Who wants to be a NairaNaire? ™
The Stock Market Investment Fantasy Competition
Win real money by playing
with fantasy money. Invest 1
Million Naira (virtual money) and win N1,000,000 (real money) if you have the best
portfolio.
COMPETITION RULES
1. Registration - Registration for Stock Market Investment
Fantasy Competition (SMIFC)
will begin on August 1, 2008.
SMIFC
committee reserves the right to limit or turn off registrations
as it deems necessary due to resources.
2. Tracking Period – Pick your stocks before October 1, 2008 and ends at
market close on September 30, 2009.
3. Initial Cash Balance - Contestants will be given an initial cash balance of
N1,000,000 of fictitious funds in their SMIFC
account.
4. Eligible Securities - Contestants can buy any stock listed on the Nigerian
Stock Exchange (NSE). Contestants cannot trade private placements, non-listed
stocks, non-NSE mutual funds, or non-NSE bonds.
5.
Splits, Dividends and other Corporate Actions - Most stock splits, dividends, and
other corporate actions reported by the company’s, news organizations will be
accounted for as soon as possible. These
situations may cause account values to be misrepresented until the
reconciliation occurs.
6.
Trading Disruption - Halted, restricted, and blocked stocks will not be
available for trading.
7.
Discrepancies - Contestants should report any account discrepancy
within a reasonable period no more than one (1) week from the transaction date.
SMIFC committee will, at its sole discretion
investigate and adjust any legitimate discrepancy. Discrepancies reported after
one (1) week may or may not be adjusted.
8. Transaction Limits - Contestants may invest the fictional money of 1
million Naira (N1,000,000) in one or more stocks of their choosing.
Or the contestant can opt to invest the full amount over a period of
time. However, the remainder of
unspent fictional money will be treated as if it is deposited in a saving
account and derive interest on that remainder.
9.
Initial Public Offerings -Initial Public Offerings (IPOs) may be bought at the
IPO price but the price will be updated once it is listed on the NSE.
10.
Payments:
The payments will be made to the
registered names only. Names cannot
be changed or modified after a week from the date of registration.
Late registration (after October 1, 2008) though allowed, will result in
pro-rated cash prizes that will be divided by a common integer based on the
number of days after the October 1, 2008 date.
11.
Cash Prizes - are determined based on the greatest portfolio value
at COB on the date of award determination, one prize per individual, at the end
of the trading period per the following schedule:
Best Overall Contestant Prizes
|
1st Place
|
N1,000,000 (or $8,000)
|
|
2nd Place
|
N 250,000
|
|
3rd Place
|
N 50,000
|
|
4th Place
|
N 25,000
|
|
5th Place
|
N 20,000
|
|
6th Place
|
N 15,000
|
|
7th Place
|
N 10,000
|
|
8th Place
|
N 5,000
|
|
9th Place
|
N 2,500
|
|
10th Place
|
N 1,000
|
Best Monthly Contestant Prizes
|
1st Place
|
N100,000
|
|
2nd Place
|
N 25,000
|
|
3rd Place
|
N 5,000
|
|
4th Place
|
N 2,500
|
|
5th Place
|
N 2,000
|
|
6th Place
|
N 1,500
|
|
7th Place
|
N 1,000
|
|
8th Place
|
N 500
|
|
9th Place
|
N 250
|
|
10th Place
|
N 100
|
Best Weekly Contestant Prizes
|
1st Place
|
N 10,000
|
|
2nd Place
|
N 2,500
|
|
3rd Place
|
N 2,000
|
|
4th Place
|
N 1,000
|
|
5th Place
|
N 1,000
|
Note: - In order to qualify for the prizes, contestants must
have a profitable portfolio. If none of
the players have a profitable portfolio (> N1,000,000) on the last day of trade
for the period in question then only the 1st prize winner will get a
prize determined by his peers in the game and the Board.
12. Winners – Contestants positions on the leader board are
unofficial. Players listed on the leader board may not be the actual winners.
SMIFC committee conducts audits to determine weekly, monthly and
end-of-contest winners. All pricing information will be received from NSE or
other stock broking firm and SMIFC committee or its associates are not responsible for the accuracy of such data.
If SMIFC committee finds trades counter to or outside the scope of rules
SMIFC committee has final trading adjustment
authority to rectify.
13. Winner Notification -Winners will be notified by us in a commercially
reasonable timeframe, after the account audit process has concluded. Winner
acknowledges that it is his/her responsibility to ensure that his/her contact
information is valid and accurate. Winners must be over the age of 18 at the
time of entry into the contest in order to be eligible to win prizes.
SMIFC
committee may require for the very large prizes: proof of age and
identity prior to the award of those prizes. SMIFC committee accepts no responsibility for inaccurate or invalid
information submitted to us. Winners are responsible for any taxes due, as a
result of winning prizes. If a confirmation response is not received by us within
7 days, the result may be forfeiture of any prize or award as
determined by SMIFC committee at its sole discretion.
14. In the event of disputes, the
decisions of the SMIFC
committee
are final
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