The Zimbabwe Stock Exchange (ZSE) has cancelled First Securities Private Limited license from the bourse after the brokerage firm failed to fulfill membership obligations.
In a statement on yesterday, ZSE chief executive officer Justin Bgoni said the cancellation was with immediate effect.
“The Zimbabwe Stock Exchange informs members of the investing public that it has cancelled First Securities Private Limited’s membership with immediate effect.
“First Securities has failed to fulfil membership obligations as prescribed in the ZSE Membership rules,” Bgoni said.
He said the cancellation of its membership was done pursuant to the provisions of the ZSE Membership rules.
First Securities stands accused of not having any two brokers as required by the regulations and its failure to provide a plan on when it would have been compliant.