​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​DEALING MEMBERS’ RULES AND REGULATIONS​​
​NSE Regulation
The Nigerian Stock Exchange (The NSE or The Exchange), being a self-regulatory organization maintains a body of rules to regulate admission and supervision of its Dealing Members to enforce compliance with financial and operational requirements and the continuous monitoring and surveillance of their trade operations. 

All Dealing Members of ​The Exchange are bound by The NSE's Rules and Regulations Governing Dealing Members which provide the framework for orderly exchange trading. Dealing Members and their Authorized Brokers trading on the floor of T​he Exchange are obliged to fulfill certain obligations​ that are laid down in the Rules and Regulations Governing Dealing and other rules and regulation governing the capital market. Appropriate disciplinary actions would be taken against any Dealing Member that violates the rules.​​ ​

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Name
Rules and Regulations Governing Dealing MembersRules and Regulations Governing Dealing Members.pdf
Rules and Regulations Governing Dealing Members (Amendments and Additions, Part I)Rules and Regulations Governing Dealing Members (Amendments and Additions, Part I).pdf
Rules and Regulations Governing Dealing Members (Amendments and Additions, Part II)Rules and Regulations Governing Dealing Members (Amendments and Additions, Part II).pdf
Rules and Regulations Governing Dealing Members (Amendments and Additions, Part III)Rules and Regulations Governing Dealing Members (Amendments and Additions, Part III).pdf
Rules and Regulations Governing Dealing Members (Amendments and Additions, Part IV)Rules and Regulations Governing Dealing Members (Amendments and Additions, Part IV).pdf
Rules and Regulations Governing Dealing Members (Amendments and Additions, Part V)Rules and Regulations Governing Dealing Members (Amendments and Additions, Part V).pdf
Rules and Regulations Governing Dealing Members (Amendments and Additions, Part VI)Rules and Regulations Governing Dealing Members (Amendments and Additions, Part VI).pdf
Rules and Regulations Governing Dealing Members (Amendments and Additions Part VII) - Par Value RuleRules and Regulations Governing Dealing Members (Amendments and Additions Part VII) - Par Value Rule.pdf
Penalties for Breaches of the Rules Governing Dealing MembersPenalties for Breaches of the Rules Governing Dealing Members.pdf
Rules for Registration as a Dealing Member of The Nigerian Stock ExchangeRules for Registration as a Dealing Member of The Nigerian Stock Exchange.pdf
Rules Governing Compliance Officers of Dealing Member FirmsRules Governing Compliance Officers of Dealing Member Firms.pdf
Trading Halts Due to Extraordinary Market Volatility (Index Circuit Breakers Rule) 2014Trading Halts Due to Extraordinary Market Volatility (Index Circuit Breakers Rule) 2014.pdf
SEC's Market Makers RulesSEC's Market Makers Rules.pdf
Market Making Rules of the NSE Nigerian Stock ExchangeMarket Making Rules of the NSE Nigerian Stock Exchange.pdf
Securities Lending GuidelinesSecurities Lending Guidelines.pdf
Short Selling RulesShort Selling Rules.pdf
The NSE Guidelines for Supplemental Market MakerThe NSE Guidelines for Supplemental Market Maker.pdf
Guidelines for Designated Advisers for Companies Listed on ASeMGuidelines for Designated Advisers for Companies Listed on ASeM.pdf
Investor Protection Fund RulesInvestor Protection Fund Rules.pdf
Operational Guidelines for Market Makers in Retail Bonds TradingOperational Guidelines for Market Makers in Retail Bonds Trading.pdf
Sponsored Access RulesSponsored Access Rules.pdf
Guidelines for the Establishment and Maintenance of Representative OfficesGuidelines for the Establishment and Maintenance of Representative Offices.pdf
Guidelines for Dealing with Sub-BrokersGuidelines for Dealing with Sub-Brokers.pdf
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Name
Trading Halts Due to Extraordinary Market Volatility (Index Circuit Breakers Rule)
Open Menu
Trading Halts Due to Extraordinary Market Volatility (Index Circuit Breakers Rule).pdf
Amendments to the Designated Adviser Guidelines
Open Menu
Amendments to the Designated Adviser Guidelines.pdf
Amendments to Dealing Members' Rules (Part VIII)
Open Menu
Amendments to Dealing Members' Rules (Part VIII).pdf
Rules Governing the Inclusion of Retail Participants in Securities Lending
Open Menu
Rules Governing the Inclusion of Retail Participants in Securities Lending.pdf
Amendments to Dealing Members Rules (Part XIIIA) - Block Divestments and Large Volume Trades
Open Menu
Amendments to Dealing Members Rules (Part XIIIA) - Block Divestments and Large Volume Trades.pdf
Rules on Order Handling and Best Execution
Open Menu
Rules on Order Handling and Best Execution.pdf
Amendments to Dealing Members Rules (Part IX)
Open Menu
Amendments to Dealing Members Rules (Part IX).pdf
Amendments to Dealing Members Rules (Part X)
Open Menu
Amendments to Dealing Members Rules (Part X).pdf
Amendments to the Investors Protection Fund Rules
Open Menu
Amendments to the Investors Protection Fund Rules.pdf
Amendments to the Rules for Registration as a Dealing Member of The Exchange
Open Menu
Amendments to the Rules for Registration as a Dealing Member of The Exchange.pdf
Amendments to Dealing Members Rules (Part XI) - Pricing Methodology
Open Menu
Amendments to Dealing Members Rules (Part XI) - Pricing Methodology.pdf
Amendments to the Securities Lending Guidelines and GMSLA
Open Menu
Amendments to the Securities Lending Guidelines and GMSLA.pdf
Disciplinary Procedure for Dealing Members of The Exchange - Breaches To Be Treated Administratively
Open Menu
Disciplinary Procedure for Dealing Members of The Exchange - Breaches To Be Treated Administratively.pdf
Amendments to Dealing Members Rules (Part XIIB) - Financial NonFinancial Reports to The Exchange
Open Menu
Amendments to Dealing Members Rules (Part XIIB) - Financial NonFinancial Reports to The Exchange.pdf
Amendments to Dealing Members Rules (Part XVI) - Chapter 3 Trading and Exchange Operations - Market Structure
Open Menu
Amendments to Dealing Members Rules (Part XVI) - Chapter 3 Trading and Exchange Operations - Market Structure.pdf
Amendments to Dealing Members Rules Part XII
Open Menu
Amendments to Dealing Members Rules Part XII.pdf
Amendments to Dealing Members Rules Part XVA - Prohibition of Business Relationship Based on Guarantee
Open Menu
Amendments to Dealing Members Rules Part XVA - Prohibition of Business Relationship Based on Guarantee.pdf
Amendments to the Investor Protection Fund (IPF) Rules - SEC Approved 5 December 2018 (2)
Open Menu
Amendments to the Investor Protection Fund (IPF) Rules - SEC Approved 5 December 2018 (2).pdf
Amendments to Dealing Members Rules (Part XVB) - Rules on Securities Transactions
Open Menu
Amendments to Dealing Members Rules (Part XVB) - Rules on Securities Transactions.pdf
Amendments to Dealing Members Rules (Part IX) - Online Trading Portal Rules - SEC Approved August 2019
Open Menu
Amendments to Dealing Members Rules (Part IX) - Online Trading Portal Rules - SEC Approved August 2019.pdf
Rulebook of The Nigerian Stock Exchange Derivatives Market - SEC Approved August 2019
Open Menu
Rulebook of The Nigerian Stock Exchange Derivatives Market - SEC Approved August 2019.pdf
Amendments to Dealing Members Rule (Part XVII) - Dealing Member to Sponsor Application for Quotation
Open Menu
Amendments to Dealing Members Rule (Part XVII) - Dealing Member to Sponsor Application for Quotation.pdf
Amendments to Dealing Members Rule 19.10 Sanctions - SEC Approved November 2019
Open Menu
Amendments to Dealing Members Rule 19.10 Sanctions - SEC Approved November 2019.pdf
Amendments to Dealing Members' Rules (Part XIV) - Rules on Custodial Accounts for Minors - SEC Approved - November 2019
Open Menu
Amendments to Dealing Members' Rules (Part XIV) - Rules on Custodial Accounts for Minors - SEC Approved - November 2019.pdf
Disciplinary Procedure of The Nigerian Stock Exchange - SEC Approved - November 2019
Open Menu
Disciplinary Procedure of The Nigerian Stock Exchange - SEC Approved - November 2019.pdf
Rules on Placing of Caution on Accounts - SEC Approved - November 2019
Open Menu
Rules on Placing of Caution on Accounts - SEC Approved - November 2019.pdf
Amendments to Dealing Members Rules Part XIIIB - SEC Approved - March 2020
Open Menu
Amendments to Dealing Members Rules Part XIIIB - SEC Approved - March 2020.pdf
Amendments to NSE Dealing Members Rules - Part XVIII - SEC Approved - 5 March 2021
Open Menu
Amendments to NSE Dealing Members Rules - Part XVIII - SEC Approved - 5 March 2021.pdf
Amendments to NSE Dealing Members Rules Chapter 8 Market Making - SEC Approved - 9 March 2021
Open Menu
Amendments to NSE Dealing Members Rules Chapter 8 Market Making - SEC Approved - 9 March 2021.pdf
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Name
Code of Conduct for Approved PersonsCode of Conduct for Approved Persons.pdf
Proposed Amendments to Rule 11.1 Know Your Client - Dealing Member Rules - Part XIX - March 2020Proposed Amendments to Rule 11.1 Know Your Client - Dealing Member Rules - Part XIX - March 2020.pdf
Exposure Draft - Proposed Rules for Broker to Fintech Collaborations - July 2020Exposure Draft - Proposed Rules for Broker to Fintech Collaborations - July 2020.pdf
Exposure Draft- Proposed Rules on Outsourcing of Functions and Shared Services in Dealing Member Firms - July 2020Exposure Draft- Proposed Rules on Outsourcing of Functions and Shared Services in Dealing Member Firms - July 2020.pdf
Proposed Rules for Fixed Income Specialists on The Exchange - February 2021Proposed Rules for Fixed Income Specialists on The Exchange - February 2021.pdf
Proposed Amendments to Dealing Members Rule 10.3 Chief Compliance Officer - February 2021Proposed Amendments to Dealing Members Rule 10.3 Chief Compliance Officer - February 2021.pdf
Proposed Cybersecurity Framework and Rules For Dealing Member Firms - February 2021Proposed Cybersecurity Framework and Rules For Dealing Member Firms - February 2021.pdf
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Name
Circular- Insurance for Trading License Holders of the Nigerian ExchangeCircular- Insurance for Trading License Holders of the Nigerian Exchange.pdf
Circular on Custodial Account for MinorsCircular on Custodial Account for Minors.pdf
CIRCULAR ON DISCIPLINARY ACTIONS AGAINST APPROVED PERSONS OF THE EXCHANGECIRCULAR ON DISCIPLINARY ACTIONS AGAINST APPROVED PERSONS OF THE EXCHANGE.pdf
Circular on Dealing Members Insider Disclosure ObligationsCircular on Dealing Members Insider Disclosure Obligations.pdf
Circular - Administration of Stamp Duty on Securities TransactionsCircular - Administration of Stamp Duty on Securities Transactions.pdf
Second Circular on the Reporting of the Nigerian Code of Corporate GovernanceSecond Circular on the Reporting of the Nigerian Code of Corporate Governance.pdf
Complaints Management During The COVID-19 PandemicComplaints Management During The COVID-19 Pandemic.pdf
Circular to Dealing Member Firms (DMFs) on Cyber Security BCP and FraudCircular to Dealing Member Firms (DMFs) on Cyber Security BCP and Fraud.pdf
Circular to Dealing Member Firms (DMFs) on the Coronavirus DiseaseCircular to Dealing Member Firms (DMFs) on the Coronavirus Disease.pdf
EXTENSION OF TIME TO SUBMIT AUDITED FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019EXTENSION OF TIME TO SUBMIT AUDITED FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019.pdf
Circular on the Minimum Requirements for The NSE Authorized Dealing ClerkCircular on the Minimum Requirements for The NSE Authorized Dealing Clerk.pdf
Circular on Trading by Unauthorized Persons and Prohibition of Sharing Access Log-in DetailsCircular on Trading by Unauthorized Persons and Prohibition of Sharing Access Log-in Details.pdf
Circular on Implementation of the Finance Act 2019Circular on Implementation of the Finance Act 2019.pdf
Circular on Disclosure obligations of Dealing Members to The ExchangeCircular on Disclosure obligations of Dealing Members to The Exchange.pdf
Circular on Insurance Policy for Dealing Member FirmsCircular on Insurance Policy for Dealing Member Firms.pdf
CIRCULAR- CREATION OF CORPORATE E-MAIL ACCOUNTSCIRCULAR- CREATION OF CORPORATE E-MAIL ACCOUNTS.PDF
CIRCULAR ON THE PROHIBITION OF CIRCULATION OF FALSE INFORMATIONCIRCULAR ON THE PROHIBITION OF CIRCULATION OF FALSE INFORMATION.pdf
Circular on Disciplinary Actions against Dealing Member Firms - 17 May 2019Circular on Disciplinary Actions against Dealing Member Firms - 17 May 2019.pdf
Circular on Disciplinary Actions against Dealing Member FirmsCircular on Disciplinary Actions against Dealing Member Firms.pdf
CIRCULAR ON THE HARMONIZATION OF REPORTING TIMELINESCIRCULAR ON THE HARMONIZATION OF REPORTING TIMELINES.PDF
Disciplinary Action against a Dealing Member Firm of the ExchangeDisciplinary Action against a Dealing Member Firm of the Exchange.pdf
Circular on Disciplinary Actions Against Approved Persons of The Exchange - 28 March 2018Circular on Disciplinary Actions Against Approved Persons of The Exchange - 28 March 2018.pdf
Circular on Disciplinary Action Against a Dealing Member Firm of the Exchange - 6 December 2017Circular on Disciplinary Action Against a Dealing Member Firm of the Exchange - 6 December 2017.pdf
Circular on Unfunded Accounts and Personal Account DealingCircular on Unfunded Accounts and Personal Account Dealing.pdf
Circular on Disciplinary Actions Against a Dealing Member Firm and an Authorized Dealing Clerk- 31 JULY 2017Circular on Disciplinary Actions Against a Dealing Member Firm and an Authorized Dealing Clerk- 31 JULY 2017.pdf
Circular on the Prohibition of Collection Centres - 6 April 2017Circular on the Prohibition of Collection Centres - 6 April 2017.pdf
Circular on Disciplinary Actions against Dealing Member Firms of the Exchange - 3 April 2017Circular on Disciplinary Actions against Dealing Member Firms of the Exchange - 3 April 2017.pdf
Circular on Disclosure Obligation of Dealing MembersCircular on Disclosure Obligation of Dealing Members.pdf
Circular on the Prohibition of Guaranteed InvestmentCircular on the Prohibition of Guaranteed Investment.pdf
Circular on Reporting of Fraudulent TransactionsCircular on Reporting of Fraudulent Transactions.pdf
Circular on FRC National Code of Corporate Governance 2016Circular on FRC National Code of Corporate Governance 2016.pdf
Disciplinary Procedure - Notification of Minor Rule Breaches and Invitation for Comments - August 2016Disciplinary Procedure - Notification of Minor Rule Breaches and Invitation for Comments - August 2016.pdf
Circular on Disciplinary Actions against Authorized Dealing Clerks of the Exchange - 21 April 2016Circular on Disciplinary Actions against Authorized Dealing Clerks of the Exchange - 21 April 2016.pdf
Update on the Technology Palliatives to Dealing MembersUpdate on the Technology Palliatives to Dealing Members.pdf
Circular on Disciplinary Actions against Authorized Dealing Clerks of the ExchangeCircular on Disciplinary Actions against Authorized Dealing Clerks of the Exchange.pdf
Update on Support to Dealing Members on the implementation of the Minimum Operating StandardsUpdate on Support to Dealing Members on the implementation of the Minimum Operating Standards.pdf
Implementation of the Minimum Operating Standards (MOS) – Follow-up InspectionsImplementation of the Minimum Operating Standards (MOS) – Follow-up Inspections.pdf
Circular on Suspension of the Use of the X-Gen Whole or None (Won) Functionality - 14 DECEMBER 2015Circular on Suspension of the Use of the X-Gen Whole or None (Won) Functionality - 14 DECEMBER 2015.pdf
Procedure for Reclassification of Broker Dealer to Broker or Dealer or Sub-Broker - 18 December 2015Procedure for Reclassification of Broker Dealer to Broker or Dealer or Sub-Broker - 18 December 2015.pdf
Procedure for Reclassification of Registered FunctionsProcedure for Reclassification of Registered Functions.pdf
Circular on Specific Actions Requiring the Prior Approval of the ExchangeCircular on Specific Actions Requiring the Prior Approval of the Exchange.pdf
Disciplinary Actions on Dealing Member Firms and Authorized Clerk - 5 October 2015Disciplinary Actions on Dealing Member Firms and Authorized Clerk - 5 October 2015.pdf
Notification of DM Classification StatusNotification of DM Classification Status.pdf
Submission of Bank Statements to The Exchange - 26 June 2015Submission of Bank Statements to The Exchange - 26 June 2015.pdf
Circular on Compliance with The SEC Complaints Management Framework -16 June 2015Circular on Compliance with The SEC Complaints Management Framework -16 June 2015.pdf
Circular on Online Trading - June 1 2015Circular on Online Trading - June 1 2015.pdf
CIRCULAR ON WEB USAGE - 28 May 2015CIRCULAR ON WEB USAGE - 28 May 2015.pdf
Transfer of Accounts from Inactive to Active Firms - May 23, 2015Transfer of Accounts from Inactive to Active Firms - May 23, 2015.pdf
Circular on Business Combinations for Dealing Member FirmsCircular on Business Combinations for Dealing Member Firms.pdf
Trading by Unauthorized Persons and Prohibition of Sharing Access Log-in details and PasswordsTrading by Unauthorized Persons and Prohibition of Sharing Access Log-in details and Passwords.pdf
Implementation Of The NSE’s Minimum Operating Standard Requirements - 4 March 2015Implementation Of The NSE’s Minimum Operating Standard Requirements - 4 March 2015.pdf
Trading without Authorized Dealing Clerk - 4 March 2015Trading without Authorized Dealing Clerk - 4 March 2015.pdf
Rules on Naked Short Selling for all Dealing Members - 12 February 2015Rules on Naked Short Selling for all Dealing Members - 12 February 2015.pdf
Rules on Naked Short Selling for all Dealing MembersRules on Naked Short Selling for all Dealing Members.pdf
Implementation Of The NSE’s Minimum Operating Standard RequirementsImplementation Of The NSE’s Minimum Operating Standard Requirements.pdf
Circular on Pre - Open Orders - November 14, 2014Circular on Pre - Open Orders - November 14, 2014.pdf
Circular on Execution of Client Mandates - November 13, 2014Circular on Execution of Client Mandates - November 13, 2014.pdf
Circular on Disciplinary Actions on Dealing Member Firms - November 3, 2014Circular on Disciplinary Actions on Dealing Member Firms - November 3, 2014.pdf
Circular on Recognition of Experts - October 30, 2014Circular on Recognition of Experts - October 30, 2014.pdf
Circular on Classification of FPI Requirement - July 26, 2014Circular on Classification of FPI Requirement - July 26, 2014.pdf
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