The Ghana Stock Exchange has expelled Worldwide Securities Limited (WSL) from Licensed Dealing Membership (LDM) of the Exchange with immediate effect.
The Exchange’s decisions is as a result of WSL’s failure to renew its Broker-Deal Licence the with the Securities and Exchange Commission (SEC) in accordance with Rule 9(2)(e) of the Exchange’s Dealing Membership Rules as well as the failure to meet its financial obligations to the Exchange in accordance with Rule ((2)(b) of the Rules.
Another factor for expulsion is due to WSL’s failure to have the requisite staff to operate the business in accordance with Rule 6(j) and 6(k) of the Exchange’s Dealing Membership Rules and not being active in its brokerdealer business to an extent acceptable to the Exchange, in accordance with Rule 6(L) of the Exchange’s Dealing Membership Rules.
Source: myjoyonline