In a bid to nurture the growth of small to mid-sized companies, the Nigerian Stock Exchange(NSE) has named fourteen dealing member firms as Designated Advisers (DAs) for companies listed on the Alternative Securities Market (ASEM).?
The dealing member firms selected are? ARM Securities Limited, BGL Securities Limited, Capital Asset Limited, Cardinal Stone Securities Limited, EDC Securities Limited, Fidelity Securities Limited, and FSDH Securities Limited.?
Others include Investment? One Stockbrokers International, Magnartis Finance & Investment Limited, Marina Securities? Stockbroking? Services, Morgan Capital Securities Limited, Partnership Investment Company Limited, Primera Africa Securities Limited and UBA Stockbrokers Limited.
Head, Broker Dealer Regulation of the NSE, Mr.? Olufemi? Shobanjo,? disclosed that the selection process? centred on? the DAs who were dealing members of the Nigerian Stock Exchange(NSE) with expertise on corporate finance and investment, in-depth knowledge of capital market rules and operations, intimate acquaintance with the disclosure and listing plus post-listing requirements of the exchange.?
“The? selected DAs who were also cleared by the Securities and Exchange Commission (SEC) went? through a rigorous process carried out by the? NSE? which took into account their compliance history,? transaction profile? and track record of Subject Matter Experts (SEPs) presented by the firms.” Shobanjo said.
He noted that the NSE received and processed applications for Designated Advisers from over twenty dealing member firms and decided to announce the successful applicants ahead of the official launch of the ASEM board slated for later this month.
According to Shobanjo, Designated Advisers would be required for all companies listed on the ASEM board of the Exchange to ensure compliance with all the? listing and post-listing requirements of the ASEM Board.
Recall that the NSE earlier in the year said that part of its major focus would be Small and Medium Scale Enterprises via the launch of its Alternative Securities Market as such companies remained the drivers of growth in the Nigerian economy.