The Ghana Stock Exchange (GSE) has officially expelled Worldwide Securities Limited (WSL) from its membership due to multiple regulatory breaches, effectively barring the firm from trading on the exchange and managing client investments.
In a statement, the GSE outlined several infractions committed by WSL, including the firm’s failure to renew its Broker-Dealer license with the Securities and Exchange Commission (SEC), as mandated by Rule 9(2)(e) of the Exchange’s Dealing Membership Rules.
WSL was also found to have defaulted on financial obligations to the Exchange, violating Rule 9(2)(b). Furthermore, the firm lacked the necessary personnel to operate effectively, breaching Rules 6(j) and 6(k), and failed to meet the minimum activity threshold required for broker-dealer operations under Rule 6(L).
With its expulsion, WSL is prohibited from executing securities transactions, managing brokerage accounts, or representing itself as a GSE member. The Exchange has urged affected clients to transfer their accounts and assets to other Licensed Dealing Members to ensure continued access to financial services.
The GSE emphasized that this decisive action reflects its commitment to upholding regulatory compliance and protecting investor confidence in Ghana’s capital markets.