Nigerian Stock Exchange (NSE) has today
withdrawn the operating license Midland Capital Markets Limited from the
capital market, the decision was taken by the National Council of the Exchange,
the highest administrative organ of the NSE. This has increased the total number
of stock broking firms that have been expelled from the capital market this
year to 90
With this action taken against Midland
Capital Markets Limited, it has also been deregistered as a capital market
operator by the Securities & Exchange Commission (SEC). Though no reason
have been given for the action, it is generally believed to be linked to fraud
and inability to meet major operating requirements for the function. An inside
source at the exchange hinted us that the stock broking firm was expelled
following a recommendation of the disciplinary committee of the council and
final approval of the National Council of the Exchange.
The stockbroking firms so far
expelled and banned from trading include:
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