L
LequteMan
Guest
Nigeria - The Securities and Exchange Commission has released new rules to introduce new levels of transparency to the Over the Counter , OTC market in Nigeria, Vanguard reports.
One of these rules is rule on trading in unlisted securities. Unlisted securities are those private and public companies’ shares that are not quoted on the Nigerian Stock Exchange, NSE.
The unlisted securities seek to ensure that all securities of unlisted public companies are traded within securities exchanges that are registered with the commission.
First , all Securities of unlisted public companies shall be bought, sold or transferred only by means of a system approved by the Commission and under such terms and conditions as the Commission may prescribe from time to time.
Secondly, no person shall buy, sell or otherwise transfer securities of an unlisted public company except through the platform of a registered securities exchange established for the purpose of facilitating over-the-counter trading of securities.
Thirdly, any unlisted public company, director, company secretary, registrar, broker/dealer or such other persons who facilitate the buying, selling or transfers of the securities of an unlisted public company otherwise than through the platform of a duly registered securities exchange, shall be liable to a penalty of not less than ¦ 100, 000 in the first instance and not more than ¦ 5, 000 for every day of default.
#Nigeria #SEC
One of these rules is rule on trading in unlisted securities. Unlisted securities are those private and public companies’ shares that are not quoted on the Nigerian Stock Exchange, NSE.
The unlisted securities seek to ensure that all securities of unlisted public companies are traded within securities exchanges that are registered with the commission.
First , all Securities of unlisted public companies shall be bought, sold or transferred only by means of a system approved by the Commission and under such terms and conditions as the Commission may prescribe from time to time.
Secondly, no person shall buy, sell or otherwise transfer securities of an unlisted public company except through the platform of a registered securities exchange established for the purpose of facilitating over-the-counter trading of securities.
Thirdly, any unlisted public company, director, company secretary, registrar, broker/dealer or such other persons who facilitate the buying, selling or transfers of the securities of an unlisted public company otherwise than through the platform of a duly registered securities exchange, shall be liable to a penalty of not less than ¦ 100, 000 in the first instance and not more than ¦ 5, 000 for every day of default.
#Nigeria #SEC