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Business Reporter
THE Securities and Exchange Commission of Zimbabwe (SECZ) will meet business leaders and legal experts in Bulawayo today to gather input on the proposed 2019 Securities and Exchange Act Ammendment.

The high-level stakehodler engagement forum will be held at a local hotel from 7am to 10am and is expected to draw a diversity of expert audience, organisers said.

The proposed amendments to the Securities and Exchange Act are set to enhance the country’s capital markets, unlock value as well as enhance investor protection.

On Tuesday the Commission held a similar meeting in Harare where stakeholders shared their insights about the gaps in the country’s legal framework governing capital markets.

SECZ chief executive officer, Mr Tafadzwa Chinamo, has said Zimbabwe was lagging behind regional and global economies and hence amending the Act would open new opportunities for growth.

The review of the piece of legislation is also envisaged to improve the Commission’s effectiveness in the discharge of its duties as the capital markets regulator.

The amendments, if effected, will create more investor opportunities on the country’s exchanges that are looking not only for return on their investments, but also security.

At the moment experts say the Act does not provide for regulation of issuers, which has been one of its major challenges.

“The amendments will extend powers of the Commission to regulate issuers of securities,” said Mr Chinamo.

“This will also align us with international best practice and should create opportunities for our exchanges,” he said.

Among other benefits the amendments are set to bring enhanced record keeping as well as disclosure by listed companies.

Presently, some listed companies have been accused of withholding information especially from analysts and the media, information that is relevant for the investor.

“There isn’t much disclosure from local companies even when they are introducing new products or services. We want to inform investors but we usually have limited information,” said investment analyst, Mr Ranga Makwata.

Zimbabwe Stock Exchange (ZSE) acting chief executive Martin Matanda, said the proposed amendments were a welcome development in promoting ease of doing business, attract investors as well as enhance investor protection, which is crucial in any market.