The Capital Markets Authority (CMA) has approved several new and upgraded licenses for firms seeking to operate in Kenya’s capital markets.
- •The approvals cover a mix of investment banks, stockbrokers, investment advisers and a platform provider, reflecting activity across multiple segments of the market value chain.
- •The CMA said the new and expanded licenses are expected to enhance product diversity, deepen market liquidity and increase investor choice.
- •The approvals come at a time when Kenya’s capital markets are seeking to attract broader domestic participation, including from retail, diaspora and institutional investors, amid ongoing efforts to strengthen regulatory oversight and improve market efficiency.
Rock Advisors Limited, previously licensed as an investment adviser, has been granted an investment bank license. The upgrade allows the firm to expand beyond advisory work into areas such as market research, wealth management, and proprietary trading.
Green Margin Capital Limited has entered the market as a licensed stockbroker. The firm positions itself as a technology-driven intermediary seeking to broaden retail and institutional participation in listed securities.
Within the advisory segment, the Authority approved investment adviser licenses for Zamara Actuaries, Administrators and Consultants Limited, Arion Capital Limited and Horizon Africa Capital Limited. Zamara, already regulated by the Retirement Benefits Authority and the Insurance Regulatory Authority, is extending its services into capital markets advisory.
Arion Capital plans to focus on tailored advisory services for corporates and high-net-worth investors, including strategies that incorporate environmental and social considerations. Horizon Africa Capital, a boutique corporate finance firm, will offer advisory services in areas such as mergers and acquisitions, capital raising and wealth solutions.
In addition, I&M Capital Limited received an intermediary service platform provider (ISPP) license. The firm, a subsidiary of I&M Group PLC and an existing fund manager, will be able to operate a platform supporting investment products and advisory services, including collective investment schemes and fixed-income instruments.
