Our Chairman Ugas Mohamed led a delegation comprising, our CEO Mr. Wyckliffe Shamiah, Nairobi Securities Exchange (NSE) Chairman Mr. Kiprono Kittony, the CEO Mr. Geoffrey Odundo and Kenya Association of Stockbrokers and Investment Banks (KASIB) CEO Mr. Willie Njoroge to the Old Mutual CEO Arthur Oginga to discuss the requirements of listing on NSE.
Our Chairman Ugas Mohamed and CEO, Wycliffe Shamiah, planted a tree during the thanksgiving ceremony of Dr Chris Kiptoo, P.S, National Treasury at St Alphonsus Mutei Girls School, Kapteren, Elgeyo Marakwet. This is the 7th Edition of the Kaptagat tree planting exercise at Kessup forest block and was graced by H.E. the President.
The Capital Markets Authority (CMA) is aware that on 16 June 2023, TransCentury PLC and East African Cables Ltd, both being listed companies on the Nairobi Securities Exchange (NSE) were served with statutory administration notices. However, it has been established that both orders have since been suspended by the courts, pending the full hearing of the subject matters.
CMA is following these developments and if need be will communicate further any decision that may be deemed appropriate.
CMA Chairman to position capital markets to support National Government Agenda
Nairobi, 03 March 2023… The new Capital Markets Authority (CMA) Board Chairman, Mr. Ugas Sheikh Mohamed, has promised to position the Authority to support the National Government’s Development Agenda. The chairman also introduced the new independent directors namely; Prof. Michael Bowen, Mr. Meshack Moses Kiprono, Natalia Aduwo, Elena Pellegrini and Mr. Gibson Kimani Maina.
Mr. Mohamed thanked His Excellency the President for the appointment as CMA Chairman, pledging to ensure that the Authority supports and facilitates the agenda of the National Government.
Mr. Mohamed said ‘I will work closely with the CMA Board, Industry, Government and other stakeholders to take the Authority to the next level to ensure the capital markets play their pivotal role in facilitating enhanced economic growth and development’.
He acknowledged that his appointment was at a time when the market was experiencing a bear run which has been on for several years now, and the Government is really looking at ways of revitalizing the capital markets.
The CMA Chairman thanked those who came before him and laid the foundation of capital markets in Kenya and the Government through the National Treasury and Economic Planning.
ENDS
The Capital Markets (Coffee Exchange) Regulations, 2020 granted the Capital Markets Authority (the Authority) the
mandate to licence Coff ee Exchange(s) and Coffee Brokers. Consequently, the Authority has so far licensed twelve coffee
brokers. The list of the licensed coffee brokers is published on the Capital Markets Authority website www.cma.or.ke
The Nairobi Coffee Exchange (NCE) was on 1 May 2023 granted a three (3) months extension of its in-principle approval to
continue operating as a Coffee Exchange until 31 July 2023. This extension is meant to give the NCE time to work towards
full compliance with The Capital Markets (Coffee Exchange) Regulations, 2020 including but not limited to onboarding a
Direct Settlement System (DSS) provider.
In line with the Authority’s mandate, of not only regulating but also facilitating the development of orderly, fair, and
efficient capital and commodities markets in Kenya, the Authority supports smooth transition of the Coffee Subsector
reforms and hereby:
1. Invites Growers across the country to note the two sets of Regulations governing the Coffee Sub-sector that is; The
Capital Markets (Coffee Exchange) Regulations,2020 and The Crops (Coffee) (General) Regulations, 2019 and to only
contract coffee brokers who are duly licensed by the Authority.
2. Advises any person already contracted to sell coffee on behalf of Growers without a coffee broker licence shall not
enter into new contractual arrangements since only duly licensed coffee brokers by the Authority are authorized
to conduct such business. However, such persons have a viable option of selling stocks currently held through the
licensed coffee brokers.
3. Notifies the public that, trading at the NCE shall be under new Trading Rules aligned to The Capital Markets (Coffee
Exchange) Regulations,2020 and that settlement shall be conducted through a Direct Settlement System (DSS) for
transparent and efficient settlement of coffee sales proceeds.
In the interim, any person desirous of obtaining a coffee broker licence should fully comply with the provisions of The Capital
Markets (Coffee Exchange) Regulations,2020 and The Crops (Coffee) (General) Regulations, 2019.
Compliance with the Capital Markets Coffee Exchange Regulations 2020
The Capital Markets Authority (CMA) is aware that on 16 June 2023, TransCentury PLC and East African Cables Ltd, both being listed companies on the Nairobi Securities Exchange (NSE) were served with statutory administration notices. However, it has been established that both orders have since been suspended by the courts, pending the full hearing of the subject matters.
CMA is following these developments and if need be will communicate further any decision that may be deemed appropriate.
The Capital Markets Authority (CMA/The Authority) is charged with the mandate of regulating and developing Kenya’s capital markets. In line with the Statutory Instruments Act, the Capital Market Master Plan 2014 – 2023 and the Strategic Plan, the Authority is undertaking review and overhaul of various regulations. The regulatory review exercise is aimed at enhancing regulatory responsiveness to changing dynamics and market developments, technological advancements and emerging supply and demand side stakeholder needs.
In this regard, the Authority has reviewed and overhauled the below regulations in a bid to make them
responsive to market needs and emerging issues: –
In accordance with Section 12A (3) of the of the Capital Markets Act the Authority now invites stakeholders
and the general public to submit comments on the draft Regulations, available on www.cma.or.ke.
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