CMSA, DSE told to educate Tanzanians on stock markets

CMSA, DSE told to educate Tanzanians on stock markets

Tue Sep 01, 2015

Finance deputy minister, Adam Malima has directed the Capital Markets and Securities Authority (CMSA) and Dar es Salaam Stock Exchange (DSE) to conduct massive campaigns aimed at educating investors on the importance of the bourse.
 
 Speaking in Dar es Salaam recently soon after theoccasion to list PTA bonds at DSE, he said, the two agencies still have a crucial job to do.
 
“CMSA and DSE and other stakeholders do still have an uphill task of educating both the new potential investors and issuers on the bourse,” he said.
 
He also said stock exchange trading is a good avenue of resource mobilisation for financing investment activities with a view to fostering national economic development.
 
He said the prime function of DSE is therefore to mobilise resources from savers and channel them to the productive sector.
 
According to him, the exchange plays an additional role of giving Tanzanians the opportunity to invest in the successful and profitable privatised companies (under a wider share ownership policy).
“Today the equity securities listed in the market accounts for 21 companies, among them are 14 local ones and seven foreign cross listed,” he said.
 
For her part, the CMSA Chief Executive Officer, Nasama Massinda, said the authority would embark on new initiatives to attract more stakeholders in the industry.
 
“We will launch a massive nationwide campaign next month to educate Tanzanians on the importance of the stock market,” she said.
 
Launching the Capital Market Universities and other Higher Learning Institutions Challenge (CMUOHLIC), mid this year, Massinda  was quoted as saying the goal is to have an increased number of market professionals to match with the anticipated increased activities in the capital markets.
 
 “Members of the authority and management of CMSA are committed to ensure they set up a conducive environment for sustainable capital markets in Tanzania,” she said.
 
 According to her, it is in the interest of the authority and that of stakeholders to have a vibrant capital market which performs its rightful role as an engine of economic growth.
 
 She underscored that promotion and development of the capital markets industry in Tanzania and protecting investors’ interest are the statutory functions of the authority.
 
 “Both are achieved through raising awareness of investors, market players and the public at large,” she said.
 She said CMSA is targeting 50 per cent of Tanzanian adult population to be aware of the operations of stock markets by the end of next year.
 
 This plan calls for a sustained and holistic educational and awareness approach to ensure that many citizens are aware of the opportunities offered by capital markets and securities.
She said the promotion and development of the capital markets industry in the country is one of the statutory functions of the CMSA.
 
“(Thus), the key avenue of attaining developmental goals of the capital markets includes public awareness and educational campaign,” he stressed.
 
SOURCE: IPPMEDIA

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