ADVOKS GLOBAL · KENYA
Prevention of Fraud (Investments) Act
10. Restrictions on grant of principal’s licence
Edition: 2023-12-11 · Not commenced
10. Restrictions on grant of principal’s licence
No principal’s licence shall be granted to any person who is not a member of a stock exchange:Provided that—(i)this section shall not apply during any period when there is no stock exchange in Kenya;(ii)the Minister may exempt, after consultation with the representatives of that stock exchange, any person from the prohibition imposed by this section where he is satisfied that membership of a stock exchange has been unreasonably withheld from such person;(iii)upon a first application for such licence the Minister may grant the licence if he is satisfied that upon such grant the applicant will be admitted to membership of a stock exchange.