Temitope
Temitope Akinola
The Nigerian Stock Exchange under the auspices of the Investors' Protection Fund has said it would compensate 150 claimants for "pecuniary losses suffered by them as a result of certain dealing members firms of the Exchange".
The board of trustees of the IPF approved a sum of N42.227m for the 158 investors as compensation for fund misappropriaton by 29 dealing member firms of the Exchange. According to a statement by the NSE, the firms are either inactive or have been expelled as members of the Exchange. The statement added that the compensation is pursuant to Part XIV of the Investments and Securities Act 2007.
The 158 claimants who are to be compensated are investors whose claims have been verified by the exchange, approved by the Board of Trustees of the IPF, and whose identities were verified by an identity verification consultant engaged by the IPF. In accordance to the rules of the fund, the maximum compensation each claimant can receive is N400.000.
The Investors' Protection Fund is a statutory fund established pursuant to Section 197 of the ISA to compensate investors who suffer pecuniary loss arising from the revocation or cancellation of the registration of a dealing member firm by the Securities and Exchange Commision; and the insolvency, bankruptcy or negligence of a dealing member firm of the Exchange.
Read more on the story
The board of trustees of the IPF approved a sum of N42.227m for the 158 investors as compensation for fund misappropriaton by 29 dealing member firms of the Exchange. According to a statement by the NSE, the firms are either inactive or have been expelled as members of the Exchange. The statement added that the compensation is pursuant to Part XIV of the Investments and Securities Act 2007.
The 158 claimants who are to be compensated are investors whose claims have been verified by the exchange, approved by the Board of Trustees of the IPF, and whose identities were verified by an identity verification consultant engaged by the IPF. In accordance to the rules of the fund, the maximum compensation each claimant can receive is N400.000.
The Investors' Protection Fund is a statutory fund established pursuant to Section 197 of the ISA to compensate investors who suffer pecuniary loss arising from the revocation or cancellation of the registration of a dealing member firm by the Securities and Exchange Commision; and the insolvency, bankruptcy or negligence of a dealing member firm of the Exchange.
Read more on the story
