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NSE’s zero tolerance for market infractions yields more results

By on September 15, 2015

The  Nigerian Stock Exchange (NSE)’s zero tolerance  for infractions in the stock market has begun to yield more  positive results  as it has recorded 100 per cent compliance rate by Dealing Members.

According to the NSE, the 100 per cent compliance rate was achieved for the regulatory filings for the second quarter renditions for the period ended 30 June 2015, which was due on 17 August 2015.

Commenting on the development, the Chief Executive Officer (CEO) of the NSE, Mr. Oscar Onyema said: “The achievement is a reflection of the exchange’s collaborative approach to regulation, with a strong emphasis on relationship management within an ethical problem solving prism. We believe that this approach is key to developing a strong and sustainable capital market”. He explained that the this milestone is underpinned by Dealing Members buy-in to the exchange’s vision to be the foremost securities exchange in Africa driven by regulation, efficiency, liquidity and innovation.

“The exchange is keenly aware of the burden of regulation on the Dealing Member community and therefore they deserve the kudos of their high sense of compliance despite the challenging times,” he said.

Onyema noted that this landmark achievement serves to reminder that “we have come a long way in our journey to transform the Nigerian capital market but also that our great hopes and aspirations for this market are not a pipe dream no matter how daunting the challenges ahead of us.”
The CEO stressed that the NSE being a self-regulatory organisation maintains a body of rules to regulate the admission and supervision of its Dealing Members to enforce compliance with financial and operational requirements and the continuous monitoring and surveillance of their trade operations.

“All Dealing Members of the exchange are bound by the NSE’s Rules and Regulations Governing Dealing Members which provide the framework for a fair and orderly market. Dealing Members and their Authorised Dealing Clerks trading on the floor of the exchange are required to fulfil certain obligations prescribed in the rules and regulations governing dealing members and other rules and regulations governing the capital market,” he declared.

 

[ThisDay]