NSE awaits SEC’s approval on rules for operating Investor Protection Fund

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, at the NSE’s 2013 market review and outlook for 2014 said the Investor Protection Fund (IPF) would start as soon as the Securities and Exchange Commission (SEC) approves the rules.

Onyema said that the IPF, established to give investors a statutory backed avenue for reducing losses they suffer as a result of bankruptcy, insolvency, negligence or wrongdoing by dealing members, would strengthen the confidence of domestic investors and sustain the attraction of foreign investors in the Nigerian capital market.

He also revealed that quoted companies and brokers were sanctioned N61.21 million and N43.5 million in 2013 for various market violations, noting that the NSE would continue with its zero tolerance to irregularities.

Onyema said that the market capitalisation of listed equities grew by N4.25 trillion in 2013 to N13.23 trillion, against the N8.98 trillion posted in 2012 while the value of traded equities appreciated by 58.66 per cent to N1.04 trillion in 2013.

Meanwhile, the NSE within the period under review recorded two listings and 19 new bond listings.

The Vanguard-NSE awaits SEC’s approval on rules for operating Investor Protection Fund