As part of efforts to further improve market transparency and integrity, provide timely information for investment decisions as well as enhance the protection of investors in the capital market, The Nigerian Stock Exchange (“The Exchange” or “NSE”) will commence the use of enhanced Compliance Status Indicator (CSI) codes on the ticker tape for listed companies effective Monday, May 09, 2016.  
 
Under this initiative, the Exchange will tag all listed companies with a three character code that indicates the compliance status of the listed company at any particular point in time. This compliance code will enable investors to make informed decisions whilst ensuring a transparent market guided by timely information.
 
In all, The Exchange plans to review the codes currently existing in X-Compliance to make them more robust and informative as well as include new codes to provide investors with timely information as detailed below:
S/N CSI CODES CODE NAME CODE DESCRIPTION
1 BLS Below Listing Standard Comprises all deficiencies regarding Continuing Listing Standards.
2 MRF Missed Regulatory Filing Issuer Missed Regulatory Filing Deadline
3 DWL Delisting Watch-list These are companies that have been served with a delisting notice but the delisting process has been put on hold because they have received a stay of action from The Exchange for a defined period during which they undertake to cure the issues that led to the issuance of the delisting notice. If they fail to cure the issue within the defined period or any extension thereof, the hold on the delisting process will be lifted.
4 DIP Delisting in Progress These are companies that are in the delisting process, mandatory or voluntary.  The delisting process commences with a notice of intention to delist from The Exchange to an issuer (mandatory) or to The Exchange from an issuer (voluntary).
5 AWR Awaiting Regulatory Approval These are companies that are awaiting the approval or no objection of their primary or another government regulator before releasing their audited financial statements
6 RST  Restructuring. These are companies that are in the process of restructuring.
7 BMF Below Listing Standard and Missed Regulatory Filing Missed Regulatory Filing  and  Below Listing Standard
8 BAA Below Listing Standard  and Awaiting Regulatory Approval Below Listing Standard  and Awaiting Regulatory Approval
9 BRS Below Listing Standard and Restructuring Below Listing Standard and Restructuring
10 MRS Missed Regulatory Filing  and Restructuring Missed Regulatory Filing  and Restructuring
11 BMR Below Listing Standard,   Missed Regulatory Filing   and Restructuring Below Listing Standard,   Missed Regulatory Filing   and Restructuring
According to Ms. Tinuade Awe, General Counsel and Head of Regulation at the NSE, “the revision of the existing codes and introduction of new CSI codes complement existing compliance structures of The Exchange and it will work in tandem with the X-Compliance Report which we publish weekly on our website. This initiative of The Exchange which is in line with global best practices, is designed to maintain market integrity and protect the investors”.
 
Speaking on the development, the Executive Director, Market Operations and Technology, NSE, Mr. Ade Bajomo said, “we are implementing the CSI code to improve the quality of our market data as well as ensure transparency in providing compliance related information about listed companies. The delivery of market data and associated services is an essential building block in the Exchange’s strategy as it seeks to reach a wider audience to improve market integrity and facilitate informed investment decision making”. 
 
It will be recalled that the NSE introduced the X-Compliance Report in 2012 to ensure the investing public get access to fulsome information on a timely basis. The NSE also introduced the first ever Issuers’ Portal known as the X-Issuer in 2013. This has significantly reduced information leakage and has eliminated delays associated with the discharge of issuers’ post-listings obligations in a cost-effective and efficient manner. The Issuers’ Portal has also enhanced simultaneous disclosure of issuers’ information.