Dissertations (Masters)

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Browsing Dissertations (Masters) by Subject "CMSA"

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    Protection of individual investors at the Dar es salaam stock exchange: A critical analysis of the law
    (Mzumbe University, 2013) Sempeho, Laura G
    This work is about the protection of individual investors at the Dar es Salaam Stock Exchange (DSE). The researcher focused on individual investor as a minority group, who invested less number of shares than institutional investors. The work aimed at checking the effectiveness of the laws and regulations at the Dar es Salaam Stock Exchange and how they guarantee investor protection. The research was conducted in Dar es Salaam city where the DSE and CMSA offices, the Securities brokerage firms and most of the individual investors are located. The data was collected from DSE and CMSA legal departments through interviews of the officials. At the Securities Brokerage offices structured interviews were conducted to obtain primary data. Questionnaires were issued to Eighty (80) individual investors from different professions and specializations, five investors from each of the sixteen listed companies at DSE. The researcher found that the laws on stock market guarantee investor protection but the major hindering factor is the application of the said laws on investors who do not have adequate awareness on their rights, on the prohibited practices, and even in reading the financial statements of the companies invested in. Further, the DSE and CMSA lack the adequate technology to detect the prohibited offences such as the insider dealing which limits the protection of the interests of investors. The recommendations are to increase the awareness of the individual investor through the LDMs and brokers who deal with the investors on a day to day basis. There is also a need for improvement of technology to detect prohibited offences and facilitate in collection of evidence to prosecute offenders.
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    The assessment of challenges and prospects of capital markets development: A case study of Tanzania
    (Mzumbe University, 2013) Wanjah, A. Hamza
    This study assessed the Challenges and Prospects of Capital Markets Development in Tanzania. The specific objectives were to analyze the extent of the capital market challenges of the past fifteen years since the establishment of DSE and CMSA; to examine the achieved capital market development prospects of the past fifteen years since the establishment of the DSE and CMSA; to outline and understand the current newly emerging capital market challenges and prospects starting year 2010; and to determine the current status of the capital market development in Tanzania. The study was conducted at Dar Es Salaam City and involved a sample size of 80 respondents drawn from Top Managers and the personnel from the Dar Es Salaam Stock Exchange (DSE), the Capital Market and Securities Authority (CMSA), Brokerage Firms and Private Advocates, who were selected through random and purposive sampling techniques. The data were collected through a combination of techniques namely; interviews and questionnaires. The collected data were analyzed through the use of SPSS, discussed and presented through the use of figures, tables as well as text. The study reveals that there are challenges for the capital market development that remain unsolved since the establishment of the CMSA and the DSE, despite the prospects experienced to the market. Hence the study recommends for more reforms to our laws and policies governing the capital market business, demutualization of the DSE, Stock Markets integration so as to make the market flexible hence rapid development of the market. The findings further revealed that market is illiquid as there are few trade able securities and few investors too. That major players in the business are the pension funds, which hold assets at certain ratio at marketable prices.