The Nigerian Stock Exchange NSE has concluded
arrangements to introduce the first ever Issuers’ Portal in the Nigerian
Capital Market known as X-Issuer.
The new portal is one of the new regulatory
initiatives of the NSE, and it is designed to allow online submission of
information by listed companies.
The Head, Listings Regulation of the NSE, Josephine
Igbinosun, explained that X-Issuer is a secure on-line portal through which
Issuers will submit financial and other information to the NSE and the market
from the comfort of their offices.
She noted that the portal will not only encourage
transparency and accountability but will expedite the discharge of Issuers’
post-listings obligations relating to structured and continuous disclosures.
She also stressed that X-Issuer will eliminate leakage
of price sensitive information because of the minimal time between submission
by the Issuer and release to the market.
The Listings Regulation boss further stressed that
the X-Issuer will facilitate comparison of data by international and local
investors and analysts, giving issuers’ greater visibility in the market.
In a bid to enhance the overall user experience, the
Exchange commenced a User Acceptance Test UAT with a number of listed companies,
providing training to build capacity and requisite know-how of the new
electronic submission system, as quality and knowledge transfer are key success
factors.
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