The Institute of Certified Investment and Financial Analysts (ICIFA) is set to expel and take away the licenses of members connected to the ongoing fraud and graft cases.
ICIFA Members Compromised
The institute believes that some of its members have been compromised in the recent fraud and corruption cases, a situation that has it determined to carry out the appropriate action.
The ICIFA’s chairman Job Kihumba said they are engaging industry regulators to identify and punish members involved in corruption. This comes at a time when financial and investment analysts, fund managers, owners of advisory and brokerage companies, and dealers are increasingly finding themselves entangled in corruption and fraud cases.
For instance, the Capital Markets Authority (CMA) is currently investigating insider trading involving bond dealers where proceeds of about Sh260 million were gained.
Regulating Cryptocurrencies
Mr Kihumba also observed that there is need to create clear policies and legislation regarding cryptocurrencies and other new investment options since it is imperative to deal with these disruptions and their outcomes.
In addition, ICIFA is analysing the advantages and disadvantages of cryptocurrencies.
