NSE reviews application guidelines for dealing member firms

The Nigerian Stock Exchange, NSE, has reviewed its guidelines for firms seeking to apply for dealing member license, baring companies whose directors are debtors, been indicted for fraud or by any commission of inquiry.
According to the NSE, in a draft registration guideline for application as a dealing member of the NSE, firms with Directors who were also refused or expelled from membership of a professional body or association, previously convicted by any court of law, former manager of a company that was involuntarily liquidated or delisted.
The NSE said, “A firm seeking dealing license should also present an attestation by each member of its Board of Directors and top management that he/she has never: compounded his/her debt, had a judgment debt, or been involved in any fraud; been indicted by any commission of inquiry; been refused or expelled from membership of a professional body or association; been convicted by any court of law or is under any pending criminal prosecution; been disqualified under any law in Nigeria from acting in that capacity and been a member or managed a company that was involuntarily liquidated or delisted from the official list of the NSE
The NSE said it will only begin the processing of the application from the prospective dealing firm, if the application is backed by a non-refundable fee of N500,000 and if it is accompanied by the names, addresses and telephone numbers of a contact in the firm; address and location of the applicant’s registered office and proposed head office and a Police clearance and credit check for all promoters and directors of the company.