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{
    "id": 147211,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/147211/?format=api",
    "text_counter": 161,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "This will boost the profitability for the Post Bank and assert its existence in the future. Third, in the recent past, innocent Kenyans suffered huge financial losses after being lured to invest in illegal pyramid schemes which were promoted as superior alternatives to traditional banking. The economic and political influence of such criminal organisations can weaken the social fabric of the society, collective ethical standards and ultimately, the democratic institutions of the society. In order to stop these evil schemes from defrauding Kenyans in the future, I propose to amend the Penal Code to outlaw the operation of pyramid schemes, including non-genuine multi-level marketing operations. Fourth, as you may be aware, the Government has in the past taken some key policy decisions to reform the Capital Markets Industry and to ensure safety of investor's wealth. In this regard and in order to give full effect to the reforms adopted recently, I propose to amend the capital markets regulations to increase the share capital for stockbrokers and investment banks from Kshs5 million and Kshs30 million to Kshs50 million and Kshs250 million respectively, in order to adequately capitalise them to reflect their turnover levels. Mr. Speaker, Sir, further, I propose to amend the Capital Markets regulation to require entities under the Capital Markets that collect money from the public, to secure professional indemnity insurance to cover loses that may arise from their default"
}