The Ghana Stock Exchange (GSE) has revoked the membership of Worldwide Securities Limited (WSL) due to multiple regulatory breaches, barring the firm from trading on the Exchange and managing client investments.
In a statement, the GSE cited WSL’s failure to renew its Broker-Dealer license with the Securities and Exchange Commission (SEC) as required under Rule 9(2)(e) of the Exchange’s Dealing Membership Rules.
The firm also defaulted on financial obligations to the Exchange, violating Rule 9(2)(b), and lacked the required personnel to operate effectively, breaching Rules 6(j) and 6(k).
Additionally, WSL did not meet the minimum activity threshold for broker-dealer operations, contravening Rule 6(L).
With its expulsion, WSL can no longer execute securities transactions, open or manage brokerage accounts, or represent itself as a GSE member.
The Exchange has advised affected clients to transfer their accounts and assets to other Licensed Dealing Members.
The GSE’s decisive action underscores its commitment to maintaining regulatory compliance and investor confidence in Ghana’s capital markets.
-citinewsroom
