The Capital Markets Authority (CMA) Board has Tuesday approved the public exposure of the draft Capital Markets Master Plan.

The Master Plan is expected to guide the development of the Kenyan capital market over the next ten (10) years, and the Authority has been compelled to invite comments from members of the public during the 30-day public exposure starting tomorrow.

Speaking in Nairobi while tabling the draft Plan, the Chair of the Capital Master Plan Steering Committee (CMMCS), Mr. Paul Kavuma, observed that the Capital Market Master Plan envisions that by 2023, Kenya will be a business hub to reckon with.

“Kenya will be transformed into the market choice for domestic, regional and international issuers, and investors looking to invest in and realize their investments in Kenya, within East Africa and across Middle Africa,”Kavuma said.

The CMA Acting Chief Executive Mr Muthaura, who was a member of the Steering Committee, added that the Authority was optimistic that Kenyan capital markets will support the emergence of centres of excellence in real sectors of the economy.

“Kenya already has significant capacity and potential, including in agriculture, infrastructure (including real estate), and technology,” he observed.

Muthaura reiterated that it will also leverage the strength of Kenya’s financial sector to develop innovative products and services including derivatives and asset management while supporting the emergence of Islamic finance hub in the country.

The Chairman of the Board of CMA, Mr. Kung’u Gatabaki noted that “the Master Plan is a key Vision 2030 Flagship project, under the 2nd Medium Term Plan (MTP2), and a product of an extensive consultative process spanning over seventeen months.

“This master plan has not only harnessed creativity and innovation from the industry players, but has also leveraged on consensus on the vision, key pillars and building blocks and execution plan necessary for capital markets to be transformative,” he said.

He emphasized that the exposure of the draft Master Plan is made in accordance with Article 232 of the Constitution of Kenya, section 5(2) of the Statutory Instruments Act (Act No. 23 of 2013) and Section 12 of the Capital Markets Act (Cap 485A, Laws of Kenya) which require public participation in policy-making and statutory instruments development.

The master plan has been developed by a sixteen-member Capital Markets Master Plan Steering Committee

CMA was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence.

Source: kbc.co.ke