In line with its aim to deal with the issues of unauthorized sale and transfer of shares by dodgy stockbroking firms and traders, the Nigerian Stock Exchange (NSE) has started the implementation of a detailed and harder rule. The new rules says that the NSE would withdraw the license of the erring stockbroking firm and trader. The firm would also pay nothing less than N1 million Read the rule below According to Rule 11.9: Unauthorized Sale or Transfer of Securities: No Dealing Member shall sell or transfer any securities without the authorization of the owner A dealing member that has sold or transferred any securities without the authorisation of the owner shall not be permitted to keep any benefits accruing from such transaction, including but not limited to bonuses, rights, commissions, cash dividends, capital appreciation, and any profit accruing therefrom whatsoever. Any dealing member that sells or transfers securities without the authorisation of the owner shall be required to buy back the securities along with any accrued benefits within 14 business days. Besides, where the unauthorised sale transaction is worth N5 million and below in value, the erring stockbroking firm will be liable to pay a fine of N1 million or three times the value of the sale or transfer, whichever is higher, and N5,000 for every day from the day on which the dealing member is required to buy back the securities by the Exchange until the day the dealing member completes buying back the shares for the owner. Where the illegal sale transaction is higher than N5 million in value or the dealing member has engaged in such unauthorised sale, or transfer of securities on a previous occasion, it shall have its dealing license withdrawn by the council of the Exchange and shall in addition be liable to pay a fine of N5 million or three times the value of the sale or transfer, whichever is higher and N5,000 for every day from the day of the sanction until the day the dealing member completes buying back the shares for the owner.