SEC, NSE charge 50 new authorized dealing clerks on integrity

In its pursuit to deepen professionalism and market vibrancy, the Nigerian Stock Exchange (NSE) has inducted 50 newly qualified authorized dealing clerks, out of the 57 that sat for the qualification examinations.

Both the Securities and Exchange Commission (SEC) and the NSE charged the new brokers to comply with operating standards, serve as good ambassadors of the Exchange and further enhance ethical practices in all their dealings.

SEC’s Lagos Zonal Director, Mr Deji Falomo, who represented the Director General, lauded the Chartered Institute of Stockbrokers and the newly qualified brokers for theirs sustained effort at growing the capital market.

Pledging the support of the commission to boost market development and vibrancy of the market, he said that the commission will host an economic forum in Lagos in February, geared to taking the market to a greater height.

According to Falomo, recent innovative and restructuring activities by the apex capital market regulator is aimed at ensuring that market depth is enhanced while taking operations and activities closer to the people.

Meanwhile, the NSE says it placed a premium on high-level operating standards as 94 percent of Dealing Member firms achieved the set minimum operating standards (MOS), assuring that the NSE will continue to be on the watch to ensure that the high standards are maintained.

The induction which was performed by the NSE CEO, Mr Oscar Onyema, on Friday also attracted the Central Securities Clearing System, senior stock brokers and other capital market stakeholders.

Welcoming the newly qualified stockbrokers, Onyema tasked them on professionalism, integrity, transparency and reliability as ethical demands for operators in the capital market, while rendering excellent service to investor and issuer communities.

With the rigorous process leading to your qualification, I make bold to say that you are worthy to be practising stockbrokers enabled to trade on any floor of The Nigerian Stock Exchange in Nigeria.

Onyema said that the induction signaled a call to stand tall in integrity, to be impeccable in character, to be professional in service and to uphold the high ethics and values for which the Exchange and the capital market are renowned, the conditions he described as “big hurdle that you must cross effortlessly in your daily practice of this profession”

He reiterated that the NSE has machinery in place to track any unethical practice which informed the recent MoU signed with the Economic and Financial Crimes Commission (EFCC).

X-Whistle, Onyema said enables market participants to confidentially report fraud and infractions, while X-Compliance report helps to maintain market integrity by providing compliance related updates on all listed companies.