Published on 12/02/2009
As the local stock market regulator, the Capital Markets Authority (CMA) needs to up its game.
Unsettling incidents in the market for the past two years have shaken the confidence of investors with its errors of commission and omission resulting in the loss of billions of shillings of investor funds.
Despite several stockbrokers facing liquidity problems it would appear that they were given a clean bill of health to continue trading.
So it isn’t surprising that the likes of Nyaga Stockbrokers and Francis Thuo and Partners collapsed and were placed under statutory management.
The CMA is squarely to blame for failing to exercise due diligence. It’s high time it cracked the whip and restored investor confidence in the stock market.
{James Kanyi, Nairobi}
