Capital Markets Authority (CMA)

The CMA is the independent regulator of Kenya’s capital markets. Established under the Capital Markets Act (Cap 485A), it ensures a fair, transparent, and efficient marketplace.

Key Roles:

• Licensing and supervising market intermediaries (brokers, fund managers, investment banks)

• Approving public offers and listings

• Ensuring investor protection through enforcement and awareness

• Developing policies and regulations to support market growth

Example:
The CMA is responsible for approving IPOs and ensuring companies like Safaricom, KCB, or KenGen adhere to listing rules.