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Nyaga Stockbrokers assets to be sold - Daily Nation

Opinion Editorial Column Letters Commentary. NSSF among losers as Discount under statutory management.

By Updated Tue, March 17th at SHARE THIS ARTICLE Share on Facebook. By James Anyanzwa The National Social Security Fund NSSF is among investors who could lose billions of shillings, after a stockbroker was placed under statutory management.

Kenya: Regulator Puts Nyaga Stocks Under Statutory Management - iwysuhod.web.fc2.com

Unfortunately, history is not on the side of DSL as no major stockbroker placed under statutory management has ever been recovered. Hastening collapse When the now fallen Nyaga Stockbrokers, was placed under statutory management last year, claims lodged by investors quickly exceeded its ability to pay, hastening its collapse.

Investors queue at Discount Securities offices to know the fate of their investment. The company has been put under statutory management. File In the case of DSL, efforts to raise additional capital to keep it afloat failed, making it highly unlikely that it will be salvaged. The incident is the latest in a string of failures that have rocked brokerage firms and investment banks since the dramatic end of the stock market boom in January The CMA had appointed KPMG Kenya as independent executive director of DSL in October after it became apparent the stockbroker was facing serious corporate governance and liquidity problems.

The Index had gained a total of On Monday, the market had not time to react to the news on DSL. Lodging claims Kilonzo, however, said the affected customers will have to give the statutory manager at least 14 days before forwarding any claims, or lodging any requests for transfer of CDS Accounts.

It remains unclear whether the findings of the managers will ever see the light of the day, even as the market yearns for radical reforms to restore eroded investor confidence.

The stockbrokers who made half a billion from NSE stock

CMA is yet to revoke the trading licence of Francis Thuo that fell under in March The directors of the brokerage firm were to source additional funds through admission of a strategic partner or injection of new capital by shareholders to settle outstanding client obligations and stabilise the business. CMA, however, said although rationalisation of expenses was addressed to some extent, all other targets, including admission of strategic partners and injection of new capital have not been achieved.

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