Story by Kayode Tokede and Olabode Jegede
In a move to guide investors in making informed investment decisions, The Nigerian Stock Exchange (NSE) has released a new calender for listed companies filing of results.
According to NSE Rule 2, the Calendar is expected to provide, list of all Issuers; the regulatory due date for financial filings for all Issuers; and information on all Issuers that furnish The Exchange with same: the financial year end and expected financial filing dates.
The new rules obtained by Nigerian NewsDirect stated that, “By the third (3rd) quarter of its current financial year, but not later than the last day of its current financial year, each Issuer listed on the Main Board and Premium Board of The Exchange shall submit to The Exchange via the Issuers’ Portal information on the items stated in Rule 2, for the subsequent year.
“Each Issuer shall publish and retain the information relating to the Issuer on the items stated in Rule 2 above on its website.
“Changes to any dates already disclosed by an Issuer, shall be promptly communicated to The Exchange via the Issuers’ Portal at least five business days prior to the date of the relevant event.
“Where the Issuer does not disclose the date changes within the time specified above, or is unable to do so within the specified time, the Issuer shall release a notice to the market, prior to the earlier disclosed date of an event, stating the reasons for such changes and the new proposed date for the event.
“A company newly listed on The Exchange shall submit information on the items in Rule 2, for the current year to The Exchange, and release it to the market, at least three business days prior to the date on which its securities are set to begin trading on The Exchange.”
The rules on Method of Filing Relevant Information stated that, “Issuers shall provide the information required by Rule 2 by completing the Release Calendar Form on The Exchange’s Issuers’ Portal.”
“Issuers shall update the Release Calendar Form with the most recent and accurate information whenever such updates become necessary.”
For non-compliance, the Exchange in its new rules explained that any issuers that fails to comply would be sanctioned.
“Where an Issuer fails to file information on the items in Rule 2 after the due date, The Exchange shall on its own volition, within five business days after the due date, populate the Release Calendar with relevant information on the defaulting Issuer, on the basis of: the regulatory deadline by which each Issuer’s obligations in respect of each specific filing became due, and for announcements of dividends, and dates of Board and Annual General meetings, the earliest date on which an Issuer took such corporate action in previous years, and the Issuer shall be bound to fulfil its regulatory obligations by the above dates.”
“Where an Issuer defaults in filing any expected returns by the above dates, the applicable penalties for failure to comply and submit such returns shall begin to run from those dates,” the rules explained.