THE Zimbabwe Stock Exchange (ZSE) has with immediate effect provisionally suspended the membership rights of three securities dealers and one firm pending a hearing over alleged conduct.
In a notice on Wednesday, ZSE said the affected members were barred from acting as securities dealers or any other capacities that can be exercised by duly admitted members of the Zimbabwe Stock Exchange.
“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,” said ZSE.
“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.”
It noted that full details of the alleged violations have been formally communicated to the affected members.
“The provisional suspension is with immediate effect,” reads the notice. ZSE has said EFE Securities and its authorized representatives shall ensure that all trades that were executed prior to the provisional suspension are 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,” it said.