited, Afribank Securities Limited Morgan Capital Securities Limited and Camry Securities Limited.
Among the firms that paid the highest fines are Perfecta Investment Trust Limited, Best Link N500,000 respectively and Standard Alliance Capital & Assets Management Limited, N200,000; while the rest 16 Dealing Member firms paid N100,000 each.
To increase the level of market compliance, the NSE launched the Broker TraXtool at the start of year 2012.
The NSE said the launch of the Broker TraX is in its bid to improve investors’ confidence in the market; campaigning strongly against market infraction by its dealing members.
The NSE affirmed that with this initiative investors can now make more informed decisions about where to invest by viewing names of Dealing Member Firms that have been found liable for contravening market rules.
