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  • Quarterly Statistical Bulletin

    A quarterly publication of the Capital Markets Authority

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  • competitive
    A proactive regulator of competitive and robust capital markets
  • Developing Kenya
    Developing Kenya's capital markets to be an investment destination of choice through facilitative regulation and innovation.
  • facilitative policy
    Establishing a robust, facilitative policy, legal and regulatory framework for capital markets development
  • Promoting investor education
    Promoting investor education, awareness and interest in the capital markets
  • Strengthening institutional
    Strengthening institutional capacity to effectively and efficiently deliver on its mandate

Latest News Enhanced

  • Wed 01 Mar 2017

    ASSISTANT MANAGER PROCUREMENT - REF: DCS /AMP/01/ 2017 –CONTRACT

      POSITIONS ANNOUNCEMENT- CMA WEBSITE   The Capital Markets Authority is a statutory agency charged with the responsibility of regulating and developing an efficient capital market in Kenya. The Authority invites applications from dynamic, goal-oriented, high performers, with strong problem-solving skills, for the following positions:  ASSISTANT MANAGER PROCUREMENT - REF: DCS /AMP/01/ 2017 –CONTRACT   Reporting to the Director Corporate Services, the Assistant Manager Procurement will be responsible for the Management of the supply chain function at the Authority, coordinating all procurement and disposal activities thereof and coordinating the internal monitoring and evaluation of the supply chain function.   Key Duties & Responsibilities:   ·         Lead and manage the procurement function while ensuring governance and compliance with the public procurement regulations. ·         Develop, facilitate, implement, monitor & review of procurement plans. ·         Develop and streamline the procurement function in line with and in compliance to the Public Procurement Act 2005, its revisions, regulations and Government policy. ·         Develop, review, facilitate and implement management initiatives for cost reduction plans. ·         Perform secretarial role to the relevant Committees. ·         Coordinate the preparation of tenders for advertisement, opening and evaluation. ·         Recommend a negotiating team for appointment by the Accounting Officer where negotiations are allowed by the Act and Regulations participate in such negotiations and liaise with respective directorates in contract management thereof. ·         Monitor contract management by user departments to ensure implementation of contracts in accordance with the terms and conditions of the contracts. ·         Advise the Authority on aggregation of procurement to promote economies of scale. ·         Prepare and submit to the PPRA quarterly procurement reports as required. ·         Coordinate preparation of the Authority’s Annual Procurement Plans. ·         Provide information, as required for any petition or investigation to debar a Tenderer or any investigation under review procedures. ·         Liaise with PPRA and other bodies on matters related to procurement. ·         Advise directorates and staff on all matters to do with procurement of goods and services in line with the provisions of the Procurement Act and the Regulations. ·         Monitor and manage performance by implementing the Authority performance management system ·         Delegate and empower the department’s employees to perform. ·         Ensure a productive and motivated team through participative management and ongoing, open communication. ·         Adhere to required Authority and legislative procurement practices, polices and processes. ·         Identify development requirements of staff and assist them in meeting their training, coaching and mentoring requirements. ·         Draft staff work plans and ensure their implementation.   Minimum Requirements ·         A Degree in  Supplies Management or any other relevant degree ·         A post graduate diploma in Supplies Management ·         Membership to relevant professional body   Experience: Minimum of six (6) years relevant work experience   Key skills, Knowledge & Competencies ·         Knowledge of the Public Procurement Act and Regulations. ·         High level of attention to detail. ·         High integrity. ·         Good analytical skills. ·         Report writing skills. ·         Effective interpersonal skills. ·         Materials management skills. ·         Negotiation skills. ·         Record keeping skills. ·         Customer relations ·         Computer skills. Terms of Employment This is a Two -Year Contract with attractive remuneration and benefits renewable at the option of the Authority   If you meet the above requirements, please log into http://portal.cma.or.ke/erecruitment and follow the steps to submit an online application. Applications should be received on or before March 10, 2017 Only shortlisted candidates will be contacted for interviews. “Capital Markets Authority is an Equal Opportunity Employer. Persons with disabilities are encouraged to apply”.      
  • Thu 23 Feb 2017

    Premiere Capital Markets Soundness Report - Volume I

    Premiere Capital Markets Soundness Report - Volume I
  • Fri 17 Feb 2017

    CS. Hellen Kwamboka Ombati

    CS. Hellen K. Ombati CS. H. K Ombati is a holder of a Masters of Business Administration (MBA) in Strategic Management from the Catholic University of Eastern Africa and a Bachelor of Laws (LLB) from the University of Nairobi. She is a Certified Public Secretary and a member of the Institute of Certified Secretaries of Kenya (ISPCK), CS. H .K .Ombati is an advocate of the High Court of Kenya and a member of the Law Society of Kenya as well as the Chartered Institute of Arbitrators - UK and the Kenya Institute of Supply Management. She also holds a Diploma in French from Alliance Française - Paris. She joined the Capital Markets Authority (CMA) in May 2016 as the Head Legal Affairs and Corporation Secretary. Prior to joining the CMA, she served as the Manager Legal Services & Board Coordination at the Kenya Revenue Authority. CS. H.K Ombati has been involved in conveyancing practice, preparation of contracts and legal Agreements, Commercial Law as well as company secretarial work. She has also participated in civil society where she was engaged in civil litigation and prosecution of criminal cases at FIDA Kenya. She has also worked as a State Counsel at the Attorney General’s Chambers. Currently, she is practicing Securities and financial services law as well as commercial law.
  • Fri 17 Feb 2017

    Press Release: CMA approves listing of first Exchange Traded Fund in Kenya

    CMA approves listing of first Exchange Traded Fund in Kenya Nairobi February 17, 2017…The Capital Markets Authority (CMA) has granted approval for the listing of the first Exchange Traded Fund (ETF) in Kenya, to be issued by NewGold Issuer (RF) Limited. NewGold Issuer (RF) Limited, a company incorporated in South Africa. NewGold Issuer (RF) Limited will issue and list 400,000 Gold Bullion Debentures as a secondary listing on the Nairobi Securities Exchange (NSE) main investment market segment. The value of NewGold ETF tracks the price of gold. The listing price of the ETF will be determined on the listing date based on the real time cash market values of the gold price and the real time price of the Kenya Shilling. ETFs are a type of listed open-ended index or unit instrument bought or sold on a securities exchange. The index or unit may be composed of ordinary stocks, bonds, commodities, futures or a combination of real assets with the objective of allowing for exposure to a portfolio of securities, assets or indices whose price movement is in tandem with the price movement of the constituent underlying securities or commodities. An ETF can be a domestic or offshore product. The Authority developed Policy Guidance Notes in September 2015 to operationalize the trading of ETFs in Kenya. The Capital Market Master Plan prioritizes regional and international investment as one of the areas of focus. ETFs provide an opportunity for investors to diversify their investment portfolios to access international products. “This is a critical milestone in positioning Kenya as a gateway for regional and international capital flows by developing creative products that promote investor confidence in regional products. This is a step toward Kenya becoming a choice investment destination”, said CMA Chief Executive Mr. Paul Muthaura. The Authority observed that the Supplemental Prospectus of NewGold Issuer (RF) Limited makes adequate disclosure of material information in accordance with the requirements of the Capital Markets Act and the Exchange Traded Funds Policy Guidance Note, 2015 to enable investors make an informed decision on the issue. NewGold Issuer (RF) Limited, a wholly-owned subsidiary of NewGold Owner Trust, was primarily listed on ETF sector of the Johannesburg Stock Exchange in 2004. Other secondary listings of the ETF have been on the Botswana Stock Exchange, Stock Exchange of Mauritius, Namibia Stock Exchange and Ghana Stock Exchange (2012). The NewGold Gold Bullion Debentures issued subsequent to the secondary listing on the NSE will rank equally with each other and with all other Gold Bullion Debentures already in issue, prior to the NSE listing. NewGold Issuer (RF) Limited uses proceeds from the Issue to acquire Gold Bullion. Gold Bullion held by NewGold are physical unwrought gold in the form of London Good Delivery Bars. ENDS BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Head of Corporate Communications on amwangi@cma.or.ke
  • Thu 02 Feb 2017

    IFC and Capital Markets Authority Kenya Build Capacity for 200 Directors of Listed Companies and Issuers

    In Nairobi                                                                                                                            In NairobiNeha Sud                                                                                                                            Antony MwangiPhone: +254-20-293-7403                                                                                                     Phone: :+254-20-226-4204E-mail: NSud@ifc.org                                                                                                           E-mail: Amwangi@cma.or.ke   In Washington, D.C.Loty SalazarPhone:1-202-458-2559E-mail: lsalazar@worldbank.org   Nairobi, Kenya, February 2, 2017 — International Finance Corporation (IFC), a member of the World Bank Group, and Capital Markets Authority (CMA) have kicked off the second phase of the capacity https://www.acheterviagrafr24.com/viagra-online/ building program for directors of listed companies and issuers focusing on the Code of Corporate Governance Practices for Issuers of Securities to the Public, 2015 (Corporate Governance Code). The capacity building program seeks to raise awareness on the requirements of the Corporate Governance Code among listed companies and issuers in order to enhance its application beginning March 2017. The program will see 200 directors sensitized over a four-day period from 2 – 7 February 2017. “Since we entered into the agreement with IFC in November 2016, we have observed overwhelming interest from issuers on the Corporate Governance Code. The first Corporate Governance Code Master class held in November 2016 attracted 80 CEOs, CFOs and CSs from listed companies and we are glad to see strong levels of interest from board members for the current round,” CMA Chief Executive, Paul Muthaura noted. The Authority noted that each of the two sessions of the Corporate Governance Master Class will take place over two days. The Corporate Governance Master Class is structured to cover specific Corporate Governance Code related topics such as board effectiveness, rights of shareholders, ethics and social responsibility, risk management and internal control, and disclosure, in order to empower board members to improve their company’s Corporate Governance practices and strengthen the functioning of their boards and control environments. “These capacity building programs are expected to strengthen corporate governance among issuers in the capital markets and as a result enhance investor confidence. This strengthening of governance practices is fundamental for issuers to succeed in mobilizing resources from the capital markets locally and globally, as well as to facilitate development and the achievement of ambitious plans outlined in the Vision 2030 and Capital Market Master Plan”, said Mr. Muthaura. ‘’Companies that practice good corporate governance tend to carry lower risk and generate higher returns for shareholders. They also have demonstrated better performance, and can secure cheaper capital and lower regulatory costs”, said Oumar Seydi, IFC Director for East and South Africa. The IFC in conjunction with the CMA has subsequently developed a corporate governance reporting framework which includes guidelines for reporting and a reporting template. The reporting framework will aid listed companies, issuers and governance auditors to structure compliance statements to reduce regulatory burden and ensure that shareholders and stakeholders are able to rapidly understand an issuer’s degree of compliance. The reporting framework will also present data in a structured format that allows for cross-company comparison. The partnership has also developed an assessment framework for use by CMA to assess the quality of corporate governance among issuers of securities in Kenya. The Corporate Governance Code is on an “apply or explain” principle. This means that an issuer may in some circumstances explain non-application of the Corporate Governance Code principles, guidelines and recommendations in favor of an alternative measure, as long as the alternative delivers a better standard of corporate governance. Where non-application delivers a lower standard of corporate governance, issuers will be expected to explain to the Authority, shareholders and stakeholders the reasons for non-application or partial application, the time frame required to meet each application requirement, and the strategies the issuer will put in place to progress to full application. Each issuer will be required to post on its website, the completed reporting template and send the same to the Authority within four months of the close of each financial year. The Authority noted that there are mandatory corporate governance provisions which were extracted from the Corporate Governance Code which an issuer must comply with. The mandatory provisions are prescribed in the Capital Markets (Securities) (Public Offers, Listing &Disclosure) Regulations, 2002. The IFC and Authority further observed that a pool of 21 executives have been through a rigorous Training of Trainers program on the Corporate Governance Code carried out in November 2016. The trainers will be able to support issuers through further in-depth and customized capacity building as issuers may require. CMA began implementing corporate governance reforms in 2012, which culminated in the enactment of the new Corporate Governance Code in March 2016. The Corporate Governance Code provided issuers with a transition period on one year, within which they should commence its application. IFC and CMA have also developed a Stewardship Code for Institutional Investors, which will soon be enacted. IFC has contributed to the adoption of 95 corporate governance codes, laws, and regulations in more than 30 countries worldwide. IFC’s Corporate Governance Program in East Africa is funded by the State Secretariat for Economic Affairs of Switzerland. About Capital Markets AuthorityThe CMA was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, visit www.cma.or.ke. For more information contact: Antony Mwangi, Phone: +254-20-226-4204, Email: amwangi@cma.or.ke. Stay Connectedhttps://twitter.com/CMAKenyahttps://www.facebook.com/cmakenyahttps://www.youtube.com/user/kenyacma About IFC IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org Stay Connectedwww.facebook.com/IFCwbg; www.facebook.com/IFCAfrica www.twitter.com/IFC_org, www.twitter.com/IFCAfrica www.youtube.com/IFCvideocastswww.ifc.org/SocialMediaIndexwww.instagram.com\ifc_org About SECOSECO is Switzerland’s competence center for all core issues relating to economic policy. SECO’s economic development cooperation strives to achieve sustainable growth. Such growth is sustainable if it creates jobs, helps to increase productivity, to reduce poverty, inequalities and global risks. For more information, visit www.seco-cooperation.ch.

Videos

What do I need to know about the CDS ?

was commissioned as ready for use on 10th November 2004. The commissioning meant that investors who hold or intend to hold shares listed on the Nairobi Stock Exchange (NSE) can now open electronic shares accounts through their stockbrokers or their custodian banks, and will henceforth trade through those accounts rather than in paper certificate form, as was previously the norm. The implementation of the Central Depository System is a truly national project and the benefits accruing from its success will be beneficial to all Kenyan investors. It will radically change how business is done at the stock exchange and it is therefore critical that the public understands its operations. We would thus like to take this opportunity to address the key issues regarding the CDS operations and processes as well as respond to the concerns that investors and potential investors may have regarding trading in a paperless environment.

WHAT IS THE CDS?

CDS stands for the Central Depository System. This is a computer system that facilitates holding of securities in electronic accounts and facilitate faster and easier processing of transactions for NSE securities (shares and bonds) 

HOW DO I OPEN A CDS ACCOUNT?

By completing and signing a securities account opening/maintenance form with your Central Depository Agent (CDA), providing two recent passport size photographs and a photocopy of your national identity card.

WHO IS A CDA?

A CDA is a central depository agent, either a stockbroker or a custodian bank, who has been authorized by CDSC to open accounts in CDS on behalf of investors. This is a list of authorized CDA’s at the moment;

 NAME  LOCATION  TELEPHONE  STATUS
 Francis Drummond & Co. Ltd.  Hughes Building, 2nd Fl.  318690  
 Dyer & Investment Bank Ltd.  Loita House, 10th Fl  227803  
 Francis Thuo & Partners Ltd.   International House, 13th Fl.  226531  Suspended
 Nyagah Stockbrokers Ltd  Nation Centre, 12th Fl    Suspended
 Kestrel Capital (EA) Ltd  Hughes Building, 7th Fl  251758  
 Ngenye Kariuki & Co. Ltd  Travel (UTC) House, 5th Fl  224333  
 Suntra Investment Bank Ltd  Nation Centre, 10th Fl  223330  
 Reliable Securities Ltd  Standard Building, 3rd Fl  241350  
 CFC Financial Services Ltd  Corner House, Ground Fl  221452  
 Discount Securities Ltd  International House, 3rd Fl  219552  Suspended
 African Alliance Kenya Ltd  Kenya Re Towers, 4th Fl  2735013  
 Ashbhu Securities Ltd  Finance House, 13th Fl  210178  
 Crossfield Securities Ltd  IPS Building, 5th Fl  246036  
 Apex Africa Investment Bank Ltd  Rehani House, 4th Fl  242170  
 Faida Securities Ltd  Windsor House, 1st Fl  243811  
 Solid Investment Securities Ltd  Contrust House, 6th Fl  244272  
 Standard Investment Bank Ltd  Hazina Towers, 17th Fl  220225  
 Stanbic Bank Ltd  Stanbic Bank Building  342711  
 Kenya Commercial Bank  Kencom House  248912  
 Barclays Bank of Kenya Ltd  Barclays Plaza  241270  
 NIC Bank Ltd  NIC Bank House,Upper Hill  2719199  

WHAT DO I NEED TO OPEN A SECURITIES ACCOUNT?

You need two recently taken passport size photographs, original National ID or passport, in the case of a company you need the original certificate of incorporation, and if you are an organization registered in any other way you need the certificate of registration. You need to sign the form before your CDA. 

WHAT DO I GET WHEN I OPEN AN ACCOUNT?

You will obtain from your CDA a CDS account number together with a duplicate copy of the account opening form for your records. Please keep your CDS account number confidential. 

WHAT DO I DEPOSIT IN A CDS ACCOUNT?

Shares. From time to time CDSC and NSE will notify the public through the press of shares which have been chosen for depositing in CDS accounts. Sometime this year, the CDS will be open for depositing of bonds. 

MUST I OPEN A CDS ACCOUNT?

Yes, if you intend to trade in shares, which have been selected for depositing. 

CAN I USE A DIFFERENT BROKER FROM THE ONE I HAVE BEEN USING?

Yes, you can use as many brokers as you want. You will need to open a CDS account with each broker you wish to use.

HOW CAN I MOVE FROM ONE BROKER TO ANOTHER?

By completing and signing the Securities Transfer Form, supplied to you by your broker. The form must be signed also by your current CDA and your new CDA. If your deposit your shares through a custodian bank, you can use any broker without need to transfer the shares.

WILL IT COST ME MORE TO USE CDS?

No. There is absolutely no increase in cost for the CDS accountholder.

WHAT IF THE COMPUTER AT CDSC HAD A PROBLEM?

CDSC has offsite back up facilities and contingency measures to ensure data will not be lost, and to ensure business continuity.

WHAT IS THE PROCESS OF DEPOSITING SECURITIES?

  • Visit a CDA with the certificates you want to immobilize.
  • Be sure you have already opened an account or are ready to do so.
  • You will be issued with and assisted to complete a Security Deposit Form.
  • Sign your form with the signature used when buying the shares.
  • Return the form to the CDA together with the certificates you have included on the form to be deposited.
  • You will be given a duplicate copy of the completed and signed form, after the CDA has countersigned as evidence of your deposit.
  • The CDA will forward the form and the certificate to CDSC
  • CDSC will forward the certificates and forms to the company’s shares registrar for verification.
  • When the registrar confirms the certificates as genuine, the shares will be deposited in your account.
  • Once the shares are in your account you can trade in them.

WHAT DO I GET TO PROVE I HAVE DEPOSITED SECURITIES?

  • You get the duplicate copy of the deposit formy
  • You get a monthly statement if you have a deposit or a trade that month.
  • You get a quarterly statement if you have not had a trade for three months.
  • The statements are issued directly to your address as indicated on account opening the form.

WHAT ARE THE BENEFITS OF CDS?

CDS assures you of faster safer and easier trading in your securities.You do not have to wait for the issue of certificates before you can trade again as your shares are credited to your account 5 days after the date of trade.

DO I LOSE MY DIVIDENDS AND BONUSES?

No, you will still get your entitlements without any change.

HOW LONG DOES IT TAKE TO COMPLETE A TRADE IN CDS?

5 days, from beginning to end.

WHO REGULATES CDSC?

The Capital Markets Authority

HOW SAFE IS CDS?

CDSC has taken measures to ensure the security of your shares. The company has back up facilities and procedures that would ensure business continuity in the event of anything happening either to the computer system or its usual premises. CDSC has taken precautions to ensure its system is not interfered with. CDSC has employed staff of high integrity and keep very high levels of confidentiality. Where appropriate and available the company has taken insurance.

WHERE CAN I ASK QUESTIONS ABOUT CDSC AND CDS?

Please feel free to contact/visit the Central depository and settlement corporation (CDSC) on 10th Floor, Nation Centre, Kimathi Street.

Telephone No. 253077/8/

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