chapter 5 capital market development authority (cmda) of … · capital market shariáh advisory...
TRANSCRIPT
Chapter 5
Capital Market Development
Authority (CMDA) of
Maldives Ibrahim Sameer (MBA - Specialized in Finance,
B.Com – Specialized in Accounting & Marketing)
www.ibrahimsameer.wordpress.com
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.
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).
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."
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."
CMDA Core Value
• Integrity
• Professionalism
• Accountability
• Independence
• Initiative
Key Objectives of CMDA
• To develop a market in which securities can be
issued and traded in a fair and orderly manner;
Key Objectives of CMDA
• To protect and promote the interest of investors
and potential investors in securities;
Key Objectives of CMDA
• To regulate and supervise the securities market;
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.
Key Objectives of CMDA – In
Dhivehi
Strategic Goal of CMDA 2015-
2019• The key strategic priorities of CMDA as stipulated
in the Maldives Capital Market Strategic Plan
2015-2019.
Strategic Goal of CMDA 2015-
2019• Establish a secondary market for trading
government securities.
Strategic Goal of CMDA 2015-
2019• Facilitate establishment of investment funds.
Strategic Goal of CMDA 2015-
2019• Facilitate establishment of venture capital funds.
Strategic Goal of CMDA 2015-
2019• Promote issuance of Shariah compliant
government securities.
Strategic Goal of CMDA 2015-
2019• Increase listings from private sector.
Strategic Goal of CMDA 2015-
2019• Promote financial literacy & increase market
awareness.
Organization Structure of CMDA
Board of Directors of CMDA
Board of Directors of CMDA
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
Capital Market Shariáh Advisory Council.
CMSAC Members
Corporate Governance (CG)
Code• The Corporate Governance Code was published
by CMDA in 2008.
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.
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.
Listed Companies in Maldives
Stock Exchange• Amana Takaful (Maldives) PLC (ATM)
Listed Companies in Maldives
Stock Exchange• Bank of Maldives (BML)
Listed Companies in Maldives
Stock Exchange• Dhivehi Raajjeyge Gulhun PLC (DHR)
Listed Companies in Maldives
Stock Exchange• Maldives Tourism Development Corporation PLC
(MTDC)
Listed Companies in Maldives
Stock Exchange• Maldives Transport and Contracting Company
PLC (MTCC)
Listed Companies in Maldives
Stock Exchange• State Trading Organization PLC (STO)
Listed Companies in Maldives
Stock Exchange• Centurion PLC
Listed Companies in Maldives
Stock Exchange• Ooredoo Maldives PLC (OMPL)
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;
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.
Enforcement Methods
CMDA Institutes
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.
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.
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.
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.
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.
What else you want to know?
Questions & Answers
Thank You
Ibrahim SameerSeek knowledge from cradle to grave