Nigerian Stock Exchange
has imposed a fine of N14.8m on Julius Berger Nigeria Plc, Costain West Africa
Plc and six other quoted companies for various infractions.
The information
obtained by the NSE’s X Compliance report listed the infractions to include
unauthorised publications, non-disclosure of material information and default
in filing financial information within the stipulated period.
The Exchange noted that
it applied the sanctions in accordance with the provisions of Section 14 of
Appendix 111 of the listing rules.
Last year, the Head,
Legal Division, NSE, Tinu Awe, had announced that the Exchange would introduce
whistle-blowing in 2013 to ensure full compliance with its rules and
regulations by the operators.
Awe said that the aim
was to strengthen the NSE regulatory framework to protect market integrity.
She reiterated the
Exchange’s commitment to building a strong regulatory framework that would
protect investors and restore their confidence in the nation’s bourse.
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