If the situation at CMA continues unabated it is likely to impact onthe investors confidence in the long-term. In terms of CMA legislative framework, i feel the government can and should do more to enhance what is already in place to close the loop holes.
CMA attitude and approach is similar to that of KACA which with all the powers/duties, they are unable to match their words and actions.
http://www.eastandard.net/hm_news/news.php?articleid=1143965468
7 comments:
We don't need more rules! The updated CMA regulations cover-off a loft of these situations-e.g. Brokers are not allowed to trade shares full stop. They are supposed to buy and sell you shares end-of. Investment banks can do proprietary trading i.e. with their own money or and not even via stock borrow and lend mechanism used in developed stock markets. Its a law. The enforcement is what is lacking and won't happen as long as Ntaalam is the head honcho of CMA.
Re Kimunya, the thing that grates is the man is an accountant and a fairly intelligent one at that yet his take on a lot of these issues Stock market, corruption sound like those from a buffoon.
i heard that you can enforce use of signatures by approaching cdsc directly. but if you ask me, its difficult to stop these tactics. in fact after imobilizing my shares i could not help but wonder about their security. you know u have absolutely no way of knowing. i think the best way would be for cdsc to have websites where investors cud log in and monitor their shareholdings. these ways the investors wud know when something fishy is afoot. well tough luck for those who wud not have the internet access.
Od, that is very good idea. CDSC don't even have a web site so we are long way from getting something like it. It would be great, because it would be something one could check independent of the brokers.
The current system appears to be too simplistic to deal handle complex transaction and allow clients to view their shares. it is best dealt with before financial institutions become jittery using shares as security for loans.
I believe that CMA has the capacity and resources to safeguard clients investments but those mandated to do so are unwilling.
When ambushed by the press, the Minister seems to always deny, deny - Kenya Re, Gov. Mullei, Mobitelea - until he gets the facts later when he amends his position.
Banks, I doubt that. Last yr ata UK forum, somebody asked him about all those overnight millionaires in the Cabinent and he said they are hardworking people. If it was that he didn't have all the facts all he has to say is we'll get back to you. When people say that its we the young generation that will save the Kenya and then you listen to somebody like him, you wonder which young generation that will be.
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