The Nigerian Stock Exchange at the weekend announced the revocation of Licences of 10 dealing member firms just as it declared 48 and 27 others inactive and unactivated respectively as at February 10, 2012.
This was contained in a Circular number BDR/CIR/1/AAA/02/12 to all dealing member firms and posted on the official website of the NSE monitored by LEADERSHIP.
Amongst the list of Firms whose Licences were revoked as at the stated period were Apex Securities Limited, Asset Plus Securities Limited, Beachgroove Securities Limited, Broadeage Securities Ltd and IMB Morgan Plc (Morgan Trust Ltd).
Others are Jenkins Investment Limited, Prudent Stockbrokers, Source Finance & Trust, Thomas Kinsley Securities Limited and Viva Securities Limited.
However, among the 48 dealing member firms declared as inactive include AAA Securities Limited, Dependable Securities Limited, Express Discount Asset Management Limited, First Equity Securities Limited, Yobe Investment and Securities Limited and Perfecta Investment and Trust Limited.
While African Alliance Stockbrokers Limited, Arthur Stevens Assets, Bauchi Investment Corporation Securities Limited and Integrated and Allied Securities Limited were also among the 27 dealing firms declared unactivated.
Although at the time of filing? this report, no reason was given by the management of the NSE explaining why the Licenses of the dealing members fell into the categories for which they were listed, but a Senior broker on the condition of anonymity told LEADERSHIP that the dealing firms whose licences were revoked had various issues ranging from being bankrupt to various fraudulent activities.