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For Investors
Skip Navigation LinksHome > Investing > For Investors > Investor Protection
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I​nvestor Protection
 
Many investors have suffered losses due to circumstances beyond control without any compensation. In order for the Exchange to protect its investors, measures were taken to ensure that all investors are compensated if they suffered any loss of any kind.
The Nigerian Stock Exchange’s framework for protecting its investor includes:
 
1.        Investor Protection Fund: Part XIV of the Investment and Securities Act 2007, (CAP 124, LFN, 2004) (“ISA”) requires The Nigerian Stock Exchange to establish and maintain an investor protection fund.  The Nigerian Stock Exchange has an investor protection fund.  However, the fund is not presently operational.  Thus, the present management of The Exchange is currently taking steps to make the fund operational.
 
The purpose of the investor protection fund is to compensate investors with genuine claims of pecuniary loss against dealing member firms resulting from:
  • insolvency, bankruptcy or negligence of a dealing member firm of a securities exchange or capital trade point; and
  •  defalcation committed by a dealing member firm or any of its directors, officers, employees or representatives in relation to securities, money or any property entrusted to, or received by the dealing member firm in its course of business  as a capital market operator.
2.        The Trade Guarantee Fund (TGF): Established by the Nigerian Stock Exchange in conjunction Central Securities Clearing System Limited. It is to further ensure and guarantee cash settlement of stock exchange transactions. Under the system, Nominee account was opened in each of the Stock Settlement Banks. Currently, each Dealing Member Firm makes a one-time contribution of =N=100,000.00 (one hundred thousand naira only) to the Fund. The Fund grows by way of bank interest and penalty charges
 
The main objectives of Trade Guarantee fund are-
a.    To guarantee settlement of primary transactions of the members of the Exchange
b.    To inculcate confidence in the minds of market participants
c.    To protect the interest of investors. All the members of the Exchange are required to make initial contribution towards trade guarantee fund of the Exchange.
 Management of the Guarantee Fund
1.    Trade Guarantee Fund account is to be established in each settlement bank.
2.    To be managed by the banks but to obey instructions from CSCS.
3.    Interest to be paid to the Guarantee Fund accounts by the settlement banks.
4.    Weekly report by the settlement banks on the Guarantee Fund Accounts to The NSE/CSCS.
5.    Defaulting stockbroking firms to make payment to the settlement banks where account is maintained.  
 
Evidence of such payment to be made available to The NSE/CSCS, by defaulting firm and confirmation of payment by the settlement bank.

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