Tuesday, March 17, 2009

Discount Securities finally goes bust-Key issue is liquidity

DSL had the widest distribution network of the brokers in Kenya. In that respect, its a welcome relief that it didn't have some many customers as Nyaga. The pity is that some NSSF funds maybe lost in the process. Apparently dividends were manufactured to keep NSSF from asking too many questions.

This is the first real red mark against Stella since she was in the CEO job for almost a year before she moved to put Murungu & Son under some management restructuring.

A lot of this bother could have been avoided if she had listened to all those complaints against DSL and a myriad of other brokers.

So where do we go from here?

  • Apart from setting minimum capital standards and the ownership limits, Stella should also consider making capital requirements correlate to amount of business a broker is doing.
  • Ultimately, whether a broker is doing all the right things or not, what will make it collapse is lack of cash to settle up client sale needs. Hence, Stella should consider getting brokers to set aside additional capital as a liquidity buffer correlated to their volume of business.
  • CMA should change the composition of the fee to increase the compensation fund. They are very few investors who hold less than Ksh50k.
  • Faster action to weed out weak and rogue brokers. There still many other brokers involved in malfeasance and its important that we use this bearish period to rebuild a brokerage industry for Vision 2030

Brokerage business at the NSE should be a simple lucrative affair. If you have integrity.

PS: If you'd hvae a CDS account with DSL, you need to file a claim asap.

2 comments:

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kenyanreality said...

If you have a CDS account how does the claim work if they had still sold your shares behind your back??