The Securities Commission of Zimbabwe (SEC) has so far licensed 15 stockbroking firms this year and is yet to approve applications from another four companies.
SEC chief executive officer Tafadzwa Chinamo said the four broking firms’ applications would be finalised by the end of this month.
“Last year we had 19 stockbroking firms. We will give people a licence to be a stockbroker so the Zimbabwe Stock Exchange will take those people as members,” Chinamo said.
Statutory Instrument 100 of 2010 states that a stockbroking firm must have a minimum capital of $150 000 or 13 weeks’ working capital.
Under the rules and regulations stockbroking firms are supposed to have two licensed dealers.
Stockbroking firms are required to pay $3 000 while stockbrokers pay $500 per person.
Stockbrokers are required to show their network statement and prove that they are not insolvent.
The 15 stockbroking firms that were licensed include ABC Stockbrokers, Bethel Securities, FBC securities, Imara Edwards Securities, Interfin Securities, Interhorizon Securities, Kingdom Stockbrokers, Lynton Edwards Stockbrokers, Mast Stockbrokers, MMC Capital, Old Mutual Securities, Platinum Securities, Remo Investments, Southern Trust Securities and ZB Securities.
Some of the stockbroking firms licensed last year which are not on the list include BancABC, ISB and ReNaissance.
A total of 41 stockbrokers were licensed this year with 10 being new firms.
Four securities custodians, namely Barclays Zimbabwe Nominees, Stanbic Bank Zimbabwe, Standard Chartered Bank Zimbabwe, Three Anchor Investments T/A Old Mutual Custodial Services, were licensed.
Transfer Secretaries and Corpserve Registrar are the two transfer securities that were given licences.