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Topic:
Enough is enough! No CMA&NSE; reforms no invesments! - slykat
[460 views |
12 replies] |
Thursday, March 13, 2008 04:35
Hallo People,
Many of us have warned here that the NSE is a tight tribal cartel where manipulation,speculation and illegalities are rife. Personally,my worst experience so far was when it took 6 months,2 lawyers,an expensive flt to Kenya and a big hole in my pockets to get my KenGen refund! Now am really worried if my broker is one of those banned or under the microscope.
Seriously,unless we the investors in unison threaten to pull out if decisive action is not effected, the brokers, NSE (read brokers) and CMA (read brokers) cannot move. It is in their interests to maintain status quo when everything else in Kenya is being reformed. Or are we blinded by the reflection of light by the coins we make that we cannot see million-dollar opportunities for all if brokers played by the book!
If investors threatened to pull out - u wud see reforms and best practice in place within weeks! Is there an NSE investors association in Kenya and if so how come it never fights for our rights? If there is not,who wants to join up to form a robust investors association? I feel the rogues are using us as door mats. I am angry coz the NSE is losing billions and i am losing big time,coz a thief has been put under receivership with 25% of NSE clients's hard earned cash. If 4 more go down,only 40% of investors will be unaffected.
Enough is enough! No CMA&NSE reforms no invesments!
When buying shares,ask yourself,would you buy the whole company?
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Enough is enough! No CMA&NSE; reforms no invesments! [deadmau5]
Thursday, March 13, 2008 18:32
Im on for the mass action,boycott,go slow whatever. Question is do we get to meet the pretty CMA head,Ms. Kilonzo?
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Enough is enough! No CMA&NSE; reforms no invesments! [Seles83]
Thursday, March 13, 2008 15:54
I concur 10000%,when is the strike will be hold do i need i Tshirt
Failure inspires winners...winners are made not born
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The Way Forward [slykat]
Thursday, March 13, 2008 15:42
slykat or skylat? am laughing at this unintended double entendre or was it just a Freudian slip?!
We need a comittee of 3 people including a capital markets compliance lawyer,an accountant and a financial analyst to jointly draft a petition which we will will sign. I am asking SK to make a petition page here.
The petition will:
1. outline past malpractices,systemic failures,non-compliance and illegalities in addition to CMA's real and perceived inability to act in cases where it clearly has self interests. This will be reinforced with real examples from us.
2. Demand certain reforms including demutualization of the NSE,civil and criminal actions against rogue brokers in their personal capacities, publication of annual independent audits of brokers financial books to safeguard investors' money, direct access to CDS A/C statements by investors without the need to go through a broker,or even better direct electronic trading! Personally,I believe the Central Bank is best placed to deal with such myopic wheeler dealing - the treausury shud also have a role.
3. Course of action if reforms not implemented in 6 months: tabling our petition to the minister of finance and the relevant parliamentary committee and private prosecutions,bad press,boycotting certain brokers or the NSE,compiling evidence from members for submission to the KACC etc
Any other suggestions we may approve,
Any people with a great deal of experience and understanding of the capital markets generally (and the NSE specifically) and their regulatory frameworks please step forward to draft the petition! SK,please arrange a petition signing page where we can sign the petition!
When buying shares,ask yourself,would you buy the whole company?
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@ Njung'e. [albertross]
Thursday, March 13, 2008 15:15
You said it bro!!
Thinking is free...............so THINK!!
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Aaaaaargh...!! [Njung'e]
Thursday, March 13, 2008 14:08
@albertross,
Which means.........mimi ni pumbavu tuu....!...eeh??.
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Enough is enough! No CMA&NSE; reforms no invesments! [cindano]
Thursday, March 13, 2008 13:07
skylat*,
no pun intended....
but surely....
i could have sworn that the "k" comes before the "l"....
my bad.....
Kila kitu kiasi...na kwa bidii
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Soory. [albertross]
Thursday, March 13, 2008 12:22
@ Slykat,soory for getting your name wrong.
@Njun'ge,you must be one of the few people who are able to laugh at your own jokes,which simply means ...........well i leave that to your imagination.
Thinking is free...............so THINK!!
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Enough is enough! No CMA&NSE; reforms no invesments! [Njung'e]
Thursday, March 13, 2008 11:42
@Cindano/Albertross,
I love you guys for simple humour which keeps me young and free......Is it Slykat or Skylat???.......Give me a moment off for a squeel....!!!
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Enough is enough! No CMA&NSE; reforms no invesments! [cindano]
Thursday, March 13, 2008 11:21
skylat*,
with such conviction.....
you could make a great client.....
to sue the "Fat Cats" Club....
(read CMA et al)...
Kila kitu kiasi...na kwa bidii
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Yes we can. [albertross]
Thursday, March 13, 2008 10:27
@ Skylat,what you have said is a great way of seeing this clique of people controlling our market.
As I see it the best thing is if investors,especially the retail investors,could get together and make a representation to the head of the CMA,I feel this will afford us an opportunity to kill two birds with one stone.
We get an assurance from the CMA that all is well,or not,and we can get all our concerns off our chests.
I believe this can and should be done in order to kill this issue once and for all.
What do you think guys,can we get a critical mass starting here and then to the larger investment population?
Thinking is free...............so THINK!!
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Enough is enough! No CMA&NSE; reforms no invesments! [Desciple]
Thursday, March 13, 2008 09:35
We should boycot trading until we are assured our money is safe and there are regulations being followed not just on paper
Focus on return on equity,not on earning per share.
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Enough is enough! No CMA&NSE; reforms no invesments! [Sober]
Thursday, March 13, 2008 08:36
thats a brilliant idea. but some one else will term it as mass action or worse still economic boycott. i dont see this work out. these are the risks investors have to meet on their way to redemption.
dont think that such things dont happen in other markets,they do. only in a disguised manner.
have a safe investing
A ship in harbour is safe,but that is not what ships are built for. St. Bede
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