Review of the New NSE Free Float Rules

NSE Float Rules

2 January 2020 marked the commencement of the implementation of the Nigerian Stock Exchange (NSE or the Exchange) Rules Governing Free Float Requirements for Issuers Listed on the Nigerian Stock Exchange (the Free Float Rules or Rules). The operation of the Free Float Rules was delayed till 2 January 2020, following its approval by the Securities and Exchange Commission on 6 May 2019.

The Free Float Rules define the term ‘free float’ to mean the number of shares that an Issuer has outstanding and available to be traded on the Exchange. It includes all shares held by the investing public but does not include shares held directly or indirectly by promoters, directors and their close relatives, strategic investors holding five percent (5%) and above of the issued share capital; or the government.

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