The Nigerian Stock Exchange (NSE) has upgraded its whistleblowing platform, X-Whistle, a development it communicated to the investing community on Tuesday.
X-Whistle which was first launched in 2014 is a web-based whistleblowing portal that empowers a whistleblower to report possible violations of the rules and regulations of The Exchange, the securities law and fraud related to activity within the capital market.
A whistleblower could be an employee, investor, compliance officer, Issuer, stockbroker or any member of the public.
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, the NSE explained in a disclosure on Tuesday.
Speaking on the development, Oscar Onyema, the chief executive officer of the NSE, noted that the upgrade affirms the bourse’s commitment to upholding market integrity, protecting investors and building a world-class capital market that is fully digitized.
“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,” he said.
On her part, Tinuade Awe, the executive director, regulation division, NSE, “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 N1.4 billion.
“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.”
The management of the NSE has restated its commitment to providing a dynamic and robust capital market regulatory regime for the benefit of all its stakeholders.
“The NSE therefore encourages all stakeholders to blow the whistle via X-Whistle in order to rid the market of infractions and misconduct,” it said on Tuesday.