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Tuesday, 07 September 2010
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Mandate of the Authority
The Capital Markets Authority is established by an Act of Parliament to promote, regulate and facilitate the development of an orderly, fair and efficient Capital Markets in Kenya.
 
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Stakeholder’s workshop on the demutualization of NSE

20 November 2009.
The Demutualization Steering Committee (DSC) for the Nairobi Stock Exchange demutualization process has invited Capital Markets Stakeholders to a workshop on the same on Tuesday 24th November 2009 at the Sarova Stanley from 8.30am in Nairobi. 

The objective of the workshop is to sensitize stakeholders on the demutualization of the Nairobi Stock Exchange and build consensus on the benefits of demutualizing the Exchange, key among them being restoration of investor confidence in the capital markets. The workshop is also intended to create a forum for the stakeholders to exchange views on the details of the demutualization project. The demutualization process seeks to reform the ownership and improve the governance structures of the NSE to make it more attractive to investors and issuers.

The DSC has membership is from various relevant sectors, comprising of; the Capital Markets Authority Chief Executive Mrs. Stella Kilonzo as the Chairperson; Chief Executive of the Nairobi Stock Exchange Mr. Peter Mwangi as the Vice Chair; representations from Ministry of Finance, the Attorney General’s office, and Central Bank of Kenya. Also on board are; Mr. Davinder Sikand who is an Investment Expert, and Mr. George Oraro who is a Legal Expert,

‘We have already prepared a draft Demutualization Bill and through the Ministry of Finance, a Cabinet Memorandum will be  presented  to the cabinet and upon Cabinet approval,  the Bill will be printed and presented to  Parliament for their consideration’; said the Chairperson of the DSC Mrs. Stella Kilonzo.

This workshop will be officially opened by the Deputy Prime Minister & Minister for Finance Hon. Uhuru Kenyatta.   The forum will be addressed by, among other resource persons, the demutualization project consultant Mr. John Carson from Canada under the sponsorship of the Financial and Legal Sector Technical Assistance Programme (FLSTAP). Invitees expected to attend include members of Kenya Association of Stockbrokers and Investment Banks, Association of Fund Managers, representatives of the Government, Listed companies, other financial regulators, legal and financial experts, the Capital Markets Authority (CMA), the Nairobi Stock Exchange (NSE), the Central Depository and Settlement Corporation (CDSC), and capital markets representatives from the East African Community, amongst others.

The workshop is by invitation and these have already been sent to all the targeted stakeholders. 

 
Highlights
AUTHORITY APPROVES A BONUS ISSUE BY JUBILEE HOLDINGS LIMITED.

The Capital Markets Authority (CMA) has granted approval toJubilee Holdings Ltd for the issue of bonus shares in the ratio of one (1) new ordinary share for every ten (10) ordinary shares held as at close of business on June 14, 2010, and their subsequent listing  on the Main Investment Market Segment of the Nairobi Stock Exchange. This will result in an additional 4,500,000 ordinary shares of a par value of Kshs. 5.00 each to the shareholders of Jubilee Holdings Limited.

 “In approving the bonus issue and listing of the additional shares, the Authority has considered the application by Jubilee Holdings Ltd and is satisfied that it meets the requirements of the Capital Markets Act 485(A) and Regulations issued there under.” Said CMA Chief Executive, Mrs. Stella Kilonzo.  

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Appointment Of Transaction Advisers
The Capital Markets Authority wishes to draw the attention of all licensees and members of the public to the provision of Regulation 5A of the Capital Markets (Public Offer, Disclosure and Listing) Regulations 2002 which came into effect on June 11, 2009 and which provides as follows:
  • Any company proposing to offer its securities to the public or a section of the public shall appoint a transaction adviser.
  • A transaction adviser appointed under paragraph (1) shall be responsible for ensuring that the offer of securities is made in accordance with the Act and regulations issued thereunder.
  • A person shall not be eligible for appointment as a transaction advisor unless such a person is licensed as an investment bank or is approved by the Authority to act as a transaction advisor for the particular offer of securities.
In accordance with this provision, ALL issuers of securities to the public are required to appoint a Transaction Adviser that is licensed as an Investment Bank or in the alternative, prior to appointing a transaction adviser that is not a licensed Investment Bank, to seek the Authority’s approval of such a person.

Kindly note that that save for Investment Banks, all persons seeking to act as transaction advisers shall be required to seek prior approval from the Authority before they are considered eligible to act as a transaction advisers.

The Authority may consider the appointment of a joint team of transaction advisers provided that the same comprises a licensed Investment Bank.
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Renewal Of Capital Market Licences For The Year 2010

The attention of the Capital Markets Authority has been drawn to an erroneous report that appeared on the Tuesday May 11th 2010  Standard Newspaper’s , Financial Journal section, Page 9 titled ‘Will CMA renew brokers licences?’.


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CAUTIONARY STATEMENT

The public are advised to be wary of and to avoid giving money to companies that hold themselves out as carrying on the business of Investment Advisers or any other licensed activity without holding valid licenses issued under the Capital Markets Act.

The public should note that the Capital Markets Act (Cap 485A) and regulations prohibit any company from carrying on the business of a licensed person without the requisite licence.  A list of all persons holding a license from the Authority is available on the website of the Authority (www.cma.or.ke) and investors should not hesitate to contact the Authority for any clarifications on the same.

The Authority shall take appropriate action against any unlicensed persons that carry on or hold themselves out as carrying on the business of a licensed person. In this regard the Authority specifically warns the public over any dealings with the following entities:

1.    Caribbean Stocks
2.    Caribbean Solutions Finders Limited
3.    Orgacilla Merchants

We would like to take this opportunity to request the public to provide the Authority with any information on any such unlicensed persons to enable us to take action in the interest of investors.

Investors with queries or complaints may also contact the Capital Markets Fraud Investigation Unit on  0714 693414, 0714693365, 0731544389, 0733199622 or by email on This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

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The CMA Fraud Investigation Unit (CMFIU) arrests an Investment Advisor

The Capital Markets Authority (CMA) Fraud Investigation Unit (CMFIU) investigations has led to the arrest of an investment advisor licensed by CMA. The accused, Mr. David Chege Mworia is a Director of Prudential Capital Ltd which is an investment advisory firm licensed by the Authority. He was a former employee of Ngenye Kariuki and Company Ltd currently under Statutory Management.
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