Gossord, Lakesworth Lose Dealing Licences

The dealing licences of
Gossord Securities  Ltd and Lakesworth Investment  and  Securities  Ltd, were last week revoked by the Nigerian Stock Exchange (NSE) for authorised  sale of their clients’ shares.
The companies’ actions according to the Exchange were contrary to the rules  and regulations governing dealing members.
In a statement issued by NSE and made available to The Tide, the  Exchange revoked their dealing licensces for market infraction.
According to the statement, both companies  had been expelled from all capital market transactions with immediate effect.
The action was taken after the national council looked into the issues and also gave opportunity to the firms for defence.
The statement said that the National Council acted under the powers conferred on it by the Memorandum and Articles of Association of the Exchange (“MEMART”), and the Rule and Regulations Governing Dealing Members.
The council warned the general public to desist from dealing with the expelled firms in any transaction relating to the capital market.
The council also directed investors who are holding any stock broking accounts in these firms to transfer their stocks to other licenced firms and dealing members of the Exchange.
The NSE’s Head, Legal and Regulation Division, noted that the Exchange was committed at restoring investors’ confidence in the market.
NSE legal head said  NSE would not fail to bring the full weight of the regulatory powers on defaulting dealing members.
She said NSE received  several  complaints of unauthorized sale of clients’ shares against Gossord, which he said breached Article 59 (v) of the Rules and Regulations governing dealing members.