By Modupe Gbadeyanka
Three stockbroking firms have been punished by the management of NASD OTC MArket for various violations of rules of the market.
A statement issued by the agency disclosed that the three companies slammed are Pivot Capital Limited, Bestworth Assets & Trust Limited, and Traders Trust & Investment Company Limited.
According to NASD, Pivot Capital Limited failed to settle trade executed on the market within the stipulated time frame in breach of Rule 2(8)(3)(c) and Rule 2(8)(6).
As a result, the stockbroker was fined N824,500 and suspended from trading on the NASD OTC Market until payment of fine.
On the part of Bestworth Assets & Trust Limited, it was accused of misstating information in breach of Rule (2)(5)(8). Consequently, it was told to pay N900,000 fine for this.
The company was also accused of not remitting proceeds at effluxion of trading cycle in breach of Rule 2(8)(6) and was ordered to refund interest on the withheld proceeds from sale of shares amounting to N52,908.
The third firm, Traders Trust & Investment Company Limited, was alleged to have also misstating information in breach of Rule (2)(5)(8) and failed to remit proceeds at effluxion of trading cycle in breach of Rule 2(8)(6).
As a result of these, it was directed to pay a fine of N340,000 and also refund interest on withheld proceeds from sale of shares amounting to N19,039.
