The Russian National Association of Securities Market Participants (NAUFOR) reports sixteen companies have been excluded from its membership.

Following the applications to this extent, placed by the companies themselves, North-Western Management Company based in Saint Petersburg, Con-Trust based in Kurgan, Moscow’s Absolut Bank, Moscow-based Deutsche Security, Intellect-Capital Financial Company of Kemerovo, Starfin based in Moscow, and First Czech-Russian bank based in Moscow are now no longer NAUFOR members.

Chelyabinsk-based Milcom-Invest has been excluded for not paying its membership fees.