ADVOKS GLOBAL · KENYA
The Capital Markets (Nairobi Securities Exchange Limited Shareholding) Regulations
4. Approval to exceed limit
Edition: 2022-12-31 · In force
4. Approval to exceed limit
(1)A person may apply to the Authority to waive the ownership restrictions under Regulation 3(1) or 3(2).(2)The Authority may grant the waiver if—(a)it is satisfied that such waiver is in the interest of the public or of the Exchange; and(b)it certifies the applicant to be fit and proper.(3)A person granted waiver under sub-regulation (2) shall file a declaration within fifteen days of the end of every financial year to the Authority and the Exchange that he has complied with the fit and proper criteria provided in the Act.(4)A person who—(a)holds five per cent or more of the equity shares of the Exchange; and(b)the Authority has determined that that person does not fulfill the fit and proper criteria as set out under the Act, shall—(i)cease to exercise all his voting rights immediately upon the Exchange being notified by the Authority, in writing, that the shareholder does not fulfill the fit and proper criteria as set under the Act; and(ii)reduce the holding of equity shares to less than five per cent of the share capital of the Exchange within twelve months, or such longer period as the Authority may determine.