The Nigerian Stock Exchange (NSE) has announced its decision to impose sanctions on stockbroking firms found opening branches in various locations across the country, without getting its approval.
Speaking during a review of the performance of the capital market in 2009 and the outlook for 2010, Director-General/Chief Executive Officer of the NSE, Professor (Mrs) Ndi Okereke-Onyiuke disclosed that it has come to its notice that a number of stockbroking firms have fraudulently opened branches in different locations across the country under the guise of a liaison office with securing the necessary approval from the authorities.
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