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Capital markets regulator also told to reverse their decision denying Tolea a license as the decision was based on a wrong set of rules. Court also orders them to re-review Tolea’s license application under proper laws.
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The High Court, on Thursday, 19th December 2019 temporality stopped Capital Markets Authority (CMA) from cancelling the license of ALTX East Africa Limited until the main suit, challenging the legality of the closure itself if heard and disposed of. In this earlier interview with CEO East Africa Magazine, CMA chief, Keith Kalyegira explains why ALTX East Africa was being shown the exit and dismisses claims that they were never given time to defend themselves.
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The High Court, on Thursday, 19th December 2019 stopped Capital Markets Authority (CMA) from cancelling the license of ALTX East Africa Limited. Launched in 2014, by Joseph Kitamirike, the former CEO of Uganda Securities Exchange, ALTX is Uganda’s first automated stock brokerage service that did not require prospective investors to go through stock brokers, but instead offered digital channels such as mobile phones and the internet to buy and sell shares. On 25 February 2019, ALTX announced that it had pioneered mobile money payments for the purchase of securities, allowing investors to invest for as little as UGX10,000 a…
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Joseph Kitamirike, the Chief Executive Officer of the troubled securities trading firm, ALTX East Africa Limited has contested his firm closure by Capital Markets Authority (CMA), saying that the regulator did not follow the law. The regulator, in a 19th November, 2019 media notice announced that “pursuant to Section 24 (7) of the Capital Markets Authority Act, the Board of Capital Markets Authority had cancelled the approval of ALTX East Africa Limited to operate a securities exchange In Uganda.” “The cancellation shall take effect upon the expiry of three months from the date of publication of this notice in the…
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