Chapter 5 Capital Market Development Authority (CMDA) of Maldives

Size: px

Start display at page:

Download "Chapter 5 Capital Market Development Authority (CMDA) of Maldives"

Madeline Price
5 years ago
Views:

1 Chapter 5 Capital Market Development Authority (CMDA) of Maldives Ibrahim Sameer (MBA - Specialized in Finance, B.Com Specialized in Accounting & Marketing)

2 What CMDA Do? The Capital Market Development Authority (CMDA) is an independent institution established under the Maldives Securities Act (2/2006) responsible for developing and regulating the Maldives Capital Market.

3 What CMDA Do? CMDA also has the regulatory mandate of supervising the functions of the Maldives Pension Administration Office (MPAO) in administering the Maldives Retirement Pension Scheme (MRPS) under the Maldives Pension Act (8/2009).

4 CMDA Vision "To have a thriving capital market in the Maldives, which finances business investments and development, and promote the expansion of the Maldivian economy."

5 CMDA Mission "To facilitate fair and orderly development of the capital market so that businesses have access to capital, and at the same time investors are provided with investment opportunities."

6 CMDA Core Value Integrity Professionalism Accountability Independence Initiative

7 Key Objectives of CMDA To develop a market in which securities can be issued and traded in a fair and orderly manner;

8 Key Objectives of CMDA To protect and promote the interest of investors and potential investors in securities;

9 Key Objectives of CMDA To regulate and supervise the securities market;

10 Key Objectives of CMDA To take measures to prevent inappropriate conduct in relation to dealings in securities and to prevent conduct of activities affecting market confidence.

11 Key Objectives of CMDA In Dhivehi

12 Strategic Goal of CMDA The key strategic priorities of CMDA as stipulated in the Maldives Capital Market Strategic Plan

13 Strategic Goal of CMDA Establish a secondary market for trading government securities.

14 Strategic Goal of CMDA Facilitate establishment of investment funds.

15 Strategic Goal of CMDA Facilitate establishment of venture capital funds.

Strategic Goal of CMDA 2015-2019 Promote

16 Strategic Goal of CMDA Promote issuance of Shariah compliant government securities.

17 Strategic Goal of CMDA Increase listings from private sector.

18 Strategic Goal of CMDA Promote financial literacy & increase market awareness.

19 Organization Structure of CMDA

20 Board of Directors of CMDA

21 Board of Directors of CMDA

22 Capital Market Shariáh Advisory Council. CMDA Capital Market Shariah Advisory Council The Capital Market Shariáh Advisory Council (CMSAC) acts in an advisory capacity to the CMDA Board of Directors on matters concerning the development & regulation of the Islamic Capital Market. The CMSAC is responsible for validating all Islamic Capital Market matters to ensure their compatibility with Shariáh. All matters related to the Capital Market Shariáh Advisory Council is governed by the Regulation on

23 CMSAC Members

24 Corporate Governance (CG) Code The Corporate Governance Code was published by CMDA in 2008.

25 Corporate Governance (CG) Code CMDA s objective for introducing the code is to ensure companies listed on the Maldives Stock Exchange are well governed, upholding the core principles (responsibility, accountability, fairness & transparency) of corporate governance in conducting business, which would prepare them to be globally competitive, and maintain and promote investor confidence both locally& internationally.

26 Applicability of CG Code The code applies to all companies listed on the Maldives Stock Exchange. All companies, especially those that intent to be listed on the Maldives Stock Exchange can voluntarily adopt the code under the assistance of CMDA.

27 Listed Companies in Maldives Stock Exchange Amana Takaful (Maldives) PLC (ATM)

28 Listed Companies in Maldives Bank of Maldives (BML) Stock Exchange

29 Listed Companies in Maldives Stock Exchange Dhivehi Raajjeyge Gulhun PLC (DHR)

30 Listed Companies in Maldives Stock Exchange Maldives Tourism Development Corporation PLC (MTDC)

31 Listed Companies in Maldives Stock Exchange Maldives Transport and Contracting Company PLC (MTCC)

32 Listed Companies in Maldives Stock Exchange State Trading Organization PLC (STO)

33 Listed Companies in Maldives Centurion PLC Stock Exchange

34 Listed Companies in Maldives Stock Exchange Ooredoo Maldives PLC (OMPL)

35 Enforcement Process CMDA s undertakes enforcement of laws & regulations as stipulated in the Enforcement and Appeal Procedure. The purpose of the enforcement & appeal procedure is to;

36 Enforcement Process Ensure effective implementation of rules and regulations. Guide the staff of CMDA in taking enforcement/administrative actions. Ensure consistent application of rules and regulations. Provide guidelines to the market participant on how enforcement actions are taken, and the appeal procedure.

37 Enforcement Methods

38 CMDA Institutes

39 CMDA Institute CMDA Institute was established with the objective to provide training and certification to ensure good conduct and professionalism of market intermediaries, to raise market awareness, and to promote corporate governance in the Maldives.

40 CMDA Institutes The activities of the institute include conducting training programs and continuous professional development and refresher courses for market participants. It actively promotes corporate governance and runs awareness programs for investors and issuers.

41 ICDC Institute of Corporate Directors and Secretaries (ICDS) was established with the aim to promote professional practice of corporate directorship and of company secretaries in line with international principles, and to promote corporate governance in companies with a view to improve their efficiency and performance.

42 ICDC ICDS provides orientation, training and advisory services to its members. It also undertakes research in matters affecting corporate directorship and issues publications to educate and create awareness of important finding among the stakeholders.

43 ICDC The training programs of ICDS are designed to enhance knowledge, skills and values demanded by modern corporate governance practices among the corporate directors & secretaries in the Maldives.

44 Questions & Answers What else you want to know?

45 Thank You Ibrahim Sameer Seek knowledge from cradle to grave

INTRODUCTION TO ISLAMIC CAPITAL MARKET OF MALDIVES

c INTRODUCTION TO ISLAMIC CAPITAL MARKET OF MALDIVES Fathimath Shafeega Chief Executive Officer (CMDA) 1 Background The Capital Market Development Authority (CMDA) is an independent institutions responsible