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SEC probes unusual share price movement of NIFL

The Securities and Exchange Commission said it is probing unusual price movement of shares of LOLC Development Finance or NIFL and has already called for information from the CSE.

“The SEC has also observed the unusual price movement of this share and has already called for information from the CSE. The SEC too is evaluating the manner in which transactions have taken place. We are analyzing the trading patterns and behavior of investors,”the SEC said in a statement.

“We have also observed in some social media platforms that this share has been promoted. Therefore, we are presently trying to find out as to who has been involved in this process,” it added.

The Securities and Exchange Commission said if it finds any market malpractice, stern action will be taken against those who have been involved.