The Johannesburg Stock Exchange dealt with 150 investigations in its issuer regulation division during the 2025 financial year. Of these, 106 were completed by year end while 44 remained ongoing.
The Johannesburg Stock Exchange's latest enforcement bulletin details activity by its issuer regulation division. The division handled 43 carried-over cases and started 107 new investigations in 2025. Another 19 matters were assessed before any formal probe began.
Director of issuer regulation Andre Visser addressed a media workshop this week. He stressed that listing brings ongoing obligations for companies, including timely disclosures via the Stock Exchange News Service. Visser noted the exchange's enforcement powers derive from the Financial Markets Act and are therefore limited.
Breaches included late disclosure of settlements, transactions without shareholder approval, and misrepresentations of director qualifications. The JSE issued public censures, private censures, and financial penalties capped at R7.5 million. It also referred some matters to the Financial Sector Conduct Authority and other bodies.
At the start of June, group chief executive Valdene Reddy said 263 companies were listed on the exchange with combined market capitalisation above R25.2 trillion. A study released in March by Professor Haroon Bhorat showed the JSE has recorded negative net listing rates for three decades.