Mr James Ndegwa, the newly appointed chairman of the Capital Markets Authority. PHOTO | FILE
Stockbrokers on Tuesday welcomed the appointment of James Ndegwa as the Capital Markets Authority (CMA) chairman, terming him the first holder familiar with the sector.
“This is indeed the first time in the capital markets history that the industry has had the benefit of having the chairman of the CMA as a person well versed in the financial markets industry,” said Kenya Association of Stockbrokers and Investment Banks (Kasib) chairman Jimnah Mbaru in a statement.
The stockbrokers said Mr Ndegwa, the NIC Bank chairman, has a proven track record of successful stewardship of blue-chip firms in commercial banking, asset management, investment banking, insurance and stockbrokerage in Kenya and East Africa.
Mr Ndegwa is the chairman of First Chartered Securities Ltd — the holding company for many of the firms associated with the late Philip Ndegwa family — and a director of several companies.
Previously he was the managing director of Lion of Kenya Insurance Company until 2003. He joined the NIC Bank board in November 2003 and was appointed chairman in 2005.
Kasib also welcomed the appointment to the CMA board of Chris Kiptoo and Ms Linda Muriuki as directors.
“This (appointment) has come at a very opportune time when we are positioning Kenya as an international financial services centre,” said Mr Mbaru.
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