The Public Markets Committee (PMC) provides a senior-level forum to enable FMA membership, discuss and interrogate issues concerning the Kenyan Securities Markets with specific focus on assets classes in the Public Market. The institutions involved being the Nairobi Securities Exchange, Capital Markets Authority, Central Bank, National Treasury and the Central Depository & Settlement Corporation.


The PMC is an appointed Committee of the FMA for the purposes described above. The Committee shall Report to the FMA Executive Council.


  1. To discuss important domestic and global market or structural developments affecting the Kenyan Public Market.
  2. Where appropriate, to propose responses to any issues identified.
  3. To aid understanding and enhance monitoring of the functioning of the Public Markets.
  4. To engage with the Capital Markets Authority and the Nairobi Securities Exchange to facilitate the development of the Public Markets.

Area of Responsibility:

The PMC will be responsible for providing advice to members on the following key areas within Public Markets. They are:

  • Stocks
  • Bonds
  • Cash & Money Market
  • Commercial Paper
  • Private Placements
  • Derivatives & Commodities from Public Market instruments
  • REITs


  1. The Committee comprises appropriately senior practitioners from key active FMA member firms. Members are invited by the Chair due to their seniority, and experience in combination with the level of appropriate market activity.
  2. The Chair will be deputised by a Vice-Chair
  3. Generally membership is on an individual rather than on a firm basis. Therefore, a member who steps down cannot automatically pass on their seat to a replacement within their firm.

Organisation of the Committee:

  1. Meetings will be held a minimum of four times per year but can be held more frequently if required. Members should attend the meetings themselves.
  2. Agendas will be circulated one week in advance of meetings. The Committee may create temporary sub-committees as required in the light of market developments with agreed terms of reference.
  3. In some instances the meetings can be held via Tele-conferencing.


  1. Draft non-attributable minutes of meetings will be circulated to members and when these have been agreed by the Committee, they will be adopted by the committee.
  2. Decisions of the Committee will usually be made by general consensus but the Chair may ask for a decision by majority vote if agreement cannot otherwise be reached.
  3. The committee requires a 50% attendance, in addition to the Chair, to be quorate. If the committee is not quorate then meetings may proceed, however, the committee shall not be able to make decisions.


The Executive Council will evaluate the performance of the Committee. The performance of the Committee will be assessed against the accomplishment of yearly objectives/deliverables. This review will take place immediately prior to the Annual General Meeting.


Committee reports will be provided in writing, to the Executive Council (EC) no later than one week following each meeting; a summary report at EC meetings and a final report at the Annual General Meeting (AGM).

 Current Members:

  1. Anthony Mwithiga: Absa Asset Management – CEO (Chair)
  2. Elizabeth Irungu: ICEA LION Asset Management – General Manager (Vice Chair)
  3. Kagwiria Nkirote: Apollo Asset Management – Portfolio Manager
  4. James Mose: Britam Asset Managers – Chief Investment Officer
  5. Mwenda Rarama: NCBA Investment Bank – Senior Investment Manager
  6. Mark Anthony Ngare: Co-op Trust Investment Services – Senior Research Analyst
  7. Maurice Oduor: Genghis Capital Services – Senior Manager
  8. Eric Karimi: Old Mutual Investment Group – Portfolio Manager
  9. Nicholas Malaki: Sanlam Investment East Africa – Chief Investment Officer