The Capital Markets Authority (CMA) has raised concerns that delays by the Judicial Service Commission (JSC) to appoint members of the Capital Markets Tribunal has created a loophole for rogue players to hide from regulatory actions.
CMA chief executive officer Wyckliffe Shamiah said the lacuna is affecting investors whose deals have been frozen by disputing parties who have filed cases before the tribunal. The High Court ruled last year in favour of activist Okiya Omtata—now the Busia Senator— to move the appointment of tribunals from the Executive to the Judiciary.
