By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday amended the rules for granting suspension to issuers on listed securities on the Nigerian bourse, the Exchange said in a notice.

Under the new rules, the NSE said any request for such must be made in writing to it  by the issuer or the issuer’s authorised representative or financial adviser and must be supported by the specific reasons which the issuer wishes the NSE to take into account in the Exchange’s determination of whether or not trading in the issuer’s securities should be suspended.

The NSE says it’s in pursuant of the provisions of Article 23 of the Securities and Exchange Commission (SEC) approved “Amendments to the Listings Rules of The Exchange.

The rule provided that the burden is on any issuer that requests a suspension of trading in its securities to satisfy The Exchange that a suspension would be necessary.

The notice signed February 25 by Tinuade Awe, the NSE’s  head, Legal and Regulation Division, said the new amendment shall come into effect on March 02, 2015.

Nigeria’s SEC in September 2009 had directed the NSE to discontinue the practice of placing securities of listed company on technical suspension during a capital raising exercise as it is not a best practice.