The Nigerian Stock Exchange (NSE), on Wednesday published proposed rules for listing of Closed Ended Funds (CEF), setting a minimum size of N3bn.
The units, the NSE proposes, shall be fully paid, free from all lien and freely transferrable, with at least 20 units holders and minimum free float of 15%.
Also, the five biggest unit holders must have no more than 50% cumulative stake, just as the board of the fund shall exclude the employees of the fund manager.
One of the board members shall also be an independent director, while each CEF shall appoint a fund manager and registrar.