HomeBusiness Digest$11,4b for securities watchdog

$11,4b for securities watchdog

FINANCE minister Herbert Murerwa yesterday allocated a $11,4 billion grant to establish the Securities Commission.

The commission is meant to regulate Zimbabwe’s

securities market and should start operating on January 3 next year.

Murerwa said the commission would be self-financing, as it will generate its own income levies on transactions that would have been carried out in the securities sector.

He said a committee had been set up to advise the ministry over the appointment of its commissioners.

“The self-financing commission will become operational during the course of 2006, with a nomination committee that will assist the Minister of Finance in the recruitment of the commissioners now in place,” said Murerwa.

The Zimbabwe Stock Exchange (ZSE) will operate under the commission.

The commission will set conditions for the listing of companies on the ZSE and other bourses that will be registered to operate.

The ZSE is currently battling to raise more than US$2 million to digitalise its trading operations that are operating under a manual trading system. – Staff Writer.

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