|
NSE intervenes in Kenya's dishonest brokers' controversy
THE Nairobi Stock Exchange has moved in to defuse the controversy surrounding reports that corrupt stockbrokers were pilfering profits from share trading without their clients' knowledge.
The move comes shortly after a licensed Nairobi stock brokerage firm, Francis Thuo and Partners, was suspended from trading on the bourse by the Capital Markets Authority for a period of two weeks, following their failure to comply with licensing conditions.
It later emerged that its agents had been implicated in the scandal involving trade in client shares under the new automated system without the authority of the owners. NSE chairman, Jomnah Mbaru, said that "The essence of the NSE's intervention is the appointment of a working committee of stakeholders from the Capital Markets."
|
