By Modupe Gbadeyanka No fewer than 12 stockbroking companies have failed the minimum operating standard (MOS) on the floor of the Nigerian Stock Exchange (NSE). A report released by the stock market regulatory agency disclosed that the firms have failed to meet the basis requirements needed to operate at the market. The MOS was established by the NSE to improve Corporate Governance, strengthen and deepen the market and build a world class market. It was also to restore investors\u2019 confidence and create wealth, protect investors as well as secure a sustainable market as well as to reduce the cost of capital formation and increase economic growth. \u201cIn line with efforts to augment long-term protection for investors and stakeholders in the capital market, The Nigerian Stock Exchange (NSE) set Minimum Operating Standards (MOS) for its Dealing Members. \u201cIt will cater for all three classes of Dealing Members (broker dealers, brokers and dealers) and address the five broad areas of manpower and equipment, organizational structure and governance, effective processes, global competitiveness and technology,\u201d the NSE said on its website. According to an X-Compliance report released by the NSE, some of the dealing members have operated without compliance officers, while few others have been without chief executive or managing director. As a result, the firms, as at January 15, 2018, have been tagged inactive. It was gathered that some of the affected companies got into trouble as a result of the unstable and challenging operating environment last year. According to the NSE, the inactive companies are Clearview Investments & Securities Ltd, Maven Asset Management Limited, Best link Investment Limited, Cadington Securities Limited, GMT Securities & Asset Management Limited, Mercov Securities Limited and Resano Securities Limited. Others are Stanwal Securities Limited, Transafrica Financial Services Limited, UIDC Securities Limited, Summa Guaranty & Trust Co. Limited and Yuderb Investments & Securities Limited.