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Financial service institute on cards

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Securities Commission of Zimbabwe (SEC) says plans are underway to set up a financial service Institute of Zimbabwe that will spearhead investor education.

The target market for the institute include stockbrokers, securities dealers, dealing firms , secretaries , investment advisers and transfer secretaries.

SEC chief executive officer, Tafadzwa Chinhamo, said this would keep stakeholders informed of the changing market trends and technology.

We are looking at setting up an office at an initial cost of $150 000, said Chinhamo.

Hopefully in the long run will be self-financing.
We are looking at partnering with universities and seek affiliation with reputable organisations, said Chinhamo.

He said qualification would be a standard A Level qualification or relevant degrees.

This is a way to keep them updated through workshops and short-term programmes to refresh their knowledge on capital markets, said Chinhamo.

Chinhamo said SEC has created an investor protection fund of $5 million meant to meet the claims of investors against defaulting members.

He added that SEC was in the process of setting new rules to govern stock market operations in collaboration with the World Bank.

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