During the year under review (2015), the Disciplinary Committee of the Nigerian Stock Exchange, following its hearing of and deliberation on complaints against Fittco Securities Limited, recommended to the Council, and the Council approved the expulsion of Fittco Securities Limited as a Member of The Exchange and revoked its Dealing Member license.
The Committee consequently recommended, and the Council approved that the unresolved complaints against Fittco Securities Limited should be referred to the Investors’ Protection Fund (IPF) for payment of compensation in accordance with the IPF Rules.
During the year under review, the Committee, deliberated on the disciplinary actions against Dealing Members with Inactivated Licenses. Following the hearing, the Committee recommended to Council, and Council approved the revocation of the licenses of Dealing Members listed below, and expelled firms as Members of The Exchange owing to their failure to activate their respective licenses issued to them by The Exchange:
I. Afro-Arab Investment Limited
II. Al-Pina Investment & Trust Co. Limited
III. Barakat Investment Limited
IV. BBL Asset Management Limited
V. Enabell Capital & Investment Limited
VI. First Express Limited
VII. Integrated & Allied Securities Limited
VIII. Kingdom Securities Limited
IX. Standard Chartered Securities Limited
X. Translux Services Limited
XI. Multi Trust Securities Limited
The Committee also deliberated on disciplinary actions against the following Dealing Members firms which were deregistered by the Securities and Exchange Commission.
Pursuant to the Rules, the Committee recommended to the Council, and the Council approved the revocation of the licenses of the 16 (Sixteen) Dealing Members listed below, and expelled the firms as Members of The Exchange, owing to their deregistration by the SEC.
i. AAA Securities Limited
ii. BFC L Asset &Securities Limited (CBO Capital Partners Limited)
iii. BIC Securities Limited
iv. Colvia Securities Limited
v. Davandy Finance Limited
vi. Epic Investment Trust Limited
vii. Equator Stock brokers Limited
viii. Empire Securities Limited
ix. First Atlantic Securities Limited
x. Folu Securities Limited
xi. Genesis Sec. & Inv. Ltd
xii. Indemnity Finance Limited
xiii. Midlands Inv. & Trust Limited
xiv. RIV Trust Securities Limited
xv. Riverside Trust Limited
xvi. Sikon Securities and Investment Trust Limited
Nairametrics advises that the investing public should cross check the list to make sure they are not transacting with brokerage firms whose licenses have been revoked.
