Summary:
- Dr. Protazio Begumisa, a board member of the CMA, highlighted that fraudsters often lure the public with attractive deals, leading people into fake investment schemes that result in significant losses.
KABALE: Authorities from the Capital Markets Authority (CMA) have cautioned the business community in the Kigezi sub-region against fraudulent operators and unlicensed financial schemes.
This warning was issued on Friday during the inaugural town hall meeting organized by the CMA at Cephas Inn in Kabale municipality.
Dennis Kizito, the Director of Market Supervision at the CMA, and Dr. Protazio Begumisa, a board member of the CMA, highlighted that fraudsters often lure the public with attractive deals, leading people into fake investment schemes that result in significant losses.
CUE IN KIZITO AND DR. PROTAZIO….ON FRAUDSTERS…….RR//
Josephine Okui Ossiya, the Executive Director of the CMA, emphasized that these engagements aim to guide the business community in making sound investment decisions.
CUE IN OSSIYA…ON ENGAGEMENTS…….LUG//
Represented by the Rubanda district LCV chairperson, the State Minister for Finance in charge of General Duties, Henry Musasizi, remarked that investing in capital markets is a sustainable strategy for the business community.
CUE IN KASYABA…..REPRESENTING MINISTER MUSASIZI……ENG//
The Archdeacon of Bubare Archdeaconry in Rubanda, Venerable Oscar Mwesigwa, proposed measures to increase the popularity of capital markets in the country.
CUE IN VEN MWESIGWA….ON MEASURES…….ENG//
The CMA Act grants the Authority powers to license investment advisers, securities brokers, and fund managers, and to approve entities selling securities to the public. The Collective Investment Schemes (CIS) Act, 2003, authorizes the CMA to operate CIS and license CIS managers. Anyone undertaking these activities without the CMA’s approval or license is violating S.19 and S.30 of the CMA Act and is subject to prosecution.
