By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) said on Thursday it has extended its filing date by a 30 day grace period to listed entities unable to  file its returns after due date as a result of justifying circumstances.

The NSE in a circular with reference number NSE/LARD/LRD/31/03/15 dated March 31, 2015 and signed by Josephine Igbinosun, head, listing/regulations department said its attention has been drawn to some challenges being experienced by listed entities in meeting their regulatory (structured/periodic) filing obligations with the Exchange.

According to the NSE, some of these challenges include, among other things, the change of date of the general elections which impacted on the meeting calendars of some boards, “while entities with primary regulators have to obtain prior approvals before their financial statements are released to the public,” the NSE added.

“Consequently, in view of the extenuating circumstances, The Exchange has decided to grant all listed entities a grace period of thirty (30) days from the due date of the required financial periodic submissions, commencing with companies whose year end is December 2014,” it affirmed.

The Nigerian bourse says while it believes that the timely disclosure of financial information is critical to stakeholders in the capital market, particularly the investing public, the challenges which the listed entities are facing are germane.

The Exchange disclosed that during the grace period of the extension, it will not apply the tag Below Listing Standard (BLS) beside the names of entities on the X-compliance Report which is published on its website and will also forbear from imposing any financial penalties pursuant to the provisions of Section 30.3 of the Amended Listing Rules during the grace period.