Applicant Companies shall be limited liability companies with special interest in providing financial services to companies and investors. Accordingly, they must be registered with the Securities and Exchange Commission to carry on business as Issuing and/or Stockbrokerage Houses. Promoters of Applicant Company must be people of high integrity with proven expertise in the provision of Financial Services.

The Minimum Authorised and Paid Up Share Capital of an Applicant company is N100,000,000.00.

Applicant companies are required to give an undertaking to:-

(a)  establish their head offices in the area of jurisdiction of The Branch Exchange they are affiliated with, and in at least one other office in any other area governed by another branch Exchange or as may from time to time be prescribed by Council.

(b)  Pay N1,000,000.00 or such other sum as Council may from time to time prescribe towards The Nigerian Stock Exchange Investors Protection Fund.

(c)  Pay N100,000.00 or such other sum as Council may from time to time prescribe as contribution to the Trade Guarantee Fund.

Applications for Membership shall include, the following:-

(a)  Profiles of Directors and Accredited Representative.

(b)  Audited Accounts or Statement of Affairs in lieu thereof.

(c)  Any other information/document which The Exchange may deem desirable for the proper consideration of the Application.

NOTE:
Accredited Representative of an Applicant Company for purposes of dealing with The Exchange shall be:

(i)  the Chief Executive with the Executive Director as his alternate.