Vusumuzi Dube
Judith Phiri, Business Reporter
THE Zimbabwe Stock Exchange (ZSE) has suspended the membership rights of an entity and three individuals from acting as securities dealers pending a hearing into their alleged conduct that was disadvantageous to the integrity of the market.
The suspended being EFE Securities (Private) Limited, Mr Edgeton Tsanga, Ms Brenda Mwaturura and Ms Coreen Madanha.
In a statement, ZSE chief executive officer (CEO), Mr Justin Bgoni said the provisional suspension was with immediate effect.
“Notice is hereby given to the investing public, securities intermediaries and all other stakeholders that the Zimbabwe Stock Exchange Limited (ZSE) has provisionally suspended the membership rights of EFE Securities (Private) Limited, Mr Edgeton Tsanga, Ms Brenda Mwaturura and Ms Coreen Madanha.
“The effect thereof is that the affected members are barred from acting as securities dealers or any other capacities that can be exercised by duly admitted members of the Zimbabwe Stock Exchange pending a hearing into their alleged conduct that was detrimental to the integrity of the market,” said Mr Bgoni.
He said the full details of the alleged violations have been formally communicated to the affected members.
Mr Bgoni said EFE Securities and its authorised representatives shall ensure that all trades that were executed prior to this provisional suspension were cleared and settled in accordance with the rules of the exchange and the relevant central securities depositories.
“The market will be duly notified of any further developments regarding this matter in due course.”
ZSE, is a licensed securities exchange in terms of the Securities and Exchange Act (24:25), with a core mandate to facilitate long term capital raising through listing of securities as well as offering secondary market securities trading and issuer regulation services.
Bongani Ndlovu