Nigeria: Stockbrokers Risk N5 Million Fine for Unauthorised Sale of Clients' Shares

10 March 2016

Dealing Members (stockbrokers) of the Nigerian Stock Exchange (NSE), who sell or transfer any securities worth N5 million will pay a fine of N1million. If the value of the security is higher than N5 million, the brokers will pay a fine of N5 million in addition to losing their licences.

These are some of the amended rules introduced by the NSE to protect investors in the market. The rules, which were approved by the Securities and Exchange Commission (SEC) since last December, became effective two days ago.

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