Business

Inside Story Of All The 38 Firms Expelled From The Stock Exchange Within 6 Months

Published

5 years ago

July 9, 2019

Nairametric

A new report shows that 38 stockbroking firms have been expelled from the Nigerian Stock Exchange (NSE) in the last 6 months. This takes the total number of firms expelled in the past two years to 120.

This sanction on the affected firms was ordered by the National Council of the Exchange after investigations into their operations by the management and council of the Exchange.

The resultant effect which includes the heavy penalty of the withdrawal of the dealing firms’ license.

The investigation into their operations was necessitated by the poor structure of the stockbroking firms which was labeled as the weak points of the market.T

he investigation led to the discovery of the following:

Acute level of inactivity.

Irredeemably weak operating status.

Infractions against the extant rules at the Exchange.

The list of the expelled firms include:

Mercov Securities Limited

Resano Securities Limited

Transafrica Financial Services Limited

Andruche Investments Plc

Angela Eccles Limited

Associated Trust Investment & Finance Limited

Beaver Securities Limited