The Nigerian Stock Exchange (NSE) has upgraded its whistleblowing platform, X-Whistle to strengthen investor’s protection on the Exchange.
X-Whistle, which was first launched in 2014, is a web-based whistleblowing portal that empowers a whistle-blower, an employee, investor, compliance officer, Issuer, stockbroker or any member of the public to report possible violations of the rules and regulations of the Exchange, the securities law and fraud related to activity within the capital market.
The upgraded X-Whistle, boasts an improved user interface and easier navigation to enhance user experience. Some of the new features include a single repository for complaints, tips and referrals; and the ability to generate detailed and varied reports with analytics for proper tracking.
Speaking on the development, the CEO of NSE, Mr Oscar Onyema, noted that, “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.”
On her part, the executive director, Regulation Division, NSE, Ms 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.”
According to Awe, in 2019 alone, the complaints, tips and referrals received have led to investors’ restitution in excess of N1.4 billion. The X-Whistle will further equip the Exchange with the tools required to properly assess reports, carry out the necessary investigations and resolve issues efficiently.