NSE strengthens investor protection, upgrades whistle-blower portal, X-Whistle

The Nigerian Stock Exchange has announced the upgrade of its whistle-blowing platform, X-Whistle.

X-Whistle, first launched in 2014, is a web-based whistle-blowing portal that empowers a whistleblower – an employee, investor, compliance officer, Issuer, stockbroker or any member of the public – to report possible violations of the rules and regulations of the NSE, the securities law and fraud related to activities within the capital market.

In a statement on Tuesday, the NSE said the upgraded X-Whistle boasts an improved user interface and easier navigation to enhance user experience.

According to the NSE, some of the new features include a single repository for complaints, tips, referrals and the ability to generate detailed and varied reports with analytics for proper tracking.

Speaking on the development, the NSE Chief Executive Officer, Oscar Onyema, said, “This upgrade affirms our commitment to upholding market integrity, protecting investors and building a world-class capital market that is fully digitised.

“The X-Whistle has, therefore, been enhanced to ensure that all stakeholders are better able to sound the alarm on market violations in a quick, easy and seamless manner.

“We believe that the updates we have made to the X-Whistle will enhance market integrity and encourage accountability while improving the experience of stakeholders in our market.”

On her part, the Executive Director, Regulation Division of the NSE, Tinuade Awe, stated, “The exchange is pleased to introduce the upgraded X-Whistle to the market with robust features that will allow people with information about misconduct to come forward to report it and to provide all stakeholders with the means of expressing their concerns in a responsible and effective manner.

“In 2019 alone, the complaints, tips and referrals received have led to investors’ restitution in excess of N1.4bn. The X-Whistle will, therefore, further equip The exchange with the tools required to properly assess reports, carry out the necessary investigations and resolve issues efficiently.”

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