Market Regulations

Rules and Regulations

The Stock Exchange has a primary aim to provide issuers, intermediaries and investors with an attractive, efficient and well-regulated market in which to raise capital and fulfil investment and trading requirements.

The Capital Market Development Authority (CMDA) is responsible for developing, regulating and supervising the securities market in the Maldives in accordance with the Maldives Securities Act. CMDA issues license to the Stock Exchange and Central Depository, as well as all market intermediaries including brokers, dealers and investment advisors.

An orderly market is maintained through rules and regulations issued by the market Regulator, Stock Exchange and Depository. Rules and regulations issued ensure guidance, monitoring and supervision of the conduct of all market activities.

The Stock Exchange Company has powers pursuant to the Securities Act, to make rules relating to membership of the company, listing of companies on the stock exchange, obligations of issuers of listed securities, conditions governing dealings in securities as well as rules relating to clearing and settlement of securities. All rules formulated by the Stock Exchange shall come into effect upon approval by the market Regulator.


Rules

Operational Rules of MSE prescribe provisions governing the conduct of the Exchange applicable to employees and Board of Directors of MSE. The Rules also include powers of the Exchange to impose and waive fees, receive and investigate complaints, impose disciplinary charges and suspensions on Trading Members as well as general powers to take actions to ensure fair and orderly conduct of the market.

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  • Trading Membership rules of MSE prescribe rules governing Trading Membership and conduct of business rules for members in addition to those prescribed in the Conduct of Business Regulation 2006 issued by CMDA. The Rules make provisions governing Trading Membership admission criteria and requirements, procedures for application, resignation, termination, suspension and continuing qualifications.

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  • Listing Rules make provisions for the criteria for admission of securities to the Official List as well as continuing disclosure obligations on listed companies. Listed companies are required to be in compliance with the listing rules at all times, in addition to other relevant regulations imposed by the Regulator.

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