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Market regulator takes control of errant brokerage
Posted on Friday, February 05, 2010 @ 06:09:01 CST by kwpnews

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NAIROBI (Reuters) - Kenya's capital markets regulator said it took over management of a brokerage that had failed to meet legal and regulatory obligations, in the latest setback to efforts to boost investor confidence in the country's stock exchange.



The Capital Markets Authority (CMA) said it acted against Ngenye Kariuki Stockbrokers to protect investors' interests and improve their access to trading activities.

"While efforts have been made to restructure the company, these have not borne significant fruit," a CMA statement said.

"The statutory management is being undertaken to ... give the company a chance to revive its business."

A clutch of violations by brokerage firms has caused investor confidence in the Nairobi Stock Exchange to flag.

Last year, Kenya paid out some $4 million to investors who lost money when Nyaga Stockbrokers collapsed. Another firm, Francis Thuo and Partners, was closed down in 2007 for selling shares without clients' authorisation, and the NSE and CMA took over management of a third, Discount Securities, in 2008.


 


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