Capital markets tribunal vows independence
DAR ES SALAAM: THE Capital Markets Tribunal has pledged to uphold its independence in handling cases to foster trust and confidence among investors in the sector.
The tribunal was established under Section 136A of the Capital Markets and Securities Act, Cap 79, as amended in 2010.
As an independent institution, it is mandated to adjudicate appeals related to capital markets.
“We will work independently and abide by the law to strengthen the investment climate in capital markets,” assured the incoming chairperson of the tribunal, Justice Dr Temi Kilekamajengo in Dar es Salaam yesterday during a handover event where outgoing chairperson Justice Deo Nangela officially passed on the leadership to him.
Dr Kilekamajengo, who was recently appointed to the position, emphasised that as he takes on his new role, he will ensure close cooperation with stakeholders, including the Ministry of Finance, the Capital Markets and Securities Authority (CMSA) and others.
He highlighted the tribunal’s duty to deliver timely justice and called for collaboration from stakeholders.
Commenting on the matter, outgoing chairperson Justice Nangela underscored the tribunal’s significance, particularly in the current free-market economy.
“Having this type of regulatory body helps build trust and confidence among private sector players in the capital markets. It assures them that they have a place where their complaints can be heard and resolved,” stated Justice Nangela.
He further urged the tribunal to prioritise public awareness of its operations so that more people can take advantage of its services.
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Justice Nangela also noted that during his tenure, efforts were initiated to establish electronic systems linking the tribunal with the Court of Appeal, allowing cases to be referred electronically instead of relying on paperwork.
Earlier, High Court Justice Amir Mruma shared his insights, stressing the importance of cooperation with stakeholders and raising public awareness. Justice Mruma pointed out that the public expects justice from the tribunal.
Meanwhile, the Registrar of the tribunal, Mr Martin Kolikoli, praised the outgoing chairperson for his significant contribution in strengthening the tribunal and ensuring its efficient execution of duties.
“On behalf of the Council and the Secretariat, we extend our gratitude for your strong leadership, clear vision and unwavering commitment to ensuring that the Council achieves its goals in accordance with its founding law and strategic plan for the capital markets sector.”
He further emphasised the tribunal’s crucial role in supporting the implementation of President Samia Suluhu Hassan’s 4Rs agenda.
“As a civil justice institution under the Ministry of Finance in the capital markets and securities sector, the tribunal has a duty to ensure that this sector continues to offer a conducive environment for investment.”
In this regard, the tribunal takes pride in being part of the national efforts to achieve the goals outlined in Tanzania’s Vision 2050, in which capital markets are recognised as a key pillar for economic growth through the promotion of long-term investments.
