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{
    "id": 863301,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/863301/?format=api",
    "text_counter": 179,
    "type": "speech",
    "speaker_name": "Kitui Central, WDM-K",
    "speaker_title": "Hon. Makali Mulu",
    "speaker": {
        "id": 1955,
        "legal_name": "Benson Makali Mulu",
        "slug": "benson-makali-mulu"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. Let me also make a contribution to this Bill, which to me appears to be very straightforward and, at the same time, addressing a very important matter when it comes to capital markets. Despite what Hon. Nyoro has said, the Kenyan capital market is one of the robust markets in this region. But when you compare it with other countries in the international capital markets, we are not doing very well. The essence of this Bill is to focus more on the people who take advantage of capital markets when they have insider information. Because you operate with the market, you have much more information than anybody else, and then you take advantage of that information either to benefit institutions or individuals in terms of price differentials. When you look at this Bill, it is trying to introduce some penalties. If you have such information and you take advantage, then you need to be punished because you are giving either institutions or individuals some undue advantage. Since this is generally a common problem in this country, we have seen people who invest in companies in terms of buying shares. Immediately they sell their shares at the CMA, you will start to see such companies experiencing problems, meaning that they are conning Kenyans. Since you have information that the company is going through problems, you want to dispose of your shares, get your money, make profit and then the company collapses immediately after. This has been seen in organizations like the National Bank of Kenya (NBK)."
}