Capital Markets Research Programs

Research activities and various studies conducted by the CMSA as part of capital markets development and improvement of supervisory functions, CMSA carried out a number of researches in various areas including economic empowerment of indigenous Tanzanians and financial inclusion; monetary and fiscal policies; management information system (MIS); mergers and acquisitions; legal framework for the establishment of collective investment schemes (CISs) and capital markets structures in Tanzania. These studies have contributed positively to the present level of capital markets development and investor confidence.

Studies conducted include the following:

  1. Surveys on tax incentives in order to promote capital markets in the country where proposals to reduce or eliminate tax on some transactions was approved by the government and was included in the Tax Act.
  2. Research on CMSA to meet the IOSCO criteria which aims to enable CMSA to remain a member of IOSCO and improve rules, regulations and procedures for managing capital markets in the country.
  3. Research on electronic systems in capital markets and securities in the Country that enable CMSA to better manage capital markets in the Country that have enabled CMSA to have systems that are similar to those of market actors.
  4. Research on the implementation of the East African joint market protocol for harmonization with the Law.
  5. A study that enabled the Dar es Salaam stock market (DSE) to list itself (Demutualization of the DSE).
  6. Research that enabled the amendment of the capital markets law and securities led to the establishment of mutual funds (Collective Investment Schemes).
  7. Research on M-Akiba bonds.