BY NKIRUKA NNOROM

In line with its resolve of returning sanity to the equity market, the Nigerian Stock Exchange, NSE, said it fined five stockbroking firms the sum of N17 million in 2013 for contravening various rules and regulation guiding operation in the market.

File photo: The  floor of Stock exchange
File photo: The floor of Stock exchange

The stockbroking firms involved are Calyx Securities Ltd, Apel Asset and Trust Ltd, EDC Securities Ltd, Lakesworth Securities Ltd and Bytofel Trust & Securities Ltd.
Calyx Securities was fined N1 million over allegation of suspected price movement on the shares of DN Meyer Plc.

Consequently, the Firm was suspended from trading on all the floors of the Exchange for five trading days effective 27th February 2013, according to records from the NSE. It was equally fined the sum of N1.5 million which was reduced to N1 million after the firm admitted and pleaded for leniency, being a first time offender.

Apel Asset and Trust was fined the sum of N6 million within the year for breaching of Article 15,104 & 107 of the rules and regulations governing dealing member firms. Additionally, it was suspended from trading on all the floors of the Exchange for five trading days with effect from 27th February 2013.

EDC Securities was equally fined the sum of N5 million for also breaching of Article 15,104 & 107 of the rules and regulations governing dealing member firms and was also suspended from trading on all the floors of the Exchange for five trading days with effect from 27th February 2013.

On the other hand, Bytofel Trust & Securities was fined N5million for unauthorised sale of 375,871 units of Union Bank Plc shares of Mr. Akan Ndem, and was made to refund the sum of N6.62 million to the complainant being total profit made by the firm from the unauthorised sale.

Additionally, it was suspended from trading on the floors of the Exchange.
However, Lakesworth Securities Ltd, which was also involved in unauthorised sale of client’s shares, was suspended indefinitely from trading on the floor of the Nigerian Stock Exchange.

Subscribe to our youtube channel

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.