The Nigerian Stock Exchange has said that all dealing members submitted their returns for the period ended June 30, 2015 when due.
The second quarter renditions had been due on August 17, 2015 and the Exchange said the 100 per cent compliance recorded bodes well with the NSE’s implementation of its zero tolerance policy for infractions as all active dealing members were expected to submit their returns within required timelines.
A statement by the Exchange’s Head, Corporate Communications, Mr. Olumide Orojimi, quoted the Chief Executive Officer, NSE, Mr. Oscar Onyema, as saying, “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.”
Onyema commended the dealing members for the achievement, saying that it was supported by their 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.
He explained that the achievement was a reminder that “not only have we 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.”
According to the statement, 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.
The NSE had in recognition of its efforts to create a fair and orderly market been recently named African Regulator of the Year, 2015 by the African Leadership Magazine UK and also received the 2015 Award for Promoting Best Practice Reporting and Corporate Disclosure from the Lagos Chamber of Commerce and Industry.
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