The Nigerian Stock Exchange (NSE) has asked Royal Exchange Plc to pay the sum of N8.9 million as fine for violating one of the rules guiding companies listed on its trading platform.
The firm was accused filing its audited financial statements for the year ended March 31, 2019 and its first quarter results for the period ended June 30, 2019 within the regulatory due date. The company submitted both results on August 28, 2019.
Consequently, in accordance with the rules for filing of accounts and treatment of default filing, rulebook of the NSE also known as issuers’ rules, the company was sanctioned.
According to reports, for its late submission of its audited full year results, the exchange fined Royal Exchange N5.9 million, while for its late filing of the Q1 2019 financial statements, the firm was asked to pay the sum of N3million.
Recall the on July 2, 2019, the NSE announced the suspension in trading of shares of Royal Exchange and 10 other companies, who also failed to submit their results as expected.
But after the company complied with the rules, the suspension was lifted on August 29, 2019, allowing trading in the equities of the insurer on the trading floor of the local bourse.
“In view of the company’s submission of its audited financial statements, and pursuant to rule 3.3 of the default filing rules, which provides that: ‘The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension’, dealing members are hereby notified that the suspension placed on trading on the shares of Royal Exchange Plc was lifted today, Thursday, 29 August 2019,” the notice issued last month had stated.
