President William Ruto and Treasury Cabinet Secretary John Mbadi have reappointed the chairperson and five members of the Capital Markets Authority board for fresh three-year terms, extending the current leadership at Kenya’s markets regulator through February 2029.
- •The President renewed the tenure of Ugass S. Mohamed as non-executive chairperson with effect from February 24, 2026, under the Capital Markets Act.
- •Treasury CS Mbadi separately reappointed Natasha Awuor Aduwo, Elena Natalia Pellegrini, Meshack Moses Kiprono, Gibson Kimani Maina, and Prof. Michael Bowen as board members for the same period.
- •The CMA board oversees licensing, enforcement, product approvals, and investor protection, making leadership stability critical as the regulator expands beyond traditional equity markets into alternative assets, digital platforms, offshore exposure, and diversified fund structures.
In the same week, the Authority approved multiple licences and fund registrations spanning asset management, investment banking, stockbroking, advisory services, and collective investment schemes, underscoring an active regulatory agenda rather than a passive oversight phase.
Among the approvals, CMA licensed Mema Asset Management as a fund manager, approved CPF Asset Managers to launch a new multi-asset special fund, and cleared Dyer & Blair Investment Bank to register additional fixed income and global multi-asset sub-funds under its unit trust structure.
The regulator also approved Rock Advisors’ upgrade to an investment bank, licensed Green Margin Capital as a stockbroker, and granted investment adviser licences to Zamara, Arion Capital, and Horizon Africa Capital. I&M Capital received approval to operate an intermediary service platform provider.
Mohamed, who has chaired the CMA since February 2023, brings private sector and technology-focused governance experience, which aligns with the Authority’s recent emphasis on innovation, broader participation, and non-bank capital formation. Retaining the existing board preserves institutional memory as the regulator balances tighter oversight with market expansion.
The government has increasingly leaned on domestic capital markets to support fiscal financing, privatisations, and long-term investment flows. In that context, the CMA’s effectiveness directly influences investor confidence, liquidity, and market credibility.
