CMA Warns Investors Against Pumping Cash in Unlicensed Fund Managers

The Capital Markets Authority  (CMA) has cautioned investors against placing their faith in unlicensed fund mangers warning that the regulator cannot protect investment funneled through firms foreign to the regulatory framework.

CMA Acting Chief Executive Wycliffe Shamiah says investors risk losing their money in the wake of rising cases of poorly thought out investment avenues in the country that have left a large number of Kenyans to their own devices after realizing they have invested with unchecked entities.

Shamiah was speaking following numerous inquiries on the licensing status of Cytonn Investment Group, sentiments which were shared in a statement to newsrooms

The acting boss said the only licensed entity is Cytonn Asset Management Limited, which is licensed as a Fund Manager and a Real Estate Investment Trust (REIT) Manager.

The funds managed by the entity under the approved Collective Investment Schemes are; Cytonn Money Market Fund, Cytonn Balanced Fund, Cytonn Equity Fund, Cytonn Africa Financial Services Fund, Cytonn Money Market Fund (USD) and Cytonn High Yield Fund. 

He further advised investors to confirm the licensing status of any firms offering services in the capital markets industry with the Authority since it has been noted that some of unlicensed and unapproved entities are pitching investment opportunities under the guise they are licensed.

“Investors are advised to check correctly the names of the licensed and approved entities. They should undertake due diligence and check the license status of any entity marketing investment opportunities and purporting to be licensed by the Authority,” added Shamiah.

“The Authority will take appropriate enforcement action against any persons or entities illegally conducting business in the capital markets industry without a license. Members of the public who have been affected or become aware of such illegal entities are advised to report to the Authority or to the Capital Markets Fraud Investigation Unit,” said Shamiah.

See Also>>> Demand For Data Grows During Lockdown

Latest

Lupita’s Little Brother Junior Nyong’o Charting His Own Path in Acting

Junior Nyongó, who is also a musician and a DJ and now a graduate of UC San Diego with an MFA in Acting, is crafting his own solid path in the world of acting with roles in major theatre productions.

Why the Arts and Culture are Key Segments of Kenya’s Economy

The Kenyan creative sector, which comprises remarkably diverse forms...

KBL Gives Maasai Name to First Brand at New Sh1.2B Microbrewery

The new microbrewery in Ruaraka is aimed at helping the business to extend KBL innovation capability and to meet consumers’ changing tastes and preferences.

Hardware Owner Makes Sh27 Million in Six Hours After Investing Sh99

In a festive season filled with joy and surprises, SportPesa has unveiled its newest millionaire, Esbon Macharia, who won a cool Ksh27,041,645 Midweek Jackpot.

Follow Us

Newsletter

Don't miss

Lupita’s Little Brother Junior Nyong’o Charting His Own Path in Acting

Junior Nyongó, who is also a musician and a DJ and now a graduate of UC San Diego with an MFA in Acting, is crafting his own solid path in the world of acting with roles in major theatre productions.

Safaricom To Power Tusker OktobaFest Beer Festival

Safaricom’s involvement in OktobaFest as a technology and payments partner will focus on fostering seamless in-festival connectivity, empowering the youth and Gen Z community through Safaricom Hook, and powering digital payments through M-PESA.

Music Producers Launch Organization To Streamline Recording Industry

Recording Industry of Kenya (RIKE) was launched on 9th October 2023. Registered in 2022 as a not-for-profit organization, RIKE aims to promote the collective interests of producers of sound recordings in the country.

Nairobi’s Hero Bar Listed Among World’s 50 Best Bars

World Best Bars: Hero Bar in Nairobi continues to climb the list, moving up six places to No.62 and Johannesburg’s Sin + Tax comes in at No.94. Dubai new entry Ergo is at No.69 and Melbourne’s Byrdi has re-entered the list at No.61.

Kenyan DJs Face Off In Smirnoff Battle Of The Beats Season 3

The Smirnoff Battle of the Beats Season 3, a DJ competition, is poised to unleash an unprecedented musical frenzy countrywide.

The Highs And Lows Of Betty Kyallo, Sisters Show As Season 2 Ends

Kyallo Kulture has always been, above all, about sisterhood, and in Season 2 we have witnessed the charm of it - the ups that gave us wholesome moments as the sisters led by Betty Kyallo spent time together.

DStv Beats CNN, BBC To Become Most Admired Media Outlet In Africa

DStv, MultiChoice Group’s leading broadcast service, has been named...

MultiChoice Revises Subscription Fees For DStv, GOtv

MultiChoice has announced price adjustments on some of their...

Octopizzo: How I Make My Money

"I've been doing this for 12, 13 years. It reaches a point where you no longer need to prove that you can make a hit record," he stated.

New Spotify EQUAL Artist Qing Madi Talks Music and Dreams

Heavily influenced by her cultural background and the lyrical arrangements of Kendrick Lamar, the versatile Nigerian prodigy is shaping the future of music with her unique genre-bending fusion of Afrobeats, Pop, Soul and R&B.

Lupita’s Little Brother Junior Nyong’o Charting His Own Path in Acting

Junior Nyongó, who is also a musician and a DJ and now a graduate of UC San Diego with an MFA in Acting, is crafting his own solid path in the world of acting with roles in major theatre productions.

Why the Arts and Culture are Key Segments of Kenya’s Economy

The Kenyan creative sector, which comprises remarkably diverse forms of arts and cultural productions like films, commercials, online content, and other audio-visual works and...

KBL Gives Maasai Name to First Brand at New Sh1.2B Microbrewery

The new microbrewery in Ruaraka is aimed at helping the business to extend KBL innovation capability and to meet consumers’ changing tastes and preferences.

LEAVE A REPLY

Please enter your comment!
Please enter your name here