Martin Luther Oketch
17 December 2009
Kampala — Stock exchange regulators in East Africa now want all players in the capital markets industry, to enroll for training currently conducted at the Securities Industry Training Institute.
Board members, including all security exchanges chief executive officers in East Africa and the Central Depositary and Settlement Corporation Ltd (Kenya), last week resolved that all brokers, fund managers and investment advisors must have a Siti certificate to trade.
Adherence
Uganda's security exchange chief executive officer and Siti chairman Simon Rutega said the development aims at ensuring adherence to ethics and integrity in the East African stock markets.
"As capital markets in the region continue to post fast growth, players are continuously faced with the challenge of enhancing their skills to keep up," he said.
"Uganda Securities Exchange together with Nairobi Stock Exchange, Dar es Salaam Stock Exchange and Capital Markets- Rwanda, agreed on a standardised curriculum, that will be administered by Siti throughout the region."
Mr Rutega said with the institute now in place "indiscipline" in the stock market would not be entertained and industry players who breach regulations would face punitive measures.
Instituted
Siti East Africa is a Securities Industry Training Institute instituted in September 2007 and launched in December 2008. It is based in Kenya.
It was established to manage and deliver a range of training programmes on capital markets and investments, corporate finance, asset management, entrepreneurship and corporate governance.
Siti board says the establishment of Siti East Africa emanated from the need to have players in the East African region benefit from a systematic and well managed training and capacity building initiative.