February 19, 2016

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Friday said it has proposed to give its approval for block divestments in its amendments to Rule 15.31 on “Block Divestments in Equities” in the Rulebook of the Exchange, 2015 under its Dealing Members’ Rules.

In its notice signed by Tinuade Awe, general counsel/head of regulations, the NSE said the amendments to Rule 15.31 on “Block Divestments in Equities” will set the new thresholds for trades that the Exchange will identify and treat as block divestments.

It also amended  Rule 17.13 titled “Prohibition of Market Manipulation and Illegal Market Dealings” which is to be amended further to provide clarity and certainty around the forms of sanctions which the NSE may impose for market manipulation and illegal market dealings.

The Exchange therefore, invited stakeholders to participate in its rule making process by way of reviewing the draft amendments and providing their comments thereon.

According to the NSE, the participation is important for the following reasons which include creating public awareness and soliciting the public’s feedback on the draft amendments, improving the quality of the Rules and thereby have a robust, well written set of Rules.

“We are involving as many stakeholders as possible in this rule making process in order to achieve the aforementioned goals. Please be assured that your comments will be considered in arriving at the final text of the Rules,” the NSE added.

The Exchange says that inputs would be received not later than the close of business on Friday March 18, 2016.

It further affirmed that the draft Rules are subject to the approval of the National Council of the NSE and the Securities and Exchange Commission (SEC).