The Capital Market Development Authority (CMDA) is the state entity responsible for the development and regulation of the securities market, and the capital market of
Maldives
The Maldives, officially the Republic of Maldives, and historically known as the Maldive Islands, is an Archipelagic state, archipelagic country in South Asia located in the Indian Ocean. The Maldives is southwest of Sri Lanka and India, abou ...
. CMDA was established as an independent institution in 2006 with the passing of the Maldives Securities Act 2006. Prior to that, it was functioning as a separate Division of the
Maldives Monetary Authority (MMA).
CMDA regulates and supervises the
Maldives Stock Exchange (MSE), Maldives Pension Administration Office (MPAO), Maldives Retirement Pension Scheme (MRPS), and also grants licenses to Stock Brokers or Dealing Companies, Investment Advisors, Rating Agencies, and Investment or Mutual Funds. While CMDA is the equivalent of the Securities and Exchange Commission in other countries, it has a dual role of further developing the capital market of the country, and protecting the interests of the investors through its regulations.
CMDA is governed by a board of directors, and daily operations are managed by the chief executive officer (CEO). The current CEO, Mohamed Hussain Maniku was appointed in January 2021.
The board members are appointed as per Securities Act, and are represented by MMA,
Ministry of Finance
A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position .
A ministry of finance's portfoli ...
, Registrar of Companies, and the private sector.
The
President
President most commonly refers to:
*President (corporate title)
* President (education), a leader of a college or university
*President (government title)
President may also refer to:
Arts and entertainment Film and television
*'' Præsident ...
appoints all board members and the chairman.
See also
*
List of financial regulatory authorities by jurisdiction
In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set ...
References
{{Reflist
Government of the Maldives
Financial regulatory authorities
Economy of the Maldives
2006 establishments in the Maldives