The Nigerian Stock Exchange (NSE) yesterday launched a whistle-blowing portal (NSE X-Whistle) that will enable operators, investors and other stakeholders, disclose information aimed checking market infractions and protecting investors.
Speaking at the launch of the initiative in Lagos, General Manager Legal & Regulation Division, Ms.Tinu Awe, said it is part of the five pillars of the NSE management meant to transform the exchange into a world class market.
According to her, the X-Whistle is a secure, online portal through which information can be disclosed to the exchange, adding that a whistle blower may not necessarily be directly or personally affected by the matter being reported.
She said through the X-Whistle, the NSE protect investors’ interest in the market.
She said the introduction of X-Whistle will bring more integrity, transparency to the market and make more people feel confidence to invest in it.
“The portal will permit the whistle-blower to perform a status check on the matters they have reported on X-Whistle. The whistle blower rarely has a personal interest in the outcome of any investigation into violations disclosed. As a result, the whistle blower is not expected to prove his or her case, rather he or she raises the concern so others can address it,” Awe said.
She explained that in order to enhance the exchange’s market surveillance capacities, the NSE recently joined International Surveillance Group (ISG) as a means of leveraging global best practices and sharing of critical market trends.
Awe called for support for the initiative, saying “If the exchange is not aware that violations have occurred, are occurring or about to occur, it cannot take appropriate action. But actions taken on such information lead to the promotion of investor confidence in the capital market.”
Meanwhile, trading at the stock market closed in the red as investors adopted cautious trading ahead of the Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) meeting in Abuja. The NSE All-Share Index declined 0.50 per cent to close at 37,601.53.