Annual Report 2020-2021 - CMSA

Capital Markets and Securities Authority
ANNUAL REPORT
FOR THE FINANCIAL YEAR
2020-2021
CAPITAL MARKETS AND

SECURITIES AUTHORITY
CAPITALMARKETS
CAPITAL MARKETS AND
AND SECURITIES
SECURITIES AUTHORITY
AUTHORITY
ESTABLISHMENT OF THE CAPITAL MARKETS AND SECURITIES
AUTHORITY (CMSA)
The Capital Markets and Securities Authority (CMSA) became operational in the
1995/1996 Financial Year. The establishment of CMSA followed comprehensive
financial sector reforms in the early 1990s aimed at developing among others
capital markets in Tanzania. The development of capital markets enable provision
of appropriate mechanism for mobilizing long term savings and ensuring efficient
allocation of resources to productive sectors and in that way stimulate economic
growth.
The capital market in Tanzania is governed by the Capital Markets and Securities
Act, Chapter 79 R.E. 2002 (CMS Act). The CMS Act is supplemented by 19
Regulations and Guidelines governing various aspects of the capital markets.
Furthermore, following the enactment of the Commodity Exchanges Act 2015, the
CMSA is also mandated to supervise, develop and regulate commodity exchanges
in Tanzania. The Commodity Exchanges Act is supplemented by the Commodity
Exchanges Regulations, 2016.
Functions of the CMSA
The general functions of the CMSA are to -
 promote and develop efficient and sustainable capital markets and securities
business in Tanzania while ensuring fair and equitable dealings;
 formulate principles for the guidance of the industry, protection of investors’

interests and integrity of the securities market against any abuses;
 licensing and regulating stock and commodity exchanges, dealers, brokers

and their representatives and investment advisors;
 advising the Government on policies and all matters relating to the

securities and commodity markets industry.
Our vision
To be a professional regulator of capital markets that meet international
standards of inclusion and investor protection.
Our Mission:
To create enabling environment for the development and maintenance of a fair,
inclusive, efficient, transparent, innovative and sustainable capital and
commodity markets which fuel economic growth.
CAPITAL MARKETS AND SECURITIES AUTHORITY
Our Core Values

In its endeavor to accomplish its mission and realize the vision, CMSA is guided by
its core values of:-
 Professionalism: committed to upholding high standards of

professionalism in all undertakings in order to maintain integrity of the
capital markets industry;
 Innovation: positions innovation at the fore by encouraging and

promoting new ways of doing business to employees, market intermediaries
and all stakeholders;
 Teamwork: seeks to inculcate a culture of collaboration among employees,

leveraging on synergies as they work towards common organizational goals;
 Accountability: promote personal responsibility at all levels of the

organization, the outcome of which is the commitment to reliably deliver
services that meets expectations of stakeholders; and
 Diligence: creates in employees an attitude of hard work, perseverance,

ethics, commitment, drive, passion, sense of urgency, and resourcefulness.
ANNUAL REPORT 2020 – 2021 1

TABLE OF CONTENT
LIST OF ABBREVIATIONS ....................................................................................... 4

1.0 TRANSMITTAL LETTER ................................................................................. 6
2.0 CORPORATE INFORMATION .......................................................................... 7
3.0 CHAIRMAN’S STATEMENT ...............................................................................................................8
4.0 CORPORATE GOVERNANCE REPORT FOR THE FINANCIAL YEAR 2020- 2021 ....... 10
4.1. The CMSA's Corporate Governance Philosophy ............................................... 10
4.2. Institutional and Regulatory Framework ........................................................ 10
4.3. The Board of the Capital Markets and Securities Authority ............................... 10
4.3.1. Members of the Authority ............................................................................ 10
4.3.2. Meetings of the Authority ............................................................................ 12
4.3.3. Attendance during the Meetings of the Authority ............................................ 12
4.4. The Management ....................................................................................... 13
5.0 CHIEF EXECUTIVE OFFICER’S STATEMENT ........................................................................... 14
6.0 PERFORMANCE OF THE CAPITAL MARKETS IN TANZANIA ................................ 16
6.1. The Equities Market.................................................................................... 16
6.1.1. Market Turnover and Volume....................................................................... 16
6.1.2. Market Capitalization .................................................................................. 17
6.1.3. Market Indices ........................................................................................... 18
6.2. The Bond Market ....................................................................................... 19
6.2.1. Primary Market .......................................................................................... 19
6.2.2. Secondary Market ...................................................................................... 19
6.3. Performance and continuous disclosure by listed companies: ........................... 20
6.4. Performance of Collective Investment Schemes ............................................. 21
6.4.1. Open Ended Collective Investment Schemes .................................................. 21
6.4.2. Performance of Closed Ended Investment Scheme.......................................... 22
6.5. Performance of Other Funds under Management ............................................ 22
6.6. Monitoring of Dealers ................................................................................. 22
6.7. Monitoring of DSE Trading and CSD Operations .............................................. 23
6.7.1. Surveillance of DSE Trading and CSD Operations............................................ 23
7.0 STRATEGIC INITIATIVES AND ACTIVITIES CARRIED OUT DURING THE YEAR ..... 24
7.1. Research on Uptake and Usage of Capital Markets Products ............................. 24
7.2. Development of National Capital Market Master Plan (NCMP) ........................... 24
7.3. Development of Alternative Project Financing Strategy.................................... 24
7.4. Increasing Number and Diversity of Capital Markets Products and Services.24
7.5. Conduct Securities Industry Certification Course ............................................ 25
7.6. Promoting growth of Capital Markets Investor Base and Inclusion ..................... 26
7.7. Monitor the Conduct of Business; ................................................................. 26
7.8. Monitoring of AML/CFT Compliance ............................................................... 26
7.9. Implementation of Risk-based Supervision (RBS) Framework ........................... 26
7.9.1. Implementation of CAMEL RBS Framework .................................................... 26
7.9.2. Conduct Routine/ad-hoc/ Thematic Inspections;............................................ 26
7.10. Monitoring of the Commodity Exchange Market (TMX) operations ..................... 27
7.11. Licensing of Market Intermediaries and their Representatives........................... 27
7.12. Facilitating Review of Capital Markets Legislation............................................ 27
7.13. Drafting of New Regulations Including Regulations for New Capital Market Products
27
7.14. Public Education and Awareness Programmes ................................................ 28
7.14.1. Capital Markets Presentation to Various Targeted Groups ................................ 28
7.14.2. Participation in Exhibition and Crowd Pulling Events........................................ 29
7.14.3. Preparation of Public Awareness Materials ..................................................... 29
7.14.4. Capital Markets Universities and other Higher Learning Institutions challenge
(CMUHLIC).......................................................................................................... 30
7 15. Raising the Profile of the CMSA Amongst the General Public and Key Stakeholders30
7.15.1. Media Coverage ......................................................................................... 30
7.15.2. Publish Capital Markets Newsletter ............................................................... 31
7.15.3. Publish CMSA Annual Report ....................................................................... 31
7.15.4. Redesigning of the CMSA website ................................................................. 31
7.16. Strengthen Regional and International Cooperation ........................................ 31

7.17. Enhancing CMSA Professional Training/ Capacity Building Programmes ............. 32

7.18. Challenges and Future Strategies ................................................................. 32
7.18.1. Challenges ................................................................................................ 33
7.18.2. Future strategies ....................................................................................... 33
8.0 FINANCIAL REPORT .................................................................................... 35
8.1. Statement of Responsibility by Those Charged with Governance ....................... 35
8.2. Declaration of the Head of Finance ............................................................... 36
8.3. Independent Report of the Controller and Auditor General ............................... 37
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS ..................................... 40
8.4. STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE, 2021 ......................... 41
8.5. STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30TH JUNE, 2021
………………………………………………………………………………………………………………………………..42
8.6. CASH FLOWS STATEMENT FOR THE YEAR ENDED 30TH JUNE, 2021.................. 43
8.7. STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNT FOR THE YEAR
ENDED 30TH JUNE, 2021 ...................................................................................... 44
8.8. VARIANCE RECONCILIATION ....................................................................... 45
8.9. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE, 2021
………………………………………………………………………………………………………………………………..46
8.9.1. GENERAL INFORMATION ............................................................................. 46
8.9.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ...................................... 46
8.9.3. CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS ................................ 55
9.0 APPENDICES ............................................................................................. 68
In the execution of its functions, the CMSA has powers to ......................................... 68

LIST OF ABBREVIATIONS
AML/CF Anti-Money Laundering / Counter Financing of Terrorism

T
ATS Automated Trading System
BOT Bank of Tanzania
CIS Collective Investment Scheme
CDS Central Depository System
CISNA Committee of Insurance, Securities and Non-bank Authorities of

SADC
CMSA Capital Markets and Securities Authority

CMPIC Capital Markets Pension and Insurance Committee of East
Africa Community
CSDR Central Securities Depository and Registry Company Limited
COSSE Committee of SADC Stock Exchanges

DCB DCB Commercial Bank Plc.
DSE Dar es Salaam Stock Exchange
EAC East African Community
EABL East African Breweries Limited
EASRA East African Securities Regulatory Authorities
EGM Enterprises Growth Market Segment at the DSE
EPOCA Electronic and Postal Communication Act
ESAAML Eastern and Southern Africa Anti Money Laundering Group

G
ESMID Efficient Securities Markets Institutions Development

Programme
FMI Financial Markets Infrastructure
FSDT Financial Sector Deepening Trust

Financial Sector Support Project under the Second Generation
FSP
Financial Sector Reform Programme
IOSCO International Organization of Securities Commissions
IPO Initial Public Offering of Securities
LAN Local Area Network
NCMMP National Capital Markets Master Plan
NMB NMB Bank Plc
NICOL National Investment Company Limited

OTC Over the Counter Trading

PSCP Private Sector Competitiveness Project
SIMBA Tanga Cement Company Limited shares at DSE
TATEPA Tanzania Tea Packers Company Limited
TBL Tanzania Breweries Limited
TMX Tanzania Mercantile Exchange
TOL TOL Gases Company Limited shares at DSE
TZS The currency of Tanzania - Tanzanian Shilling
UTT Unit Trust of Tanzania
WAN Wide Area Network

1.0 TRANSMITTAL LETTER
CMSA/FI/I
31st December 2021.
Hon. Dr Mwigulu Lameck Nchemba,

Minister for Finance and Planning,
Ministry of Finance and Planning,
Government City - Mtumba,
Hazina Street,
40468, Dodoma.
Honourable Minister,
Re: SUBMISSION OF ANNUAL REPORT FOR THE FINANCIAL YEAR

2020/2021
I have the honour to submit to you the Annual Report of the Capital
Markets and Securities Authority (CMSA) for the year ended 30 th June
2021.
This report covers the operational performance, financial performance and

the Auditors Report for the financial year 2020/2021. The report is
prepared pursuant to section 9 of the Capital Markets and Securities Act
1994 and section 25(2) of the Public Finance Act 2001.
Yours sincerely,
Dr. John K. Mduma

CHAIRMAN

2.0 CORPORATE INFORMATION
i) Registered Office of the Authority

6th Floor, Garden Avenue Tower,
Corner of Ohio Street and Garden Avenue,
P .O. Box 75713 Dar Es Salaam.
Tel: 255 22 2114959/61
Fax: 255 22 2113846
Email: [email protected];
Website: www.cmsa.go.tz
ii) Bankers:
NMB Bank House Branch,
Samora Avenue,
P .O. Box 9031,
Dar Es Salaam.
CRDB Tower Branch,

Corner of Ohio Street and Garden Avenue,
P .O. Box 2302,
Dar Es Salaam.
iii) Bank of Tanzania

2 MIRAMBO STREET
11884 DAR ES SALAAM
P.O. Box 2939
Dar es Salaam.
iv) Statutory Auditors:

The Controller and Auditor General,
National Audit Office,
4 Ukaguzi Road,
P o Box 950,
41104 Tambukareli
Dodoma.

3.0 CHAIRMAN’S STATEMENT
I am pleased to submit the Capital Markets

and Securities Authority (CMSA) Annual
Report for the Financial Year 2020/2021. The
report covers the third year of
implementation of the CMSA Five Year
Strategic Plan 2018/19 – 2022/23 designed
to support industrialization for economic
development, thus complements national
efforts towards achieving country’s
development objectives as enshrined in the
the Tanzania Development Vision(TDV)
2025. Accordingly, CMSA embarked on
implementing initiatives earmarked in the
Strategic Plan to ensure that the capital market sector enhances its contribution in
mobilization of resources to finance development projects and creating wealth for
Tanzanians. The strategic initiatives for the financial year 2020/21 enabled CMSA
to play a proactive role in the development of the Financial Sector Development
Master Plan (FSDMP) 2020/21-2029/30 that was coordinated by the Ministry of
Finance and Planning (MOFP); increasing the number and diversity of capital
markets products and services; improving financial inclusion and literacy;
strengthening the institutional and technical capabilities of capital markets
participants; strengthening the capital markets intermediary environment; and
progressing initiatives to improve the capital markets legislation.
Strengthening financial sustainability of the CMSA by enhancing the capacity of

resource mobilization through the capital markets remained a priority. The
objective was to optimise the pace of attainment of the Authority’s strategic
objectives in line with broader national policy directions. The Authority will ensure
that CMSA remains viable in meeting its financial obligations including contributing
to the Government’s consolidated fund and facilitating resource mobilization for
economic development projects.
For the financial year 2021/2022 the Authority will focus on initiatives of growing
the market in order to increase the number and diversity of capital market
products; reviewing the regulatory framework to accommodate demand of
investors and issuers; promoting growth of capital markets investor base; and
improving financial inclusion through enhanced dissemination of capital markets
awareness programs.
CMSA will continue to implement its Five Year Strategic Plan as well as the FSDMP
which provides avenues for the Government to mobilize long term financial
resources to support implementation of its industrialization policy. Effective
implementation of the FSDMP will expand the scope of the capital markets as an
engine for economic development. The Authority is also keen to support the
initiatives to amend the capital markets legislation that addresses the existing and

emerging challenges to ensure resilience, soundness and safety of the capital

markets and commodity exchanges in the country.
In tandem with the national development agenda, CMSA will strive to provide
opportunities for broader local ownership and expand long term financing
opportunities to the Government and the productive sectors, that would in turn
stimulate economic growth as outlined in the National Development Vision 2025
and the Government strategic implementation of the Ruling Party (CCM) election
manifesto which seeks to transform the country’s economy to self-sustainable
semi industrialized economy by 2025.
To achieve the noble objectives, continued support of all key stakeholders is of

essence. On behalf of the Members of the Authority, Management and staff of the
CMSA, I would like to express my sincere appreciation to the Government of the
United Republic of Tanzania especially the Ministry of Finance and Planning (MOFP)
and the Bank of Tanzania (BOT) for the crucial support they have provided to
CMSA. Both the Government and Bank of Tanzania have continued to support
capital markets development through sustaining the operations of the CMSA. The
Government has continued to provide relevant fiscal incentives to support further
development of the markets. I would also like to express my gratitude to the
Financial Sector Development Africa (FSDA), Financial Sector Deepening Trust
(FSDT) and the Chartered Institute of Securities and Investment (CISI) for
supporting capital markets development initiatives in the country.
Finally, I wish to convey my appreciation to all stakeholders including Members of

the Authority, Management and Staff of CMSA for their continued commitment and
dedication in developing, regulating and supervising the capital market industry in
the country. I look forward to their continued efforts and collaboration in
implementing initiatives that will enable the capital market to play the vital role of
increasing mobilization of resources to finance development projects while creating
wealth for Tanzanians.
Dr. John K. Mduma

CHAIRMAN

4.0 CORPORATE GOVERNANCE REPORT FOR THE FINANCIAL YEAR

2020- 2021
4.1. The CMSA's Corporate Governance Philosophy

As a trustee of its stakeholders, CMSA implements international best
practices of Corporate Governance which has facilitated becoming
competitive in discharging its duties. As such, CMSA upholds the principle of
transparency and accountability in its transactions in order to create
enabling environment for the development and maintenance of a fair,
inclusive, efficient, transparent, innovative and sustainable capital and
commodity markets.
The Authority aspires to be the benchmark for value creation and good
corporate citizenship and expects to realise its objectives by taking such
actions as may be necessary in order to achieve its mission.
4.2. Institutional and Regulatory Framework

The institutional framework of the securities industry comprises the
regulatory authority which is the CMSA; operators of the financial markets
infrastructure (stock and commodity exchanges, central securities
depositories, trade repositories and securities settlement and payment
systems); and market intermediaries (dealers, investment advisers, fund
manager, collective investment schemes, custodian of securities, commodity
exchange traders and dealers, bond traders and nominated advisers).
The Board of the CMSA provides strategic guidance and direction to the
Management in accordance with corporate governance principles and Board
charter. The Management is charged with the general responsibility for the
day to day activities supported by staff of the Authority.
The regulatory framework consists mainly of the Capital Markets and
Securities Act (Cap. 79) and the Commodities Exchanges Act [Act No: 19 of
2015] as principal legislation that are supported by various subsidiary
legislation and guidelines.
4.3. The Board of the Capital Markets and Securities Authority
The Board is established under Section 6 of the CMS Act.

4.3.1. Members of the Authority
The Authority comprises ten members. The Chairman is appointed by the
President of the United Republic of Tanzania. Four members of the Authority
are ex-officio, the Minister for Finance and Planning appoints four other
members taking into consideration their experience and expertise in either
legal, financial, business or administrative matters and the Chief Executive
Officer of the Authority. Below is a list of Authority Members that served
during the year under review.

NAME POSITION DATE OF EXPIRY OF

APPOINTMENT TERM
1 Dr. John Kedi Mduma Chairman 23rd February 22nd February
2017 2020
2 Prof. Florens D.A.M Governor of BOT- 22nd January Member ex
Luoga Memberex officio 2018 officio
3 Hon. Dr. Adelardus Attorney General-Member 1st February, 2018 Member ex
Kilangi ex officio officio
4 Mr. Godfrey Nyaisa Registrar of 19th January, 2020 Member ex
Companies-Member ex officio
officio
5 CPA. Nicodemus CEO - Ex officio 1st January, 2018 Member ex
Mkama officio
Table 1: Members of the Authority
Members of the Authority

4.3.2. Meetings of the Authority
The Authority met quarterly for its ordinary meetings during the financial
year 2020/21. There was one Extra Ordinary Meetings that is the 124th Extra
Ordinary Meeting of the Authority held on 17th May 2021 to discuss the
Audited Financial Statements and Management Letter of the CMSA for the
Financial Year ended 30th June, 2020.
Committees of the Authority met as and when the need arose to review and
deliberate on issues pertaining to their respective mandates. The Authority’s
Committee The Authority’s Committee on Corporate Approvals and
Licensing had one meeting that deliberate on various issues including,
approval of the Offer Document and Deed of Trust for the establishment of
Faida Unit Trust Scheme by Watumishi Housing Company; approval of an
Application in respect of an Offer by MuCoBa Bank Plc to sell its 24,509,804
Ordinary Shares; and Approval of Prospectus in respect of listing of JATU
PLC.
4.3.3. Attendance during the Meetings of the Authority
The members’ attendance in the meetings was satisfactory and members

played a major role in the effective execution of the business of the
Authority. In statistical terms the attendance of the meeting by members of
the Authority can be presented as follows:
a) Extra Ordinary Meetings
Meeting Date Held Members

124th Extra Ordinary meeting of 17/5/2021 10
the Authority
b) Corporate Approval and Licensing Committee
Meeting Date Held Members

26th Corporate Approval and 25/9/2020 3
Licensing

4.4. The Management
In accordance with the CMS Act Section 6, CPA. Nicodemus D. Mkama was
the Chief Executive Officer and Head of Management team of the CMSA
during the period under review. The organization structure provides for
three Directorates and four Independent Departments as follows:
 Directorate of Legal Affairs and Enforcement
 Directorate of Market Supervision and Market Development
 Directorate of Research, Policy and Planning
 Department of Internal Audit
 Department of Administration and Personnel
 Department of Finance
 Department of Public Relations
The following were the members of the Management team who served for
the financial year 2020/2021:
The Management Team

5.0 CHIEF EXECUTIVE OFFICER’S STATEMENT
During the year 2020/2021 performance

of the securities industry remained stable
registering increase in issuance of new
products, value of traded corporate bonds
and the net asset value of the collective
investment schemes registering growth.
The total turnover of trading in equity
market in terms of trading volumes and
value registered slight shift to fixed income
securities and collective investment
schemes as compared to the previous
year. During the year 2020/2021
performance o f t h e securities industry
issuance of new products, value of traded corporate bonds and the net asset value
of the collective investment schemes registering growth. The total turnover of
trading in equity market in terms of trading volumes and value registered slight
shift to fixed income securities and collective investment schemes as compared to
the previous year.
The shift in turnover during the year was attributed to both external and domestic
market factors. External factors arose from decrease in economic activities globally
due to outbreak of COVID-19 that resulted to disruptions of supply chain and tight
financial conditions; and rising energy prices and supply disruptions that caused
higher and broader based inflation. Domestic factors included increased perceived
risks of some investors on equity market shifting their investments portfolio to
government bonds and Collective Investment Schemes (CIS), which are
considered as low risk investments compared to equities.
Foreign investors’ participation in the market decreased registering in absolute
terms as local investors increased the dominance in both buying and selling side
reflecting reduce exposure to foreign exchange shocks. This signals local investors’
confidence on the performance of listed companies and business environment in
the country as well as the results of Government initiatives in encouraging local
investors’ participation through awareness campaigns, exploiting digital technology
in trading and scaling up regulatory measures.
CMSA continued to promote growth and soundness in the capital markets sector in
Tanzania through implementation of both market development and market
supervision initiatives. Market development initiatives included facilitating increase
in the number of capital market products; public education and awareness
programmes; and professional certification programmes. Market supervision
initiatives involved surveillance of trading operations at DSE and TMX as well as
monitoring conduct of market intermediaries to ensure compliance, transparency
and fair-dealings. Parallel to implementation of these initiatives, CMSA continued
to foster high professional standards among market players in dealing with the
investing public.

With regard to developments in regulatory framework, CMSA progressed efforts

towards review of CMS Act and Regulations aimed at addressing legal and
regulatory gaps identified in the self-assessments and develop new regulations to
facilitate and promote introduction of new products and services. The revised
Legislation is expected to result in improved provisions relating to investor
protection; licensing of various institutions/intermediaries and introduction of new
categories of intermediaries.
On research initiatives, CMSA continued to explore further strategies for
identifying barriers and addressing the challenge of low uptake and usage of
capital markets products and services.
In the next financial year, CMSA seeks to progress efforts for development of a
deep, diversified and inclusive capital markets by increasing the supply of more
products on one hand and increasing the number of investors on the other. The
initiatives include issuance of more equities, units of collective investment
schemes, corporate bonds; introduction of exchange traded funds, crowdfunding
and derivatives; and enhancing trading of Government bonds at DSE.
In keeping pace with advancements in the markets and increase efficiency, CMSA
intends to enhance deployment of technology by automating its business
processes in the delivery of services. CMSA will also ensure maintenance of
adequate risk management and compliance with international standards and
principles for securities regulation as stated by the International Organization of
Securities Commission (IOSCO). Compliance with IOSCO objectives and principles
will provide investors’ confidence of the Tanzanian capital market.
With regard to supervision of operations of Commodity Exchange, CMSA will
continue to closely monitor operations of the Exchange with a view to ensuring
smooth and successful trading operations and protection of stakeholders’ interests.
I am grateful to the Members of the Authority for their guidance; stakeholders for
their collaboration; Management and Staff of CMSA for their dedication towards
achievements of the organisational goals.
CPA. Nicodemus D. Mkama

CHIEF EXECUTIVE OFFICER

6.0 PERFORMANCE OF THE CAPITAL MARKETS IN TANZANIA
6.1. The Equities Market
6.1.1.Market Turnover and Volume
During the year 2020/2021 total turnover of shares traded at the Dar es
Salaam Stock Exchange decreased by 21.03 percent to TZS 531.91 billion
as compared to turnover of TZS 673.56 billion recorded in the year
2019/2020. The decrease in turnover during the year was attributed to both
external and domestic market factors. External factors arose from decrease
in economic activities globally due to outbreak of COVID-19 which resulted
to disruptions of supply chain and tight financial conditions; and rising
energy prices and supply disruptions that caused higher and broader based
inflation. Domestic factors included increased perceived risks of some
investors on equity market shifting their investments portfolio to
government bonds and Collective Investment Schemes (CIS) which are
considered to be low risk investments.
Total number of shares which exchanged hands during the year was 319.92
million in 8,345 deals compared to the total number of shares traded during
the prior year which was 905.39 million in 5,161 deals as illustrated in
Figure 1.
Figure 1: Monthly Stock Market Turnover (TZS Billion); Source CMSA
The average foreign investors’ participation ratio on the buy side was 57.84
percent as compared to 64.99 percent registered in 2019/2020. Foreign
Investors’ activities on the sale-side decreased to an average of 55.59
percent from an average of 68.07 percent recorded in the previous year. In
absolute terms local investors increased the dominance in both buying and
selling side reflecting reduce exposure to foreign exchange shocks. This
signals investors’ confidence on the performance of listed companies and
business environment in the country (Figure 2). In order to reduce
exposure to concentration risk, the Government is taking a number of
measures to encourage local investors’ participation. The measures include

awareness campaigns, exploiting digital technology in trading and scaling up

regulatory measures. Such measures will also help to reduce diversification
risk of the local participation.
Figure 2: Foreign Investors Activities in the Exchange
The top traded equities in terms of value during the year were NMB Bank
Limited (NMB), Tanzania Breweries Limited (TBL), CRDB Bank Ltd (CRDB),
Tanzania Cigarette Company Limited (TCC), Tanzania Portland Cement
Company Ltd (TPCC) and Vodacom Tanzania Limited (VODA) contributing
81.3 percent, 8.9 percent, 3.6 percent, 2.9 percent, 1.2 percent and 1.2
percent respectively of the total turnover.
Figure 3: Annual Individual Performance in Trading Value (TZS Billion)
6.1.2. Market Capitalization
Total market capitalization as at 30th June 2021 increased by 8.7 percent to

close at TZS 16,514.69 billion compared to TZS 15,194.27 billion as at 30th
June 2020. Domestic market capitalization as at 30th June 2021 increased
by 5.1 percent to close at TZS 9,157.19 billion compared to TZS 9,157.19
billion recorded at 30th June 2020. The increase in both total market
capitalization and Domestic market capitalization during the year was

attributed to listing of JATU Plc and increase in share prices of both

domestic and cross listed companies namely CRDB, DSE, Twiga, NICO and
KCB (Figure 4). Overall, market capitalization concentration risk was
moderate with a fair balance in market capitalization among cross-listed and
domestic listed companies.
Figure 4: Market Capitalization Trend (in Millions TZS) June 2020 to June
2021
LHS: Left Hand Scale; RHS: Right Hand Scale. Source: CMSA
6.1.3. Market Indices
The DSE All Share index as at 30th June 2021 increased by 8.5 percent to
close at 1,985.83 points compared to 1,830.13 points recorded as at 30th
June 2020. The increase in index was attributed to the increase in share
prices of both domestic and cross listed companies namely CRDB, DSE,
Twiga, NICO and KCB during the year under review. Tanzania Share Index
(TSI) increased by 4.8 percent to close at 3,653.03 points as compared to
3,486.95 points recorded as at 30th June 2020.
Table 1: Market Indices June “21”, March “21” and June “20”
Quarterly
Indices 30-Jun-21 31-Mar-21 30-Jun-20 YOYChange (%)
Change (%)
All Shares Index (DSEI) 1,985.83 1,848.64 1,830.13 7.4% 8.5%
Tanzania Share Index (TSI) 3,653.03 3,518.06 3,486.95 3.8% 4.8%
Industrial & Allied (IA) 4,987.31 4,815.41 4,778.72 3.6% 4.4%
Banks, Finance & Investment (BI) 2,655.87 2,453.10 2,165.92 8.3% 22.6%
Commercial Services (CS) 2,139.33 2,139.33 2,356.49 0.0% -9.2%
Source: DSE Market Report, CMSA

Figure 5: ASI Index and TSI Index Trend June 2020 to June 2021
LHS: Left Hand Scale; RHS: Right Hand Scale Source: CMSA
6.2. The Bond Market
6.2.1.Primary Market
During the year ended 30th June 2021, Bank of Tanzania issued Treasury
bonds with 2-, 5-, 7-, 10-, 15- and 20- year maturities which amounted to
TZS 2,762.57 billion compared to TZS 2,893.69 billion issued during the
year ended 30th June 2020. Investors responded with bids amounting to
TZS 4,448.54 billion compared to TZS 5,296.96 billion tendered during the
year ended 30th June 2020. Successful bids were TZS 3,230.65 billion
compared to TZS 2,162.77 billion recorded in the year ended 30th June
2020. Except for 5- year bond, 10-year bond and 15- year bond all other
Treasury bonds issued in 2020/21 were oversubscribed. The weighted
average yield to maturity for 2-, 5-, 7-, 10-, 15-, 20- and 25-year Treasury
bonds were 7.70 percent, 9.14 percent, 10.12 percent, 11.55 percent,
13.56 percent, 15.42 percent and 16.34 percent respectively.
6.2.2. Secondary Market
On the secondary bond market, treasury bonds worth TZS 2,226.54 billion
were traded at the Dar es Salaam Stock Exchange during the year ended
30th June 2021, an increase of 26.59 percent compared to treasury bonds
worth TZS 1,758.79 billion traded during the year ended 30th June 2020.
The increase in the value of bonds traded was attributed to among others
the shift of investors’ appetite to risk free investments due to the impact of
COVID-19 Pandemic and efforts of stakeholders in the financial sector to
develop the bond market, as summarized in Figure 9 below. In 2020/21,
the weighted average yield to maturity for 2-, 5-, 7-, 10-, 15-, 20- and 25-

year bonds were 7.17%, 8.76%, 9.12%, 10.31%, 14.45%, 15.48% and
15.90% respectively.
On the corporate bond segment, corporate bonds worth TZS 1,713.68

million were traded compared to bonds worth TZS 568.89 million traded
during the year ended 30th June 2020. The increase in the value of bonds
traded during the year was attributed to shift in investors’ appetite towards
fixed income securities considered to be of lower risk with relatively good
returns.
Treasury bonds with different maturities worth TZS 13,796.47 billion were
outstanding while listed corporate bonds with face value of TZS 128.89
billion were outstanding.
Figure 9: Secondary Bond Trading Turnover 2020/21 in TZS Million
Source: CMSA
6.3. Performance and continuous disclosure by listed companies:
During the year ended 31st December 2020, most listed companies made
profits and their overall performance was satisfactory. Listed companies in
the banking sector generally remained sound, stable and profitable with levels
of capital and liquidity above minimum regulatory requirements. Listed
companies in other sectors with exception of commercial services also
remained stable and sound during the year ended 30th June 2021.
Commercial Services Sector under airline services recorded losses largely
associated with the effect of Covid-19 Pandemic and lockdowns which slowed
down most of the economic activities. Table 3 below illustrates the detailed
performance of domestic listed companies during the year ended 30th June
2021.

Table 3: Summary of Domestic Listed Companies Performance for 2019 and 2020
Net Profit Net Profit Dividend

Trading 2020 (TZS 2019 (TZS Price Price Dividends s Amount
S/N Name of the company Symbol Mln) Mln) (2019) (2019) % change Amount 2020 2019 % change
1 CRDB Bank PLC CRDB 165,186 120,145 295 95 210.5% 22.00 17.00 29.4%
2 DCB Commercial Bank Plc DCB 453 2,038 240 295 -18.6% - 5.40 -100.0%
3 Dar es Salaam Stock Exchange Plc DSE 4,639 3,548 1,240 880 40.9% 74.46 37.00 101.2%
4 JATU Plc JATU (48) 40 1,200 - 0.0%
5 Maendeleo Bank Plc MBP 718 231 490 490 0.0% - - 0.0%
6 Mwalimu Commercial Bank MCB (4,062) (4,827) 500 500 0.0% - - 0.0%
7 Mkombozi Commercial Bank Plc MKCB (3,850) (6,583) 780 780 0.0% - - 0.0%
8 MUCOBA MUCOBA 716 410 400 400 0.0% - - 0.0%
9 National Investment Co Ltd(NICO) NICO 675 (1,197) 225 175 28.6% 10.00 6.00 66.7%
10 National Microfinance Bank Plc NMB 210,043 144,907 2,340 2,340 0.0% 137.00 96.00 42.7%
11 Precision Air Services Plc PAL (51,902) (37,108) 400 400 0.0% - - 0.0%
12 Swala Oil and Gas (Tanzania) plc SWALA (7,335) (14,649) 490 490 0.0% - - 0.0%
13 Swissport Tanzania Plc SWIS (2,529) 1,086 1,120 1,600 -30.0% - - 0.0%
14 Tanzania Breweries Limited TBL 89,123 150,428 10,900 10,900 0.0% 160.00 500.00 -68.0%
15 Tanzania Cigarette Company TCC 34,784 51,947 17,000 17,000 0.0% 500.00 550.00 -9.1%
16 Tanga Cement Plc TCCL (2,145) (11,875) 405 600 -32.5% - - 0.0%
17 TCCIA Investment Co Ltd(TICL) TICL (87) (1,278) 350 385 -9.1% 6.00 6.00 0.0%
18 TOL Gases Limited TOL 2,344 2,254 500 660 -24.2% 34.78 17.37 100.2%
19 Tanzania Portland Cement Company Ltd TPCC 75,705 58,715 3,600 2,000 80.0% 390.00 290.00 34.5%
20 TATEPA Ltd TTP (4,185) (5,695) 120 120 0.0% - - 0.0%
21 Vodacom Tanzania Ltd VODA (30,106) 45,762 770 850 -9.4% 190.83 24.31 685.0%
22 Yetu Microfinance Bank YETU (55) 681 550 550 0.0% - 22.50 -100.0%
Source: : Companies' Annual Reports December 2020
6.4. Performance of Collective Investment Schemes
6.4.1. Open Ended Collective Investment Schemes
The UTT AMIS continued to publish the Net Asset Values (NAV) of the
collective investment schemes under its management. Total fund under
management by the UTT increased by 47.77 percent to TZS 592.59 billion
compared to TZS 401.01 billion recorded in 2020 as a result of increased
performance of Umoja, Wekeza Maisha, Watoto, Liquid and Bond funds. On
part of NAV per Unit performance, all the schemes experienced a positive
growth during the year under review. The observed increase in NAV per unit
performance of the funds was attributed to among other factors increase in
prices of securities in which the fund has invested and good return from
money market and bond market instruments in which the funds have invested
in. (Table 4)

NAV per unit as NAV per unit as NAV per Unit

Scheme size as 30th Scheme size as 30th at 30th June at 30th June NAV Growth for Growth for the
the period (%)
S/N Scheme June 2021 (Millions) June 2020 (Millions) 2021 2020 period (%)
1 Umoja Fund 258,330,517,227.22 225,914,703,864.71 740.00 635.04 14.35% 16.53%
2 Wekeza Maisha 1,815,063,483.10 1,352,169,871.05 617.29 491.68 34.23% 25.55%
3 Watoto Fund 4,216,966,822.37 3,457,449,508.57 455.18 379.65 21.97% 19.89%
4 Jikimu Fund 17,888,995,255.78 17,575,104,234.32 148.77 132.81 1.79% 12.02%
5 Liquid Fund 215,854,500,690.56 112,837,116,657.19 281.93 244.52 91.30% 15.30%
6 Bond Fund 94,481,972,884.56 39,871,996,926.82 109.69 104.37 136.96% 5.10%
Table 4: Open Ended Collective Investment Scheme Source: UTT AMIS report,
CMSA
6.4.2. Performance of Closed Ended Investment Scheme
During the year under review there were two closed Collective Investment
Schemes namely; National Investment Company Plc (NICOL) and TCCIA
Investment Company Plc (TICL). During the year ended 30th June 2021, the
share price of NICOL at the Dar es Salaam Stock Exchange increased by
36.36 percent to TZS 225 per share compared to TZS 165 per share
recorded in June 2020. The appreciation in share price was attributed by
among other factors investors’ appetite towards NICOL’s shares accelerated
by the performance of the company.
During the year ended 30th June 2021, the share price of TCCIA Investment
PLC at the Dar es Salaam Stock Exchange remained relatively stable at TZS
350 per share, largely attributed to TCCIA’s investments in counters whose
share prices were also relatively stable up to the close of the year ended
30th June 2021.
6.5. Performance of Other Funds under Management
Total assets under other fund managers amounted to TZS 144.45 billion as
at 30th June 2021. Funds placed by individual clients were 45.31 percent of
the total fund management portfolio whereas the funds placed by
institutional investors were 54.69 percent. The fund managers composed of
Watumishi Housing Company-Real Estate Investment Trust, managing
40.08 percent of the total value of funds, followed by TSL Investment
Management Limited with 36.56 percent and the remaining managing 23.36
percent. Funds were diversified into several asset classes with 40.05
percent placed in real estate, followed by money market instruments
accounting for 37.81 percent and 21.60 percent in equities, Treasury bills
and bonds.
6.6. Monitoring of Dealers
During the period under review, all brokers continued to comply with
regulatory requirements as there were no violations which resulted into
suspension of license or revoking of license. CMSA conducted both offsite

and onsite monitoring of activities of the licensed dealing members to

ensure that there is full compliance with the requirements of Capital Markets
legislation in Tanzania.
Generally, performance of the brokers was satisfactory driven by the

improvement in brokers’ commission, which form major part of the brokers’
total revenues.
6.7. Monitoring of DSE Trading and CSD Operations
6.7.1. Surveillance of DSE Trading and CSD Operations
CMSA continued to monitor the activities of the Dar es Salaam Stock

Exchange during the year 2020/2021. Offsite monitoring of trading equities
and bonds during the year under review was done on a daily basis. No
misconduct or manipulations were detected during daily surveillance of
trading activities at the DSE’s Automated Trading System and Central
Depository System.

7.0 STRATEGIC INITIATIVES AND ACTIVITIES CARRIED OUT DURING

THE YEAR
7.1. Research on Uptake and Usage of Capital Markets Products
During the year under review CMSA collaborated with FSDT and Finsights
Lab in undertaking research on uptake and usage of capital markets
products and services. “Strategic Boot Camp” involving CMSA capital
market intermediaries was conducted to strategize on increasing public
participation in the capital markets based on the results of the research
fieldwork.
7.2. Development of National Capital Market Master Plan (NCMP)
Development of the National Capital Markets Master Plan was progressed to
the efforts of the Ministry of Finance and Planning to prepare the Financial
Sector Development Master Plan (FSDMP) in which CMSA participated. The
FSDMP was finalized and launched by the Minister for Finance and Planning
in September 2020. The NCMP issues are being implemented as part
of the FSDMP Action Plan.
7.3. Development of Alternative Project Financing Strategy
CMSA participated in the preparation of the Government’s Alternative
Project Financing (APF) Strategy which was coordinated by the Ministry of
Finance and Planning. APF Strategy aims at providing alternative ways of
financing Public Sector and Private Sector development projects and is
expected to enhance the use of capital markets in financing development
projects in Tanzania through issuance of shares; corporate bonds;
Government Bonds; and Units of Collective Investment Schemes.
7.4. Increasing Number and Diversity of Capital Markets Products and
Services.
During the year under review, nine (9) application for issuance of equity
products through initial public offers (IPO), substantial acquisitions and
corporate actions were reviewed, out of which six (6) applications were
approved. The approved applications were as follows:-
i. Acquisition of 16,808,412 Akiba Commercial Bank PLC shares at a price
of TZS 1,471 per share representing 75% stake in the bank by National
Bank of Malawi. The transaction has enabled Akiba Commercial Bank PLC
to raise capital and meet the minimum capital adequacy requirement of
TZS 15 billion prescribed for commercial banks under the Banking and
Financial Institutions Act, 2006;
ii. Acquisition of 24,509,804 Mufindi Community Bank PLC shares at a price
of TZS 204 per share representing 75% stake in the bank by the Peoples
Bank of Zanzibar. The transaction has enabled Mufindi Community
Bank PLC to raise capital and meet the minimum capital adequacy
requirement of TZS 2 billion prescribed for community banks under the
Banking and Financial Institutions Act, 2006;
iii. Acquisition of 174,500,000 NMB Bank PLC ordinary shares owned by
Rabobank at a price of 2,410 per share representing 34.9 percent by

Arise B.V. Through this transaction, the Government was able to collect
TZS 96 billion in the form of capital gains tax;
iv. Rights issue of 20,615,272 Mkombozi Commercial Bank PLC shares at a
price of TZS 750 to existing shareholders on the basis of one share for
every one ordinary share held. The bank raised a total of TZS
2,204,797,500 compared to the target of TZS 15,461,454. The bank has
been directed to devise strategies for making the issue successful;
v. Application for listing of 2,164,349 ordinary shares of JATU PLC at a price
of TZS 420 per share. JATU PLC was successfully listed on the DSE on
23rd November 2020; and
vi. Prospectus for the Initial Public Offer (IPO) of 15,000,000 ordinary
shares of JATU PLC at a price of TZS 500 per share.
CMSA also reviewed information memoranda in respect of the following
application for IPO and corporate actions and directed the Lead Advisors to
address identified weakness:
i. Acquisition of up to 100% of the issued share capital of Banking
Corporation Tanzania Limited by Kenya Commercial Bank (KCB) Group
PLC.
ii. Initial Public Offering (IPO) issue of 2,604,660,000 Viettel Tanzania PLC
(Halotel) shares at a price of TZS 138 per share.
iii. Two (2) information memoranda for issuance Corporate Bond was
approved. During the year under review, CMSA approved a pricing
supplement for issuance of a third tranche of Tanzania Mortgage
Refinance Company Limited (TMRC) MTN worth 7.0 Billion, which is part
of the TMRC’s Medium Term Note Programme of TZS 120 Billion. The
company successfully raised TZS 8.89 billion, a 127% success rate.
iv. Received and approved one (1) application for establishment of
Collective Investment Schemes as planned. The application was in
respect of Faida Fund to be managed by Watumishi Housing
Investments. The fund provides opportunities to retail investors including
youth and women to invest with a minimum amount of TZS 10,000 that
are ultimately invested in government securities and corporate bonds
listed on the stock exchange with a view of maximizing their returns
using professional fund manager.
7.5. Conduct Securities Industry Certification Course
In an effort to increase number and competency of capital market
professionals, the CMSA in collaboration with the Chartered Institute of
Securities and Investment (CISI), UK conducts a Securities Industry
Certification Course (SICC). During the year under review a total of 113
candidates attended the SICC Program thereby increasing the number of
capital market professionals from 494 to 607 an equivalent to 22.9 percent.
CISI certification is part of implementation of the East African Community
Protocol on recognition of professional qualifications. The program provides

candidates the requisite eligibility for grant of license internationally and

across the East African region as the qualification has an international
recognition.
7.6. Promoting growth of Capital Markets Investor Base and Inclusion
CMSA collaborated with other stakeholders including the DSE; e-
Government; Government Electronic Payment Gateway (GePG); National
Identification Authority (NIDA); Financial Sector Deepening Trust (FSDT) in
the development of a Securities Mobile Trading Platform (MTP) that was
launched on 20th November 2020. The Platform enables investors to buy
and sell securities using their mobile phones. It is expected that the MTP will
attract participation of more investors particularly the youth in the trading
of securities at the DSE.
CMSA will continue to explore more avenues for innovation in capital market
products and infrastructure to keep in pace with technological
developments.
7.7. Monitor the Conduct of Business;
During the year ended June 2021, offsite monitoring of trading equities and
bonds was done on daily basis through the Dar es Salaam Stock Exchange
Market Watch System connected to CMSA and Central Depository System.
No market abuses or manipulations were detected during the daily
surveillance of trading activities. CMSA will maintain to monitor the conduct
of business through Surveillance on daily basis in order to prevent any
violation / abuses that might be caused by the market intermediaries.
7.8. Monitoring of AML/CFT Compliance
CMSA monitored market intermediaries in respect of reporting timelines;
financial performance; and compliance with regulatory requirements on
minimum capital adequacy and Anti-Money Laundering (AML) regulations.
All brokers complied with reporting and AML regulatory requirements.
CMSA will closely monitor the performance of brokers and other market
intermediaries including compliance with the submission deadlines of both
financial and AML reports.
7.9. Implementation of Risk-based Supervision (RBS) Framework
7.9.1.Implementation of CAMEL RBS Framework
CMSA continued with implementation of a CAMEL – RBS framework. During
the year, IMF-East AFRITAC conducted training to CMSA supervisory staff on
Strengthening Financial Soundness Indicators to market intermediaries. The
use of financial indicators will enhance the supervisory tools used in the
supervision of market intermediaries. Management will ensure that
intermediaries continue to deploy CAMEL – RBS framework in ascertaining
their risk levels and associated mitigation measures.
7.9.2. Conduct Routine/ad-hoc/ Thematic Inspections;
Four onsite inspections were conducted as planned. The inspections were
based on CAMEL – RBS framework and focused on the areas considered to

have high risk exposure. The inspections revealed that licensed

intermediaries operated in compliance with the laws and regulations.
7.10. Monitoring of the Commodity Exchange Market (TMX) operations
Trading of commodities activities was monitored through Surveillance.
During the year under review, TMX conducted trading in Green Grams in the
regions of Tabora, Mwanza, Shinyanga, Singida and Simiyu. A total turnover
of TZS 20.71 billion was generated from a sale of 12.72 million kgs of Green
Grams. 2020 to 3rd January 2021.The highest price quoted at TMX was
TZS 1,809 per kg where the lowest price reached at TMX was TZS 1,735 per
kg compared to previous year where the highest price quoted was TZS
1,371 and the lowest price reached was TZS 980.
TMX also continued to trade cashewnuts in the regions of Mtwara, Lindi,
Pwani and Ruvuma. A total turnover of TZS 7.98 billion was generated
during January 2021 from the sale of 4.16 million kgs. Out of 200,630,937
kgs traded from 4th October 2020 to 3rd January 2021, TMX managed to
trade 16,687,936 kgs worth TZS 36.27 billion. The highest price quoted at
TMX was TZS 2,698 per kg where that attained outside TMX was TZS 2,798
per kg.
CMSA will continue monitoring TMX operations and trading activities and
report its performance as required.
7.11. Licensing of Market Intermediaries and their Representatives
Applications for renewal of licenses from 141 market intermediaries were
received, processed and granted in accordance with Section 36 of the CMS
Act that requires renewal of license to be made at least one month before
the expiry date.
Three applications for new licenses were received, out of which one license
was been issued. The remaining two were being processed for issuance in
the financial year 2021/2022.
7.12. Facilitating Review of Capital Markets Legislation
With regards to facilitating review of Capital Markets Act, CMSA submitted
to the Ministry of Finance and Planning (MOFP), proposals for review of the
Act and was guided to revise them and expand the scope of stakeholder
consultation to cover the demand side stakeholders such as SMEs and
stakeholders in Zanzibar.
Collection of stakeholder comments in line with MOFP’s guidance and
incorporation into the proposal were done in the FY 2021/22
7.13. Drafting of New Regulations Including Regulations for New Capital
Market Products
During the year under review, CMSA continued with drafting of regulations
including regulations for new products. New regulations that have been
drafted include Fund management and Investment Adviser Regulations;
REITS regulations; Alternative funds regulations; and On-line Foreign
Exchange Trading Regulations. Other regulations that are still in the

drafting stage include regulations on securities lending, borrowing and

short-selling and securitization. Outstanding regulations will be drafted
during the financial year 2021/2022
7.14. Public Education and Awareness Programmes
7.14.1. Capital Markets Presentation to Various Targeted Groups
During the period under review, CMSA conducted the following capital
markets awareness seminars presentation to various targeted groups:
i. The National Defense College at Kunduchi Dar es Salaam on 26th
November 2020 with the theme “Capital Markets and Tanzania’s
Economic Development”. The lecture dwelt mainly on the role of capital
markets as an engine for economic development and the contribution of
capital markets in the promotion of national security;
ii. To retired government employees and those expecting to retire in Simiyu
Region on 6th August 2020 which was organized by the Regional
Commissioners’ Office. The objective of the presentation was educating
them on opportunities and benefits of investing in the capital markets as
one of the methods of saving their money;
iii. Presentation on Financing of Industrial Parks made to various
stakeholders during the Zanzibar Private Sector Consultative Forum held
from 29th to 30th August, 2020 at Hotel Verde, Zanzibar;
iv. To Workers Development Corporation (WDC) involving participation of
Leaders of Trade Unions across the country during their annual Executive
Committee meeting that was held in Morogoro from 30th November to
04th December 2020;
WDC is an investment arm of Trade Union Congress of Tanzania
(TUCTA). CMSA presentation to WDC focused on highlighting various
investment opportunities available in the capital markets industry;
v. Presentation on investment opportunities in the capital markets to the
Business Community in Mbeya and Songwe Regions from 17th to 18th
September 2020;
vi. Live Radio talk show for Southern Highlands which was conducted in two
different Radio Stations in Mbeya from 17th to 18th September 2020. The
shows were on the basics of investing in the capital markets;
vii. Presentation on pyramid schemes to Journalist on economic and financial
news held at Bank of Tanzania, Mtwara, on 23rd February 2021;
viii. CMSA in collaboration with Hundred Fold International a Consulting
firm organized a seminar to youth entrepreneurs and university students
which was held at the University of Dar es Salaam on 24th April 2021. A
total of 1,000 students attended the event which CMSA was also one of
the sponsors;
ix. Presentation to Parliamentary Committee on Budget and investment that
was held in April 2021 in Dodoma;

x. Presentation during the NBAA-BOT Joint Seminar on Building Resilient

Capital Markets in Post COVID 19 Tanzania held at AICC in Arusha from
26th – 28th May 2021;
xi. Presentation on capital markets as means of financing development
projects in institutions under the Office of the Treasury Registrar held at
AICC Arusha during a meeting on Alternative Project Financing;
xii. Presentations to leaders and members of the Manyara Miners Association
(MAREMA) in Arusha and Mererani on 5th and 6th October 2020 that
intended to draw their participation into the capital markets in Tanzania
as investors and issuers.
7.14.2. Participation in Exhibition and Crowd Pulling Events
i. CMSA participated in the 44th Dar es Salaam International Trade Fair
(Saba Saba) from 28th June to 8th July 2020. It is estimated that more
than 850 people were attended by asking questions and collecting
booklets and leaflets totaling 2,100;
ii. CMSA participated in the 27th National Agricultural Exhibition (Nane
Nane) from 1st to 8th August 2020 which was held in Simiyu at National
level. It is estimated that more than 1,354 people were attended to by
asking questions and collecting booklets and leaflets totaling 943. New
32 CDS Accounts were opened;
iii. CMSA participated in Southern Highlands Zone Agriculture Exhibition,
which was held in Mbeya from 1st to 8th August 2020. It is estimated that
more than 2,000 people were attended by asking questions and
collecting booklets and leaflets. New 63 investors opened CSD accounts;
iv. CMSA participated in an exhibition organized by National Economic
Empowerment Council (NEEC) in collaboration with community
microfinance groups and empowerment funds. The exhibition was held at
Abeid Aman Karume Stadium in Arusha from 7th to 13th February 2021;
v. CMSA participated in an exhibition organized by Young Investors Forum
(YIF) targeted to university students and young entrepreneurs. A total of
300 information booklets were distributed to the visitors;
vi. Participation in World Investor Week and Capital Markets week. The
International Organization of Securities Commissions (IOSCO) scheduled
a World Investor Week (WIW) a global campaign to raise awareness
about the importance of investor education and protection.
To commemorate the WIW, CMSA in collaboration with key stakeholders
undertook capital market awareness and education activities from 2nd to
10th October 2020. The activities conducted included seminars, meetings
and media campaigns.
7.14.3. Preparation of Public Awareness Materials
A set of four public education awareness materials including leaflets and
booklets were edited and reprinted for distribution during the capital

markets awareness presentations and exhibition conducted during the year

under review.
7.14.4. Capital Markets Universities and other Higher Learning

Institutions challenge (CMUHLIC)
The CMUHLIC was launched on 4th August 2020 and ran up to 30th
November 2020. To promote the challenge, visits and presentations were
made to more than 54 universities. A total of 21,338 students from the
mainland and Zanzibar participated in the challenge. Marking and grading
entries for essays was conducted from 20th November to 5th December
2020. Results were published in the social media outlets and published on
the CMSA website on 18th December 2020.
The Study Visit for the top 12 winners of the CMUHLIC 2020 was conducted
from 9th to 16th April 2021 where the students were exposed on the practical
aspects of securities regulation / legal framework, supervision, market
development activities, stock exchange, depositories and market
intermediaries operations, collective investment schemes and risk
management.
The students were also exposed to study tour of Mikumi National Park and
mega infrastructure development project that can be financed by capital
markets – the Standard Gauge Railway project from Dar es Salaam to
Morogoro section. The CMUHLIC will continue to be conducted as an annual
event including introduction of awareness programs to secondary schools
students and women groups under the securities industry financial inclusion
framework 2018 – 2022.
7.15. Raising the Profile of the CMSA Amongst the General Public and Key
Stakeholders
7.15.1. Media Coverage
During the period under review, press interviews were conducted and
covered in television, radio, newspaper and electronic / social media news
outlets during all major events including during the launching of the
University Challenge 2020 and launching of the World Investor Week. Radio
talk shows were also conducted during the world Investor week and in
Mbeya covering the Southern highlands.
CMSA continued to attract numerous media interviews and enquiries from
the major media outlets and social media streams locally and
internationally. Responses to press enquiries and interviews to ensure
coverage in television, radio and print media provided
CMSA also maintained postings of capital markets awareness information
and responses to enquiries on the CMSA’s Facebook page, Instargam and
print media outlets.

7.15.2. Publish Capital Markets Newsletter

The fourth edition of the quarterly capital Markets Newsletter was published
and distributed electronically to key stakeholders and on social media
outlets for public consumption.
The newsletters featured articles and information about current major
events that have bearing on developments in the capital markets sector.
7.15.3. Publish CMSA Annual Report

The CMSA Annual Report 2019/20 was prepared and being finalized for
printing and distribution to key stakeholders. The report will be used as one
of the public information materials during all media and public awareness
presentations and seminars. Publication of high quality CMSA Annual
Reports will be maintained.
7.15.4. Redesigning of the CMSA website
CMSA redesigned its website to improve communication, objectivity, and
quality of services rendered to stakeholders support of capital markets
development and highlight the CMSA as a fair, objective and transparent
organization. The soft launching of the new CMSA website was conducted
during the Financial year 2020/2021. The new website conforms to the
guidelines for public service website designs and is hosted by E-Government
Agency.
Regular uploading of information and managing the website are jointly
being conducted in collaboration with the E-Government Agency on the
features of the new website template.
7.16. Strengthen Regional and International Cooperation
During the period under review, CMSA continued to attend meetings and
activities of the East African Community:
i. CMSA participated in a meeting of the Capital Markets Insurance and
Pensions Committee (CMIPC) held online on 30th October 2020 via
TEAMS. The main issues that prevailed during the meeting related to
funding to support the various ongoing projects on capital markets,
insurance and pensions sector development and EAC integration process
into these areas.
ii. CMSA participated in the Joint Video Conference Meeting on 27th
November 2020 between CMIPC, MAC & CFA regarding continuity of
projects under the EAC Financial Sector Development and
Regionalization Programme (FSDRP) which was coming to an end by
31st December 2020. The meeting expressed the urgent need for
provision of transitional financing arrangement to support continuity of
the projects.
iii. CMSA participated in the user acceptance testing workshop for the EAC
CMI Infrastructure from 2nd – 12th November 2020 at Ramada Hotel, Dar
es Salaam. The CMI system provides linkage between the securities

exchanges in EAC. The UAT were successfully completed and the system
is under operational status. Training of national technical experts was
conducted at New Africa Hotel from 16th – 18th June 2021.
7.17. Enhancing CMSA Professional Training/ Capacity Building
Programmes
With regard to building capacity of staff, during the year, Management
continued with implementation of the CMSA Training Programme. CMSA
Staff attended different training programmes within and outside the country
as planned. The programs include the following:
i. One RMA staff attended 5 day training on Electronic Records
Management which was held in Tanga.
ii. One OMA attended a course on life after retirement which was organized
by National Institute for Productivity which was held in Morogoro for five
days
iii. Two Technical staff attended training on preparing MTEF Report which
was in Arusha from 23rd to 25th November 2020
iv. Five technical staff attended training on PLANREP which was held in Dar
es Salaam for five days from 14th to 18th December 2020.
v. One Management Staff and one technical staff attended training on
Government Audit Recommendation Implementation Tracking System
from 23rd – 25th November 2020 at the Institute of Accountancy,
Arusha.
vi. One Procurement Staff attended a training on Government Payment
System (MUSE) organised by the Ministry of Finance and Planning.
vii. Eighteen Technical Staff attended a Training session on Risk Based
Supervision organized by CMSA.
viii. One Technical staff attended a 2nd Cyber Security Tanzania Forum
organized by the Ministry of Communication and Information Technology
through ICT Commission.
ix. One audit staff attended a three days training on Enhancing Internal
Control Frameworks in Morogoro, organized by the Ministry of Finance
and Planning, Internal Auditor General’s office.
x. One Management staff and two technical staff attended three day
training on preparation of Performance Contract organized by the Office
of the Treasury Registrar at AICC Arusha.
7.18. Challenges and Future Strategies
During the period under review, CMSA faced a number of challenges in

implementing its plan. However, CMSA has devised various initiatives to
address the challenges.

7.18.1. Challenges
During the period under review, CMSA faced a number of challenges in
implementing its plan. The following are the key ones:
i. Limited participation of institutional investors including social security
funds which are key market players. This needs to be enhanced to
increase liquidity and market turnover;
ii. High risk weights assigned to municipal and subnational bonds
limiting commercial banks and financial institutions’ appetite to invest
in these instruments as they are not considered as liquid assets;
iii. Existence of State-owned commercial entities with capital and long-
term finance needs that could be met through alternative financing
opportunities available in the capital markets;
iv. Advancements in technology give rise to various innovative products
some of which are vulnerable to cyber security threats, pyramid
schemes and money laundering activities. This raises the need for the
CMSA to regularly keep its staff and licensed intermediaries abreast
of emerging financial technologies such as Distributed Ledger
Technology; crowdfunding; digital assets; and other technology-
based products and platforms;
v. The level of financial literacy is relatively low due to among other
things, financial literacy programmes focusing on higher levels of
education, giving rise to the need for reaching a wider segment of the
population, particularly the youth and middle income; and
vi. Low incomes amongst majority Tanzanians coupled with low level of
saving culture, which contribute to low level of participation in
investments and ultimately low local investor base.
7.18.2. Future strategies

In addressing the challenges and in talking the vision and mission of the
capital markets, in the next financial year, CMSA’s activities will include the
following: -
i. Guidance for institutional investors including social security funds, to
diversify investments by buying liquid instruments in the capital
markets vis-a-vis direct equity investments and real estates which
are less liquid. Participation of institutional investors facilitates
market liquidity and attracts more international investors;
ii. Enhance public financial literacy and awareness programs to a wider
segment of the Tanzanian population, particularly the children and
the youth. This will be done through implementation of financial
inclusion framework for the securities industry;
iii. Guidance for State owned enterprises (SOE) to use alternative
financing opportunities available in the capital markets as shown
hereunder;

iv. Promoting new products for issuance to the market and restructuring
the market to accommodate different categories of investors and
issuers;
v. Continue to take measures aimed at enhancing the integrity of the
market and investors’ confidence, protection of investors’ interests,
development of new market platforms and distribution channels; and
vi. Expose regulatory staff and market intermediaries to regular training
on developments in the market domestically, regionally and
internationally to keep pace with new global market developments.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2021
8.0 FINANCIAL REPORT
8.1. Statement of Responsibility by Those Charged with Governance
The CMSA Act requires directors to prepare financial statements for each financial
year that give a true and fair view of the state of affairs of the Authority as at the
end of the financial year and of its surplus or deficit for the year. It also requires
the directors to ensure that the CMSA keeps proper accounting records that
disclose, with reasonable accuracy, the financial position of the CMSA. They are
also responsible for safeguarding the assets of the CMSA and hence taking
reasonable steps for the prevention and detection of fraud, error and other
irregularities.
The directors accept responsibility for the financial statements, which have been
prepared using appropriate accounting policies supported by reasonable and
prudent judgments and estimates, in conformity with International Public Sector
Accounting Standards (IPSAS) and the requirements of the CMSA Act. The
directors are of the opinion that the financial statements give a true and fair view
of the state of the financial affairs of the CMSA and of its surplus in accordance
with International Public Sector Accounting Standards (IPSAS). The directors
further accept responsibility for the maintenance of accounting records that may be
relied upon in the preparation of financial statements, as well as designing,
implementing and maintaining internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement
whether due to fraud or error.
Nothing has come to the attention of the directors to indicate that the Authority will
not remain a going concern for at least twelve months from the date of this
statement.
Signed on behalf of the Board of Directors by;
…………………………… …………………………………………
BOARD CHAIRMAN CHIEF EXECUTIVE
OFFICER
30th December 2021

DATE: ……………………….
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
8.2. Declaration of the Head of Finance
The National Board of Accountants and Auditors (NBAA) according to the power
conferred under the Auditors and Accountants (Registration) Act No. 33 of 1972, as
amended by Act No. 2 of 1995, requires financial statements to be accompanied
with a declaration issued by the Head of Finance responsible for the preparation of
financial statements of the entity concerned.
It is the duty of a professional accountant to assist the Board of Directors to

discharge the responsibility of preparing financial statements of an entity showing
true and fair view of the entity position and performance in accordance with
applicable International Accounting Standards and statutory financial reporting
requirements. Full legal responsibility for the preparation of financial statements
rests with the Board of Directors as under Directors Responsibility statement on an
earlier page.
I, Exaut Julius, being the head of finance of Capital Markets and Securities Authority
(CMSA) hereby acknowledge my responsibility of ensuring that financial statements
of the year ended 30th June, 2020 have been prepared in compliance with applicable
accounting standards and statutory requirements.
I thus confirm that the financial statements give a true and fair view position of
Capital Markets and Securities Authority (CMSA) as on that date and that they have
been prepared based on properly maintained financial records.
Signed by: ……………………………………………………………

Head of Finance
Position: …………………………………………………………….
T.ACPA 1756
NBAA Membership No: ……………………………………..
30th December 2021
Date: …………………………………………………………………

REPORT OF THE INDEPENDENT AUDITOR
8.3. Independent Report of the Controller and Auditor General
The Chairman of the Board,

Capital Markets and Securities Authority (CMSA)
P O Box 75713,
DAR ES SALAAM.
REPORT ON THE AUDIT OF FINANCIAL STATEMENTS

Opinion
I have audited the financial statements of Capital Markets and Securities Authority
(CMSA) which comprise the statement of financial position as at 30th June, 2021,
and the statement of financial performance, statement of changes in net assets and
cash flow statement and the statement of comparison of budget and actual amounts
for the year then ended, as well as the notes to the financial statements, including a
summary of significant accounting policies.
In my opinion, the accompanying financial statements present fairly, in all material

respects, the financial position of Capital Markets and Securities Authority (CMSA) as
at 30th June, 2021, and its financial performance and its cash flows for the year then
ended in accordance with International Public Sector Accounting Standards (IPSAS)
Accrual Basis of accounting.
Basis for Opinion

I conducted my audit in accordance with International Standards of Supreme Audit
Institutions (ISSAI). My responsibilities under those standards are further described
in section below entitled “Responsibilities of the Controller and Auditor General for
the Audit of the Financial Statements”. I am independent of Tanzania Mercantile
Exchange Plc in accordance with the International Ethics Standards Board for
Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together with
the National Board of Accountants and Auditors (NBAA) Code of Ethics, and I have
fulfilled my other ethical responsibilities in accordance with these requirements.
I believe that the audit evidence I have obtained is sufficient and appropriate to
provide a basis for my opinion.
Key Audit Matters

Key audit matters are those matters that, in my professional judgment, were of
most significance in my audit of the financial statements of the current period. I
have determined that there are no key audit matters to communicate in my report.
Other Information
Management is responsible for the other information. The other information
comprises of the Director’s Report and the Declaration by the Head of Finance but
does not include the financial statements and my audit report thereon.

My opinion on the financial statements does not cover the other information and I do
not express any form of assurance conclusion thereon. In connection with my audit
of the financial statements, my responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the
financial statements or my knowledge obtained in the audit, or otherwise appears to
be materially misstated.
If, based on the work I have performed on the other information that I obtained
prior to the date of this audit report, I conclude that there is a material
misstatement of this other information; I am required to report that fact. I have
nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for

the Financial Statements
Management is responsible for the preparation and fair presentation of the financial
statements in accordance with IPSAS, and for such internal control as management
determines is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the

entity’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the entity or to cease operations, or has no
realistic alternative but to do so.
Those charged with governance are responsible for overseeing the entity’s financial
reporting process.
Responsibilities of the Controller and Auditor General for the Audit of the
Financial Statements
My objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an audit report that includes my opinion. Reasonable assurance is
a high level of assurance but is not a guarantee that an audit conducted in
accordance with ISSAIs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISSAIs, I exercise professional judgment and

maintain professional skepticism throughout the audit. I also:
 Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for my opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one

resulting from error, as fraud may involve collusion, forgery, intentional

omissions, misrepresentations, or the override of internal control.
 Obtain an understanding of internal control relevant to the audit in order to

design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entity’s
internal control.
 Evaluate the appropriateness of accounting policies used and the

reasonableness of accounting estimates and related disclosures made by
management.
 Conclude on the appropriateness of management’s use of the going concern

basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast
significant doubt on the entity’s ability to continue as a going concern. If I
conclude that a material uncertainty exists, I am required to draw attention in
my audit report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify my opinion. My conclusions are
based on the audit evidence obtained up to the date of my audit report.
However, future events or conditions may cause the entity to cease to
continue as a going concern.
 Evaluate the overall presentation, structure and content of the financial

statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves
fair presentation.
I communicate with those charged with governance regarding, among other

matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that I identify during my
audit.
I also provide those charged with governance with a statement that I have complied
with relevant ethical requirements regarding independence, and to communicate
with them all relationships and other matters that may reasonably be thought to
bear on my independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, I determine
those matters that were of most significance in the audit of the financial statements
of the current period and are therefore the key audit matters. I describe these
matters in my audit report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, I determine that a matter
should not be communicated in my report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of
such communication.

In addition, Section 10 (2) of the Public Audit Act, 2008 requires me to satisfy
myself that, the accounts have been prepared in accordance with the appropriate
accounting standards.
Further, Section 48(3) of the Public Procurement Act, 2011 (as amended in 2016)
requires me to state in my annual audit report whether or not the audited entity has
complied with the procedures prescribed in the Procurement Act and its Regulations.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
Compliance with the Public Procurement Act, No.7 of 2011 (as amended in
2016)
In view of my responsibility on the procurement legislation and taking into
consideration the procurement transactions and processes I have reviewed as part
of this audit, I state that, Tanzania Mercantile Exchange Plc procurement
transactions and processes have generally complied with the requirements of the
Public Procurement Act No.7 of 2011 (as amended in 2016) and its underlying
Regulations of 2013 (as amended in 2016).
Charles E. Kichere
Controller and Auditor General
DODOMA.
UNITED REPUBLIC OF TANZANIA.
31st December, 2021

FINANCIAL STATEMENTS
8.4. STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE, 2021
Note 2020/21 2019/20

TZS’000 TZS’000
Non-current assets
Property, plant and equipment 12 17,000 26,987
Intangible assets 13 4 4
Leasehold land 14 1,078,673 1,103,172
Receivable from non-exchange
15 320,688 377,905
transactions
1,416,365 1,508,068
Current assets
Receivable from exchange
15 2,291,957 1,562,540
transactions
Receivable from non-exchange
15 533,090 540,987
transactions
Cash and cash equivalents 16 1,516,705 1,913,778
Total current assets 4,341,752 4,017,305
TOTAL ASSETS 5,758,117 5,525,373
FUNDS AND RESERVES

Special funds 10 4,254,912 4,253,712
Accumulated Surplus 1,205,586 1,167,278
Total funds and reserves 5,460,498 5,420,990
LIABILITIES
Non-current liabilities
Capital grants 11 10 3,124
10 3,124
Current liabilities
Payables and accrued charges 17 297,609 101,259
Total current liabilities 297,609 101,259
TOTAL EQUITY AND

5,758,117 5,525,373
LIABILITIES
The financial statements were approved for issue by the Board of Directors
on_ 30
____________
December 2021 a and were signed on its behalf by:
th
BOARD CHAIRMAN CHIEF EXECUTIVE OFFICER
DATE: 30th December 2021

8.5. STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED

30TH JUNE, 2021
2020/21 2019/20
REVENUE Note TZS’000 TZS’000
Revenue from non - exchange
transactions
Support from BOT 4 354,375 708,750
Amortization of Capital Grant 4 3,115 42,424
Other non-exchange transactions 4 286,483 426,240
Revenue from exchange transactions

Fees 5 3,889,720 3,289,275
Other revenue 5 154,885 160,913
4,688,578 4,627,602
Net loss/gain on foreign exchange 18 (619) (3,689)

TOTAL REVENUE 4,687,959 4,623,913
EXPENSES
Staff costs 6 2,109,193 2,230,014
Administrative expenses 8 1,143,122 1,116,406
Market development, cooperation and training
9 879,291 745,383
expenses
Depreciation and amortization 12,13&14 39,994 108,007
Other operating expenses 7 239,228 271,688
Provision for Doubtful Debts 15 20,000 -
TOTAL EXPENSES 4,430,828 4,471,498
Surplus for the year 257,131 152,415

8.6. CASH FLOWS STATEMENT FOR THE YEAR ENDED 30TH JUNE, 2021
2020/21 2019/20
Notes TZS'000 TZS'000
Operating activities
Cash (utilized)/generated from operations 23 (173,324) (79,737)
Net cash used in operating activities (173,324) (79,737)

Investing activities
Purchase of plant and equipment 12 (5,507) (31,882)
Maturities of Treasury Bills 19 - 1,491,620

Net cash (used in)/from investing (5,507) 1,458,738
activities
Financing activities
Increase in special fund 10 1,200 1,300

Contribution to Government-Consolidated Fund (218,823) (125,592)
Net cash used in financing activities (217,623) (124,292)
Net increase/(decrease) in cash and cash (396,454) 1,254,709

equivalent before forex fluctuation
adjustments
Effect of exchange rate fluctuation 18 (619) (3,689)
Net Increase/ (decrease) in cash and cash (397,073) 1,251,020

equivalent after forex fluctuation
adjustments
At 1st July, 2020 1,913,778 662,758
At 30th June, 2021 16 1,516,705 1,913,778

8.7. STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNT FOR THE YEAR ENDED 30TH JUNE, 2021
Actual
Budget line item
Budget amount Variance Variance
performance
TZS’ 000 TZS’ 000 TZS’ 000 %
Revenue
Support from BOT 354,375 354,375 - -
Other Revenue 4,103,147
3,462,786 (640,361) -15.6%
Total Revenue 4,457,522 3,817,161 (640,361) -14.4%
Expenses
Staff Costs (2,113,334) (2,056,955) 56,379 2.7%
Administrative expenses (1,180,124) (980,248) 199,876 16.9%
Market development, Cooperation & (901,814) (873,509) 28,305 3.9%
training
Other operating expenses (262,250) (197,146) 85,104 32.5%
Total expenses (4,457,522) (4,087,858) 369,664 8.3%
Surplus/(Deficit) as per actual - (270,697)
cash collected
*Original budget is the same as approved budget that is why only one column budget has been included
*All variances are attributed to accruals, amortization and depreciation as explained by reconciliation below*
*The difference of other income by 15.6% arises from low transaction volume at DSE which resulted to low
transaction fee, other operating expenses by 32.5% due to decrease in board expense resulting from expiry of
the tenure of Board members from ten to five.
ANNUAL REPORT 2020 – 2021

8.8. VARIANCE RECONCILIATION
TZS 000’
Surplus/(Deficit) as per actual cash collected (270,697)

ADD
Other Income accrued 868,303
Amortization of capital grant 3,115
Net gain on Call account (619)
Total accrued revenue and amortized grant 870,799
LESS
Depreciation and amortization (39,994)
(282,977)
Accrued Expenses
(20,000)
Provision for Doubtful Debts
Total accrued expenses & depreciation (348,377)

Surplus for the year 257,131
8.9. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED

30TH JUNE, 2021
8.9.1. GENERAL INFORMATION
Capital Markets and Securities Authority (CMSA) is a government Agency

established to promote and regulate securities business in the country. It was
established under Capital Markets and Securities Act, 1994.
The address of its registered office is:
Capital Markets and Securities Authority

6th Floor, PPF Tower
PO Box 75713
Dar es Salaam
Tanzania.
The principal accounting policies adopted in the preparation of the financial

statements are set out below. These policies have consistently applied to all the
years presented, unless otherwise stated.
8.9.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Preparation
These financial statements have been prepared in accordance with International

Public Sector Accounting Standards (IPSAS) accrual basis. The measurement
basis applied is the historical cost basis, except where otherwise stated in the
accounting policies below. The financial statements are presented in Tanzania
Shillings (TZS), rounded to the nearest thousand. The preparation of financial
statements in conformity with IPSAS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in
the process of applying the Authority’s accounting policies. The areas involving a
higher degree of judgement or complexity, or where assumptions and estimates
are significant to the financial statements, are disclosed.
(b) Foreign currency translation
(i) Functional and presentation currency
The financial statements are presented in Tanzania Shillings (TZS), which is the
Authority’s functional and presentation currency as per IPSAS 4. Items included
in the financial statements have been measured using the currency of the
primary economic environment in which the Authority operates.
25
Controller and Auditor General AR/PA/CMSA/2020/21

(ii) Transactions and balances
Transactions in foreign currencies during the year are converted into Tanzania
Shillings at rates prevailing at the transaction dates. Monetary items
denominated in foreign currency are translated using the exchange rate as at
the reporting date. Non-monetary items measured at historical cost
denominated in a foreign currency are translated at the date of initial
recognition. Foreign exchange gains and losses resulting from the settlement of
such transactions and from the translation at year-end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognized
in surplus or deficit.
(c) Revenue recognition
The Authority recognizes revenue when the amount of revenue can be reliably
measured, it is probable that future economic benefits will flow to the entity and
when specific criteria have been met for each of the Authority's activities as
described below.
The amount is not considered to be reliably measurable until all contingencies

relating to the sale have been resolved. The Authority bases its estimates on
historical results, taking into consideration the type of customer, the type of
transaction and the specifics of each arrangement.
(i) Revenue from non-exchange transactions
Government subsidies and grants
Government grants with condition are credited to liabilities a deferred income

and amortised when utilised while the grants without conditions are credited
directly to the statement of financial performance.
(ii) Revenue from exchange transactions
According to IPSAS 9, this include the gross inflow of economic benefits or

services potential during the reporting period when those inflows result in an
increase in net asset/equity, other than increases relating to contributions from
owners.
25

Transaction fee
Transactions fees are recognized when the trade of securities at the Dar es
Salaam Stock Exchange has been concluded. The chargeable fee is 0.14% of the
transaction consideration.
Prospectus evaluation fees
Prospectus evaluation fees are recognized on receipt of a draft prospectus from

a market participant wishing to list securities publicly. The amount of fee is
based on a graduated scale depending on the value of the securities.
License fees
License application and renewal fees are recognized on receipt of the application
and when the licenses have been granted or renewed.
Interest income
Interest income is recognized for all interest-bearing instruments using the

effective yield method. The effective yield discounts estimated future cash
receipts through the expected life of the financial asset to that asset’s net
carrying amount. The method applies this yield to the principal outstanding to
determine interest income each period.
Interest income includes coupons earned on fixed income investments and

accrued discount and premium on treasury bills and other discounted
instruments
(d) Financial assets
i. Classification
Financial assets within the scope of IPSAS 29 Financial Instruments: Recognition and
Measurement are classified as financial assets at fair value through surplus or deficit,
loans and receivables, held-to-maturity investments or available-for-sale financial
assets, as appropriate. The Authority determines the classification of its financial
assets at initial recognition.
All financial assets of the Authority are in the category of loans and receivables,
based on the purpose for which the financial assets were acquired.
25

Loans and receivables are non-derivative financial assets with
fixed or determinable payments that are not quoted in an active market. They are
included in current assets, except for maturities greater than 12 months after the end
of the reporting period. These are classified as non-current assets. The Authority’s
loans and receivables comprise ‘trade and other receivables’ and ‘cash and cash
equivalents’ in the statement of financial position.
ii. Recognition and measurement
Regular purchases and sales of financial assets are recognized on the trade-date –
the date on which the Authority commits to purchase or sell the asset. Loans and
receivables are initially recognized at fair value and subsequently carried at amortized
cost using the effective interest method.
iii. Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the
statement of financial position when there is a legally enforceable right to offset the
recognized amounts and there is an intention to settle on a net basis or realize the
asset and settle the liability simultaneously.
The legally enforceable right must not be contingent on future events and must be
enforceable in the normal course of business and in the event of default, insolvency
or bankruptcy of the Authority or the counter party.
iv. De-recognition
Financial assets are derecognized when the rights to receive cash flows from the
investments have expired or have been transferred and the Authority has
subsequently transferred all risks and rewards of ownership.
v. Impairment of financial assets
The Authority assesses at the end of each reporting period whether there is objective
evidence that a financial asset or group of financial assets is impaired. A financial
asset or a group of financial assets is impaired and impairment losses are incurred
only if there is objective evidence of impairment as a result of one or more events
that occurred after the initial recognition of the asset (a ‘loss event’) and that loss
event (or events) has an impact on the estimated future cash flows of the financial
asset or group of financial assets that can be reliably estimated.
Evidence of impairment may include indications that the debtors or a group of

debtors is experiencing significant financial difficulty, default or delinquency in
interest or principal payments, the probability that they will enter bankruptcy or other
25

financial re-organization, and where observable data indicate that
there is a measurable decrease in the estimated future cash flows, such as changes in
arrears or economic conditions that correlate with defaults.
For loans and receivables category, the amount of the loss is measured as the
difference between the asset’s carrying amount and the present value of estimated
future cash flows (excluding future credit losses that have not been incurred)
discounted at the financial asset’s original effective interest rate. The carrying amount
of the asset is reduced and the amount of the loss is recognized in surplus or deficit.
As a practical expedient, the Authority may measure impairment on the basis of an
instrument’s fair value using an observable market price If, in a subsequent period,
the amount of the impairment loss decreases, and the decrease can be related
objectively to an event occurring after the impairment was recognized (such as an
improvement in the debtor’s credit rating), the reversal of the previously recognized
impairment loss is recognized in the surplus or deficit.
(e) Financial liabilities
Financial liabilities are initially recognized at fair value and subsequently measured at
amortized cost. Financial liabilities are derecognized when extinguished.
De-recognition
A financial liability is derecognized when the obligation under the liability is

discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as a de-recognition of the
original liability and the recognition of a new liability, and the difference in the
respective carrying amounts is recognized in surplus or deficit.
(f) Cash and Cash Equivalents
Cash and cash equivalents are carried in the statement of financial position at face
value. For the purpose of cash flow statement, cash and cash equivalents consist of
cash, bank balances and fixed deposits (FDR) with maturity less than 90 days.
(g) Account Receivables
Account receivables are recognized initially at original invoice amount. Account

receivables are measured at cost less the difference between the assets’ carrying
amount and the present value of estimated future cash flows, discounted at the
25

effective interest rate, or where more appropriate, at the
interest rate that the Authority would have to pay to finance such receivables.
(h) Property and Equipment
As per IPSAS 17 Property and equipment are initially recorded at historical cost which
includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognized as a
separate asset, as appropriate, only when it is probable that the future economic
benefits associated with the item will flow to the Authority and the cost of the item
can be measured reliably. All other repairs and maintenance are charged to the
statement of comprehensive income during the financial year in which they are
incurred.
Depreciation of property and equipment is calculated using the straight-line method

to reduce the revalued amount of each asset to its residual value over its expected
useful economic life. The useful lives, which are consistent with those applied in the
previous years, are as under: -
Property and equipment classes Useful life

Office equipment 5 years
Furniture and fittings 4 years
Motor vehicles 4 years
Computer equipment 3 years
Depreciation is charged on assets from the date when they are ready for use and
ceases on the date when the asset is derecognized by the Authority.
Assets that are subject to depreciation are reviewed for impairment whenever events
or changes in circumstances indicate that the carrying amount may not be
recoverable.
Gains and losses on disposal are determined by comparing the disposal proceeds with
the carrying amount and are charged to statement of comprehensive income.
(i) Leasehold Land
As per IPSAS 13, leases under which subtotal risks and benefits of ownership of the
assets are effectively retained by lessor are classified under operating leases.
Obligation incurred under operating leases are charged to the surplus or deficit in
equal instalments over the period of lease, except when an alternative method is
more representative of the time pattern from which benefits are derived.
25

Land is initially recognized at historical cost which includes
expenditure that are directly attributable to the acquisition of that land, subsequently
land is amortized over its lease period, and amortization charges are charged to
surplus or deficit.
Gains and losses on disposal are determined by comparing the disposal proceeds with
the carrying amount and are charged to Statement of Financial Performance.
(j) Intangible Assets
As per IPSAS 31, acquired computer software licenses are capitalized on the basis of
the costs incurred to acquire and bring to use the specific software. Costs of acquiring
software that is regarded as an integral part of some identifiable hardware are
recognized as part of the cost of the hardware. Costs of acquiring other software are
recognized as intangible assets and are amortized over their estimated useful lives.
Costs that are directly associated with the production of identifiable and unique
software products controlled by the Authority, and that will probably generate
economic benefits exceeding costs beyond one year, are recognized as intangible
assets. Direct costs include the costs of software development, employees and an
appropriate portion of relevant overheads.
Other costs associated with developing or maintaining computer software programs

are recognized as an expense as incurred.
Computer software costs recognized as assets are amortized over their estimated
useful.
The rate of amortization of intangible assets is set at 3 years.
(k) Employees Benefits
The objective of IPSAS 25 is to prescribe the accounting and disclosure for both
short- and long-term employee’s benefits.
Short Term Benefits
The cost of all short-term employee benefits such as salaries, employees entitlements
to leave pay, medical aids, other contributions, etc. are recognized as expense during
the period in which the employees render the related services.
Long Term Benefits
CMSA contributes to pension schemes in favor of all employees who fall under
permanent and pensionable terms. Contributions to pension funds are recognized as
25

an expense in the period the employees render the related
services. The contributions are made to a defined contribution pension fund and are
recognized as liability when employee has provided service in exchange for
employees benefit to be paid in future.
(l) Special Funds
Investors Protection Fund
The fund is used subject to and in accordance with the Capital Markets and Securities
Act, 1994 to redress an investor where the dealer is in defalcation. The fund grows by
the amount dealers deposit for license annually.
Car Loan Revolving Fund
The fund is used to provide loans to eligible staff for purchasing vehicles. The fund
grows by the amount allocated to the staff for the first time, in accordance with the
CMSA Staff Regulations and interest earned from investment of the fund.
Office Building Fund
The fund is set for the development of the Authority’s own offices. It grows as and
when the Authority makes a decision to that effect depending on availability of
resources.
Staff Housing Loan Fund
The fund is used to provide staff loans for construction or purchase of houses. This
fund grows depending on availability of resources and interest earned from
investment of the fund.
Insurance Fund (staff housing)
The Insurance Fund is provided to cover the housing loans provided to employees in
the event of death before completion of the loan repayments. It grows by withholding
a percentage of the approved loan amount as stipulated in the Staff Regulations and
interest earned from investment of the fund.
Administrative Cost Fund
The Administrative Cost Fund caters for the administration costs related to the
management of housing loans. It grows by withholding a percentage of the approved
loan amount as stipulated in the Staff Regulations and interest earned from
investment of the fund.
25

(m) Budget information
The annual budget is prepared on the accrual basis, that is, all planned costs and
income are presented in a single statement to determine the needs of the Authority.
As a result of the adoption of the accrual basis for budgeting purposes, there are no
basis, timing or entity differences that would require reconciliation between the actual
comparable amounts and the amounts presented as a separate additional financial
statement in the Statement of Comparison of Budget and Actual Amounts.
The annual budget figures included in the financial statements are not made publicly
available. These budget figures are those approved by the board of directors.
(n) Accounting for leases
As per IPSAS 13, leases under which a significant portion of the risks and rewards of
ownership are effectively retained by the lessor are classified as operating leases.
Payments made under operating leases are charged to the Statement of Financial
Performance on a straight line basis over the period of the lease.
(o) Comparatives
Where necessary, comparative figures have been adjusted to conform to changes in

presentation in the current year.
25

8.9.3. CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS
The preparation of financial statements in conformity with IPSAS 3 which requires

the use of certain critical accounting estimates and judgments. Such estimates and
judgements are continually evaluated and are based on historical experience and
other factors, including experience of future events that are believed to be
reasonable under the circumstances.
(a) Critical accounting estimates and assumptions
The Authority makes estimates and assumptions concerning the future. The
resulting accounting estimates will, by definition, seldom equal the related actual
results. The estimates and assumptions that have a significant risk of causing a
material adjustment to the carrying amount of assets and liabilities within the
next year are addressed below.
(b) Property and equipment
Critical estimates are made by the directors in determining depreciation rates for
property and equipment and their residual values. The rates used are set out in
Note 2 (h) above.
(c) Critical judgements
In the process of applying the Authority’s accounting policies, management has

made judgments in determining whether assets are impaired. None of the assets
was determined to be impaired.
2020/21 2019/20
TZS '000 TZS '000
REVENUE FROM NON - EXCHANGE
4.
TRANSACTIONS
Bank of Tanzania - Government subvention 354,375 708,750

Amortization of Capital Grant 42,424
3,115
Other Non-exchange transaction
Market Development Levy 271,776 279,853
Fine, Penalty and Miscellaneous receipt 14,707 146,387
643,973 1,177,414
5. REVENUE FROM EXCHANGE TRANSACTIONS
Fees
Transaction fees 1,711,993 1,363,466
License Fees 359,500 517,750
Prospectus Evaluation Fees 1,704,277 1,281,739
Consultancy /Training Fees 113,950 126,320
3,889,720 3,289,275
Other income
Net gains on Call Account 154,885 160,913

154,885 160,913
4,044,605 3,450,188
6. STAFF COSTS
Personnel emoluments 1,592,108 1,669,246

Pension contributions 223,881 232,184
Staff medical expenses 109,784 111,227
Auxiliary staff uniforms 1,990 1,798
Leave passage 129,296 131,706
Recruitment expenses 36,350 10,229
Workers compensation contribution expenses 7,463 7,716
Staff relocation expense 8,321 65,908
2,109,193 2,230,014
7. OTHER EXPENSES
Audit fees and expenses 42,000 58,000

Directors fees 30,000 43,000
Board expenses 167,228 170,688
239,228 271,688
35

2020/21 2019/20
TZS '000 TZS '000
8. ADMINISTRATIVE EXPENSES
Office refreshment and cleaning 19,561 20,845
Advertising expenses 54,302 33,776
Office rent 325,738 389,300
Printing and stationery 15,300 13,307
Staff Furniture 20,900 43,591
Telephones, telegrams and postage 25,380 72,878
Electricity and water 41,398 57,456
Business promotion 44,560 55,278
Office equip. maintenance & repair 203,215 145,003
Motor vehicle maintenance & repair 50,443 43,491
Membership subscriptions 47,894 43,647
Bank charges 7,388 8,163
Security expenses - 5,310
Miscellaneous Expenses 5,260 334
Insurance - 14,715
Fuel & other transport expenses 150,889 147,610
Library acquisitions 7,351 14,202
Tender board expenses 8,500 7,500
Supervisory Expenses 115,043 -
1,143,122 1,116,406
9. MARKET DEVELOPMENT, COOPERATION AND TRAINING
IOSCO & Its Committees Expenses 61,396 36,254
Capacity Building & Training 266,003 186,601
Public Education Program 276,653 266,635
Regional cooperation Expenses 84,580 65,561.
FSP Local contributions - 5,125
Listing & Prospectus Evaluation Expenses 69,000 52,894
Regulatory Framework Review & Development 121,659 132,313
879,291 745,383
10. SPECIAL FUND
Investors’ protection fund 24,750 23,550
Car loan revolving fund 256,378 256,378
Office building fund 3,677,283 3,677,282
Housing loan fund 252,637 252,637
Administrative costs fund - Staff housing loan 11,647 11,647
Insurance fund (Staff housing loan) 32,217 32,218
4,254,912 4,253,712
The increase in special funds arises from deposit for license fee received during
the year.
35

2.0
3.0 CAPITAL MARKETS AND SECURITIES AUTHORITY (CMSA)
11. CAPITAL GRANT FIDP II GRANT
Computer Computer Motor Office Office Unutilized
Total
equipment software vehicles Equipment Furniture funds
TZS’ 000 TZS’000 TZS’ 000 TZS’ 0000 TZS’ 000 TZS’ 000 TZS’000
Cost
As at 1st July,
526,211 345,405 309,827 16,243 59,301 170,855 1,427,842
2019
- - - - - - -
Additions
As at 30th June 526,211 345,405 309,827 16,243 59,301 170,855 1,427,84
2020 2
Additions - - - - - - -
As at 30th June, 526,211 345,405 309,827 16,243 59,301 170,855 1,427,84
2021 2
Amortization 526,033 345,401 285,185 9,854 44,970 170,850 1,382,293

As at 1st July, 2019
Charge for the year 174 - 24,638 3,285 14,328 - 42,425
As at 30th June 526,207 345,401 309,823 13,139 59,298 170,850 1,424,71
2020 8
Charge for the year 3 3 3 3,103 3 - 3,115

As at 30th June 526,210 345,404 309,826 16,242 59,301 170,850 1,427,83
2021 3
CARRYING
AMOUNT
As at 30th June, 1 1 1 1 1 5 10
2021
As at 30th June, 4 4 4 3,104 3 5 3,124
2020
12. PROPERTY AND EQUIPMENT’S

Office Furniture and Motor Computer
Total
equipment fittings vehicles equipment
TZS’ 000 TZS’ 000 TZS’ 000 TZS’ 000 TZS’ 000
Cost
137,437 110,063 483,116
As at 1st July, 2019 686,655 1,417,271
Additions 6,946 20,337 - 4,599 31,882
As at 30th June, 2020 144,383 130,400 483,116 691,254 1,449,153
Additions 3,657 - - 1,850 5,507

As at 30th June, 2021 148,040 130,400 483,116 693,104 1,454,660
Accumulated depreciation
As at 1st July, 2019 121,603 100,843 429,630 686,581 1,338,657
Charge during the year 8,447 19,973 53,485 1,603 83,508
As at 30th June, 2020 130,050 120,816 483,115 688,184 1,422,165
Charge for the year 8,260 5,085 - 2,150 15,495

At end of the year 2021 138,310 125,901 483,115 690,334 1,437,660
CARRYING AMOUNT
As at 30th June, 2021 9,730 4,499 1 2,770 17,000
As at 30th June, 2020 14,333 9,583 1 3,070 26,987
37

13. INTANGIBLE ASSETS

Document Human Resource
Other
Management Management Website Total
Software
System System
TZS’ 000 TZS’ 000 TZS’ 000 TZS’ 000 TZS’ 000
Year ended 30 June 2019
Costs
As at 1st July, 2019 201,312 50,466 52,030 68,875 372,683
Additions - - - - -
As at 30th June, 2020 201,312 50,466 52,030 68,875 372,683
Additions - - - - -
As at 30th June, 2021 201,312 50,466 52,030 68,875 372,683
Accumulated amortization
As at 1st July, 2019 201,311 50,465 52,029 67,064 370,869
Charge for the year - - - 1,810 1,810
As at 30th June, 2020 201,311 50,465 52,029 68,874 372,679
Charge for the year - - - - -

As at 30th June, 2021 201,311 50,465 52,029 68,874 372,679
CARRYING AMOUNT
As at 30th June, 2021 1 1 1 1 4
As at 30th June, 2020 1 1 1 1 4
37

2020/21 2019/20
TZS '000 TZS '000
14. LEASEHOLD LAND
Cost 1,249,462 1,249,462
Total Cost 1,249,462 1,249,462
Accumulated amortization
At start of the year 146,290 121,791
Charge for the year 24,499 24,499
End of the year 170,789 146,290
Carrying amount 1,078,673 1,103,172
The Authority owns a land property located at Plot no 14 Ursino Estate

Kinondoni, Dar es Salaam for the purpose of constructing its own office. If this
land was to be measured at fair value, its fair value as per valuation report
issued by the Chief Government valuer as at 30th August, 2014 would be TZS
2.1 billion.
15. ACCOUNT RECEIVABLES

Non-current
Staff loans 303,431 360,648
Office rent deposit 17,257 17,257
320,688 377,905
Current
Receivable from Markets Intermediaries 2,311,957 1,562,540
Provision for Doubtful Debts (20,000) -
Sundry receivable 447,270 436,386
Staff loans 85,820 65,784
Prepayments - 38,817
2,825,047 2,103,527
Total receivables and prepayments 3,145,735 2,481,432
Receivables from non-exchange transactions -

320,688 377,905
Noncurrent
Receivables from non-exchange transactions - Current 533,090

540,987
Receivables from exchange transactions - Current 2,311,957 1,562,540
Provision for Doubtful Debts (20,000) -
3,145,734 2,481,432
16. CASH AND CASH EQUIVALENTS
CRDB Account 31,000 54,045
Housing Loan Account 177,970 117,798
CRDB-EGM Revolving Account (USD) 4,468 4,866
BOT Account TZS 30,730 57,046
TPB Bank Call Account 1,207,203 1,542,721
BOT Account (USD) 2,299 2,467
NBC Account (USD) 63,035 134,835
1,516,705 1,913,778
2019/20
2020/21
TZS '000 TZS '000
17. PAYABLES AND ACCRUED CHARGES

Accrual charges 193,147 38,859
Provision for audit fees 56,632 57,462
Other payables 47,830 4,937
297,609 101,259
GAIN /LOSS ON EXCHANGE RATE FLUCTUATIONS

Net loss/gain on foreign exchange (619) (3,689)
18 FINANCIAL ASSETS AT AMORTISED COSTS

.
Financial assets comprise Treasury Bills with maturity of up to 364 days:
Treasury Bills:
19
. At start of the year - 1,490,620
Maturities - (1,490,620)
Total Financial Assets - -

20. RELATED PARTY TRANSACTIONS
(a) Key management compensation
Key management personnel are described as those persons having authority and
responsibility for planning, directing and controlling the activities of the
Authority, directly or indirectly, including directors of the Authority. CMSA have 6
key management personnel and the compensation paid or payable to key
management for employee services is as follows.
Salaries and other short-term benefits 694,632 753,645

Defined contribution plan 104,195 113,047
798,827 866,692
(b) Balances with key management

Outstanding balance of loans advanced to key management personnel was
TZS 389.3 million (2020: TZS 426.4 million).
At start of the year 426,432 357,664

Additions of borrowings 40,000 165,000
Repaid loans (77,181) (96,23)
At the end of the year 389,251 426,432
(c) Director’s fees

Director’s fees of TZS 30.0 million (2020: TZS 43.0 million) were paid to non-
executive directors of the Authority during the year.
21. FINANCIAL RISK MANAGEMENT, IPSAS 30
The authority’s activities expose it to a variety of financial risks, including credit

risk and the effects of changes in debt and equity market prices, foreign currency
exchange rates, liquidity risk and interest rates. The authority’s overall risk
management programme focuses on the unpredictability of financial markets and
seeks to minimize potential adverse effects on its financial performance.
This note presents information about the Authority’s exposure to financial risks,
the Authority’s objectives, policies and processes for measuring and managing
risk.
The Capital Market and Securities Authority has established audit and risk
management committee made up of senior management which is responsible for
developing and monitoring the authority’s risk management policies which are
established to identify and analyze the risks faced by the authority, to set
appropriate risk limits and controls, and to monitor risks and adherence to limits.
Risk management policies and systems are reviewed regularly to reflect changes
in market conditions and the authority’s activities.
Capital Market and Securities Authority has established audit and risk committee,
which carries out regular and ad hoc reviews of risk management controls and
procedures. The results are reported to senior management.
The Authority manages the risks it is exposed to as follows:
Credit risk
The maximum exposure to credit risk is the carrying amount of receivables as
disclosed in Note 15 (after adjusting for the office rent deposit and
prepayments), cash and cash equivalents disclosed in Note 16 and financial
assets disclosed in Note 20. There are no significant concentrations of credit risks
within receivables. There are no amounts relating to credit risk that are overdue,
overdue but not impaired or individually determined to be impaired. No collateral
is held for any of the financial assets.
Credit risk relating to cash and cash equivalents is managed through dealings
with reputable banks. Credit risk relating to staff housing and loans is managed
as follows:
(a) CMSA withholds from the employee 4% of the housing loan advanced to
cover a possible loss in the event of death.
(b) CMSA has access to the terminal benefits of the employee in the event
the employee services come to an end.
Liquidity Risk
This is the risk that funds will not be available to honor cash obligations as they
arise. A significant portion of the Authority’s activities is funded by through
government grants based the capital and revenue budget of the Authority. The
Authority will not undertake activities for which no funds are available. The
financial liabilities of the Authority are payable within 12 months of the year end.
The amounts disclosed below are the contractual undiscounted cash flows.
22. CAPITAL COMMITMENT

There was no Capital commitment as at 30th June 2021 (2020: Nil). There
are no non-cancellable leases
23. CASH GENERATED FROM 0PERATIONS
2020/21 2019/20
TZS '000 TZS '000
RECEIPTS
BOT Subvention 354,375 531,563
Other income related receipts
Transaction fees 1,583,592 1,363,465
License fees 338,500 390,519
Market development levy 81,000 79,304
Fines, penalty and miscellaneous receipts 14,707 4,928
Prospectus evaluation fees 1,176,151 1,127,987
Consultancy/Training fees 113,950 75,070
Other Income Received 154,885 160,913
Receipts from receivables and other receipts 184,000 1,194,592
Total cash receipts 4,001,160 4,767,428
PAYMENTS
Staff cost (2,062,169) (2,230,014)
Administrative expenses (954,952) (1,075,398)
Market development, cooperation and training (873,510) (781,083)
Other operating expenses (197,228) (213,689)
Settlement of payables and other payments (86,627) (546,981)
Total cash payment (4,174,485) (4,847,165)
Cash (utilized)/generated from operations (173,324) (79,737)
Reconciliation of net cash flows from 2020/21 2019/20

operating activities to surplus/deficit: TZS'000 TZS '000
Surplus for the year 257,131 152,415
Amortization of capital grant (3,115) (42,424)
Depreciation and amortization 39,994 108,007

Gains from exchange rates fluctuations 619 3,689
37,498 (69,272)
Changes in working capital
Account receivables (664,304) 322,747
Payables and accruals 196,349 (624,171)
(467,955) (301,424)
Cash generated from operations (173,324) (79,737)
24. CONTINGENT LIABILITIES

There were no contingent liabilities as at 30th June, 2021 (2020: Nil).
25. 25. FINANCIAL INSTRUMENTS BY CATEGORY

2020/21 2019/20
TZS’000 TZS’000
Loans and receivables

Cash and cash equivalents 1,516,704 1,913,778
Accounts receivables (excluding prepayments) 3,165735 2,442,615
Financial assets at amortized costs - -

4,682,439 4,356,393
Liabilities
Liabilities at amortized costs Payables
and accrued charges 297,609 101,259
FINANCIAL INSTRUMENTS BY CATEGORY
Over
Less Between Betwee 5
than 1 and 2 n 2 and year
Overdue 1year years 5 years s Total
TZS’00 TZS’
TZS’000 TZS’000 TZS’000 0 000 TZS’000
At 30th June
2021
Trade and other
payables - - - - - -
Accrual charges - 240,977 - - - 240,977
Provision for
Audit fee - 56,632 - - - 56,632
Total financial
liabilities - 297,609 - - - 297,609
At 30th June
2020
Trade and other
payables - - - - - -
Accrual charges - 43,797 - - - 43,797
Audit fee
payable - 57,462 - - - 57,462
Total financial
liabilities - 101,259 - - - 101,259
26. EVENTS AFTER THE REPORTING DATE

There is no known event that has impacted on the results for the year and the
statement of financial position of the authority after the reporting date. The
financial statements were authorized for issue on 21st September 2021 by the
Board of Directors of the Capital Market and Securities Authority.
9.0 APPENDICES
9.1. Regulatory Functions of CMSA

Generally, the CMSA is charged with the functions or duties to promote and
maintain efficient, fair, transparent, safe and stable capital markets for the benefit
and protection of investors. The CMSA therefore regulates the capital market,
establishes standards for investor protection, enforcement mechanisms,
transparency and disclosures, resolution regimes and business conduct to enable
mitigation and management risks against erosion of market trust.
In discharging its duties, the CMSA regularly –
a) review whether its current regulatory requirements and framework
adequately addresses risks posed to investor protection and to fair efficient
and transparent markets as well as to the reduction of systemic risks;
b) monitors, regulates and maintains surveillance over the operations of the
regulated persons and regulated activities;
c) conducts public education programmes, to ensure the understanding by
the public of capital markets of the benefits, risks and liabilities associated
with investing in the capital markets and trading in securities;
d) inquires into the affairs of, conduct routine or ad hoc inspections of the
documents, reports and records of any licensed, regulated person or any
public company, securities exchange or issuer of securities;
e) advises the Minister on all matters relating to the capital market industry;
licence or approve, as the case may be, the regulated persons and
regulated activities with a view to maintaining proper standards of conduct
and professionalism in the capital markets;
f) formulates principles for the guidance of the capital market industry;
g) regulate and approve offers of securities;
h) monitors and supervises unlisted public companies;
i) liaise effectively with regulators and supervisors of other financial
institutions locally or overseas including entering into Memoranda of
understanding or agreements on matters of common interest.
In the execution of its functions, the CMSA has powers to –
a) call for information, documents or reports from licensed or regulated

persons;
b) inspect, conduct inquiries and audit of exchanges, and licenced or regulated
persons;
c) call for, or furnish to any person or agency , such information as may be
considered necessary by it for the efficient discharge of its functions;
d) conduct investigations where it believes there is a violation of the law or
where a transaction in securities is dealt with in a manner that is
detrimental to the investors or the capital market;
e) intervene in the management and control of a regulated person or capital
market intermediaries which it considers has failed, is failing or in crisis
including entering into the premises and doing such act and things as the
board deems necessary for the protection of investors;
f) Undertake such other powers including powers of supervision and
enforcement conferred upon it under the Act including supervision and
enforcement.
9.2. Committees of the Authority

The following is the composition of the Committees which served the Authority
during the period under review:
THE CORPORATE APPROVALS AND LICENSING COMMITTEE
1. Governor of the Bank of Tanzania - Member

2. Registrar of Companies - Member
3. Chief Executive Officer CMSA - Member
RULES AND REGULATIONS COMMITTEE
1. Attorney General - Chairman

2. Registrar of Companies - Member
HUMAN RESOURCE COMMITTEE
1. Governor of the Bank of Tanzania - Chairman

2. Arttoney General - Member
9.3. Principle Legislations

a) The Capital Markets and Securities Act [PRINCIPAL LEGISLATION]
Acts No.5 of 1994;
An Act to establish a Capital Markets and Securities Authority for the purposes of
promoting and facilitating the development of an orderly, fair and efficient
capital market and securities industry in Tanzania, to make provisions with
respect to licensing of stock exchanges, stockbrokers and other persons dealing
in securities, and for connected purposes.
b) Capital Markets and Securities Amendment Act, 2010.
An Amendment to the Act establishing the Capital Markets and Securities
Authority
c) The Commodity Exchanges Act, 2015
The Act provides a legal framework for sound management of commodity
exchanges, ensuring the proper management of the business persons by
empowering the CMSA to supervise and regulate commodity exchanges in
Tanzania.
Capital Markets and Securities Regulations and Guidelines
a) The Capital Markets and Securities (Licencing) Regulations 1996
These regulations set out the procedures to be complied with by the
applicants for licensing e.g. dealers, investment advisers or their
representatives. The requisite application forms are prescribed in the
Regulations. General conditions relating to licenses once obtained are also
provided for, including the provision that the license shall be personal to
the applicant and the requirement for a license to inform the Authority (by
written notice) of any relevant alterations or occurrence.
b) The Capital Markets and Securities (Registers of Interests in
Securities) Regulations 1996
Certain market players are required by the Act to maintain a register in the
prescribed form of the securities in which he has an interest. These
regulations therefore include the prescribed form as well as a provision for
varying of the form of register by the Authority where necessary. The
registers of interests in securities will enable transactions to be easily
traceable by the Authority and other interested parties thus providing the
requisite transparency in securities transactions.
c) Capital Markets and Securities (Establishment of Stock Exchange)
Regulations 1996
These regulations make provision for procedures for the establishment of
the stock exchange as well as an interim stock trading facility. In the case
of a Stock Exchange, the application has to be made by a body corporate
while interim stock trading facility is not a body corporate (it only provides
an interim mechanism for trading).
Applications are to be made to the Authority which grants approval subject
to certain conditions, and will continue to regulate the stock exchange once
it is approved.
d) The Capital Markets and Securities (Financial and Accounting
Requirements) Regulations 1997
These regulations provide for the maintenance of accounting records
(including audit trail) preparation of the annual financial statements as well
as treatment of customer money in accordance with the law (i.e. in trust for
the client).
These Regulations supplement the provisions on accounts and audit which
are contained in the Capital Markets and Securities Act.
e) The Capital Markets and Securities (Advertisements) Regulations
1997
These Regulations relate to the vetting of securities advertisements by the
Authority and it provides for a number of conditions that have to be met by
advertisers in the securities business. Conditions include the requirement
for the content and presentation of the advertisement that the
advertisements have to be factual, that comparison or contrasting of
investment should not be done unless it is fair, as well as restrictions on
forecasts and references to taxation.
f) The Capital Markets and Securities (Collective Investment
Schemes) Regulations 1997
To supplement the Capital Markets and Securities Act, these regulations
make detailed provisions relating to the roles of managers, trustees,
schemes, trust deeds, pricing, issue and redemption of units/shares and
other relevant matters.
g) Capital Markets and Securities (Prospectus Requirements)
Regulations 1997
These regulations supplement the general provisions on public issues of
securities which are contained in the Capital Markets and Securities Act.
The prospectus is an important document since the issuance of a
prospectus is a prerequisite where a public offer is being made. The items
required to be included in the prospectus are listed in the Regulations.
These include matters to be stated in the first page of the prospectus.
Others include information on the rights of holders, information on bankers,
capital from issuer, debt of issuing any material contracts, the use of the
proceeds from the issue etc.
h) The Capital Market and Securities (Conduct of Business)
Regulations 1997
The Conduct of Business Regulations list rules on conduct including
inducements, churning, customer rights, confidentiality, changes, execution
in addition to the conduct of business regulations covered in the Capital
Markets and Securities Act.
i) The Capital Markets and Securities (Capitalization and Rights Issue)
Regulations 2000
The Capitalization and Rights Issue regulations set out the disclosure
requirements that an issuer is obliged to comply with during Capitalization
of when making Rights Issue. This has to be done after obtaining the
approval of the Authority.
j) The Capital Markets and Securities (Foreign Investors) Regulations
2003
These Regulations set out the limit of aggregate securities to be held by
foreign investors whereby 40percent is reserved for Tanzanians and
60percent for foreigners. However Tanzanians are not precluded from
participating in the 60percent in which foreigners are allowed to participate.
This means that the 60percent is a free float. The Regulations provide for
the conditions and manner in which foreign investors will participate in the
capital markets and more specifically at the DSE. It also focuses on the
mechanism by which the Authority can monitor observance of the
conditions set for foreign participation by the DSE and the Central
Depository System.
k) Capital Markets and Securities (Foreign Companies Public Offers
Eligibility and Cross Listing Requirements) Regulations 2003
These Regulations focus on participation in the capital markets by foreign
issues of securities. The regulations set out the eligibility criteria and
disclosure requirements for such companies to make public offers or cross
list at the DSE. For the time being the foreign investors envisaged in the
Regulations are those from Kenya and Uganda.
l) Capital Markets and Securities (Custodian of Securities)
Regulations, 2006
These Regulations provide for the legal framework under which custodians
can operate and be supervised within the capital markets. This has become
more important particularly with the opening up of the capital market to
foreign investors/participants.
m) Capital Markets and Securities (Substantial Acquisitions, Takeovers
and Mergers) Regulations 2006
These Regulations regulate and govern mergers and acquisitions. The
objective of these Regulations is to ensure that in the Tanzanian capital
markets, the critical processes of mergers, acquisitions and takeovers,
which significantly influence growth of enterprises, take place within an
orderly legal framework and that such framework, conforms with the
principles of fairness, transparency, equity and the need to protect the
rights of shareholders affected by such transactions.
n) Capital Markets and Securities Authority (Nominated Advisors)
Regulations, 2010
These Regulations are designed to regulate and govern nominated advisory
companies and individuals licensed by the Authority to undertake the
responsibility of preparing SME companies to list on the stock market
segment which facilitates trading of securities of start-up, small and
medium size companies (SMEs) by assessing the appropriateness of an
applicant to be listed and advising and guiding the company on its
responsibilities.
o) Capital Markets and Securities Authority (Collective Investment

Schemes) (Real Estate Investment Trusts) Rules, 2011
These rules set out the role, responsibilities and eligibility criteria for
companies seeking to operate as a Real Estate Investment Trusts. The rules
are designed to protect investors when investing in income generating real
estate alongside other investors in order to benefit from the inherent
advantages of working as part of a group.
p) Guidelines for the Issuance of Corporate Bonds and Commercial
Paper, 1999
These Guidelines set out the disclosure requirements that an issuer is
obliged to comply with when applying for issuance of a Corporate Bond or a
Commercial Paper.
q) Capital Markets and Securities (Corporate Governance) Guidance,
2002
These Guidelines aim at improving and strengthening corporate governance
practices by issuers of securities through the capital markets and promote
the standards of self-regulation so as to raise the level of governance in line
with international trends.
The Guidelines have been issued in view of the role that good governance
has in corporate performance, capital formation and maximization of
shareholders value in addition to protection of investors’ rights.
The Guidelines apply to public listed companies and any other issuers of
securities through the capital markets including issuers of debt instruments.
r) Capital Markets and Securities (Conflict of Interest) Guidelines,
2002
The Guidelines aim at giving members of the Authority and employees of
the CMSA a framework within which to deal with conflicts of interest and
other related matters. They are also intended to protect members of the
authority and employees of the CMSA against any suggestions that
regulatory decisions have been influenced by personal interests or that
their investment decisions are made by using insider information.
s) Capital Markets and Securities Authority Enforcement Guidelines,
2004
These Guidelines set out the practices and procedures to be followed by the
CMSA when conducting investigations or inquiries where there is breach of
the law by market participants or otherwise.
t) Capital Markets and Securities Authority (Electronic Trading)
Guidelines 2015
These Guidelines sets out the condition and requirements for for persons
wishing to offer securities services in Tanzania through the Mobile Phone,
Internet or other electronic medium.
Legislations in Pipeline
Until the end of the period under review, the new Capital Markets Act was being
reviewed with a view to addressing the weaknesses taking into consideration
international best practices and compliance with IOSCO the objectives and
principles of securities regulations including widening the scope of market
intermediaries to include, securities depositories, clearing houses and credit rating
agencies; opening up the capital markets intermediation to foreign investors;
introducing investors compensation fund and providing for domestication of the
EAC directives to Tanzania. Various regulations to complement the new capital
markets will also be considered to repeal and replace the existing ones for
efficient implementation of the new Act.
9.4. CMSA Organization Structure
9.5. CAPITAL MARKETS AND SECURITIES AUTHORITY
CMSA FEE TABLE

1.1 Exchanges
New fee
Application fees not refundable in 1,000,000
TZS
Admission fee in TZS 5,000,000
Annual fees in TZS 5,000,000
Replacement of license - in TZS 250,000
Annual Levy based on Gross 1percent
earnings
1.2 Central Securities Depository

New Fee
TZS
Annual fees in TZS 3,000,000
Annual Levy based on Gross 1percent
earnings
1.4 Market Development Levy

MARKET TYPE New Fee
Market Main 0.01percent Market Capitalization (listed
Development Investment companies) capped at a min of TZS 1,000,000
1
Levy Market And EGM and max of 5,000,000
Fixed Income 0.005percent Value of Fixed Income
Securities Securities capped at a min of TZS 2,000,000
and max of TZS 50,000,000 Million
1.6 Open ended Collective Investment Schemes

New Fee
TZS
Scheme Admission fee in TZS 1,000,000
Scheme Annual fees 1,000,000
Offer Memorandum Approval fee 5 Million Plus 0.3percent of the amount to be
raised capped at TZS 100,000,000.
1
Annual Development Levy for companies whose shares are listed shall be based on daily average market
capitalization from January 1 to November 30 annually excluding the value of new or additional listing
during the year. The Development Levy for Fixed Income Securities shall be based on the total value
outstanding as on November 30.
1.6 Closed ended Collective Investment Schemes (Investment Management
companies)
New Fee
TZS
Scheme Admission fee in TZS 5,000,000
Scheme Annual fees 5,000,000
Offer Memorandum Approval fee 5 Million Plus 0.05percent of the amount to
be raised capped at TZS 100,000,000.
2.0 Market Intermediaries

2.1 Broker/ Dealer – Securities Market
New Fee
Application fees not refundable in TZS 1,000,000
Annual fees to be reviewed as market 2,000,000
grows - in TZS
Annual Levy based on Gross earnings 0.5percent
2.2 Broker/ Dealer – Bond Traders

New Fee
Annual fees 2,000,000
2.3 Commodity Exchange Trading and Intermediary Members

New Fee
Annual levy (By value) 0.5percent
2.4 Commodity Exchange Clearing Members

New Fee
2.5 Dealer Representatives

New Fee
New Fee
Application fees not refundable in TZS 500,000
2.6 Investment Advisors

New Fee
Application fees non-refundable in TZS 500,000
2.7 Investment Advisors – Fund Managers

New Fee
Application fees non-refundable in TZS 1,000,000
Levy based on Gross earnings derived 0.5percent
from managing High net worth
individuals investment fund
2.8 EGM NOMAD

New Fee
2.9 EGM NOMAD AUTHORIZED REPRESENTATIVES

New Fee
Application fees not refundable in TZS 250,000
Admission fee in TZS
2.10 CSD MEMBER- CUSTODIAN

New Fee
2.11 CSD MEMBER- REGISTRAR

New Fee
New Fee
Admission fee in TZS
3.0 TRANSACTION FEES

3.1 Transaction fee - Equity
New Fee
Transaction fees
- Seller 0.14percent
- Buyer 0.14percent
3.2 Transaction fee - bond

New Fee
Transaction fees
- Buyer 0.005percent
3.3 Transaction fee - Commodity

New Fee
Transaction fees
- Buyer 0.07percent
3.4 Mergers and acquisition (re-admission)

New Fee
Application fees non-refundable in TZS 2,500,000
Approval fee equity less than 10 billion 10,000,000
Approval fee equity 10 billion and above 20,000,000
3.5 Listed REIT

New Fee
Application fee 1,000,000
Annual fee 0.15percent of value of offer of REIT Securities subject
to a maximum of 20,000,000
Approval fee of Offering 0.1125percent of value of offer of securities and a
Memorandum maximum of TZS 150,000,000
3.6 Unlisted REIT

New Fee
Application fee 1,000,000
Annual fee 2,000,000
Approval fee of Offering 0.1125percent of value of offer of securities and a
Memorandum maximum of TZS 150,000,000maximum of TZS
New Fee
150,000,000
4.0 PROSPECTUS EVALUATION FEES

4.1 Main Market
Market Value Shares in New Fee

TZS.
1 billion or less 5 Million
Between 1 billion and 5 5 Million plus 0.2percent of the amount exceeding
billion TZS 1 billion.
More than 10 billion 50 Million plus 0.05percent of the amount
exceeding TZS 10 billion
4.2 Enterprise Growth Market

TZS.
4.3 EAC CROSS LISTED – MAIN MARKET

TZS.
Between 5 billion and 10 30 Million Plus 0.1percent of the amount
billion exceeding TZS 5 billion.
4.5 Right / Bonus Issue

TZS.
Between 1 billion and 5 5 Million Plus 0.2percent of the amount exceeding
Between 5 billion and 10 30 Million Plus 0.1percent of the amount exceeding
4.6 Commodity Contract Approval
New Fee
TZS
4.7 Data Vendors – such as Bloomberg, Reuters
New Fee
Application fees non-refundable in 2,500,000
TZS
4.8 Telco – Makiba Fund Trustee License
New Fee
TZS
4.9 Credit Rating Agencies
New Fee
TZS
9.6. Dar es Salaam Stock Exchange’s and Central Securities Depository’s Fee Structure
i) DSE Revised Fees

S/N Category Specific Fee Current Fee Revised Fee
1. Annual Membership TZS 400,000 TZS 1,000,000
Fee
2. Application for Admission TZS 1,000,000 TZS 2,000,000
to DSE
Membership Fee
3. Listing Fee Equities - Rate Min Max Rate Min Max
MIMS
Annual Listing Fee 0.05percent 2mn 10mn 0.05per 2mn 20mn
cent
Initial Listing Fee 0.2percent 2mn 20mn 0.25 2mn 30mn
Additional Listing 0.2percent 2mn 20mn 0.2perc 2mn 30mn

Fee ent
Rate Min Max Rate Min Max
4. Transaction Brokers Up to TZS 40 mn 625 bps or 5,000 25,000
Fees Bonds 1/16percent
No No No
Change Change Change
On any additional 312.5 bps or 25,000 No Limit
amount exceeding 1/32percent
TZS 40 mn
DSE On any amount Fees are not currently charged by DSE 500 bps 5,000 No
or Limit
1/20per
cent
Rate Min Max Rate Min Max
5. Transaction Fees- Up to TZS 1.7percent 1.7perce
Equities 10 mn nt
Brokerage Commission On the next 1.5percent 1.5perce

TZS 40 mn nt No Change
On any sum 0.8percent 0.8perce

above TZS 50 nt
mn
DSE Transaction Fee On any 0.28percent 0.28perc No Change
amount ent
Fidelity Fund Fee On any 0.02percent 0.02perc No Change
amount ent
ii) DSE Newly Introduced Fees

Category Specific Fee Rate
1. Infrastructure Fee DSE Members and other parties TZS 19,408,086 per member, per annum. LDMs will not
accessing the ATS (i.e., Institutions be charged for the first 3 years of the DSE Strategic
taking market data screen) Plan (i.e., the fee will be charged
beginning year 2016).
2. ISIN Fees Publicly issued securities (one-time TZS 300,000

fee)
Additional/subsequent securities for TZS 150,000
companies that already have ISINs.
Unlisted securities (one-time fee) TZS 600,000

iii) CSD Revised Fees
S/N Category Specific Fee Current Fee New Fee
1. CSD Annual Membership Custodians TZS 500,000 TZS 2,000,000

Fee
2. Application for Custodians TZS 1,000,000 No

Admission Change
to CSD Membership
Fee MIMS EGMS MIMS EGMS
3. CDS Fee Custody Fee TZS 1,000 TZS 1,000 Replaced with a single standard
transaction fee of TZS 1,000
4. CDS Fee Consolidation TZS 1,000 TZS 1,000
Fee
5. CDS Fee Reissue Fee TZS 2,000 TZS 2,000
6. CSD Fee Private TZS 1,000 TZS 1,000

Transfer Fee
7. CSD Fee Mortgage and TZS 10,000 TZS 10,000
Release of
Mortgage
8. CSD Fee Change of LDM by TZS 2,000 TZS 2,000
CDS
Account holder
9. CSD Fee Processing of 0.5 percent of market 0.25 percent of No No Change
IPO capitalization subject to market Change
a minimum of TZS 2 capitalization
million and a maximum subject to a
of TZS 10 million. minimum of
TZS 1 million
and a
maximum of
TZS 5 million.
10. Statements Fee Statements in TZS 5,000 per account plus postage No
paper form and any certification fees. Change
iv) CSD Newly Introduced Fees

S/N Category Specific Fee New Fee
1. CSD Annual Membership Fee Licensed Dealing TZS 1,000,000

Members
Associate TZS 1,000,000
NOMAD TZS 500,000
Other Operators TZS 1,000,000
Clearing Banks TZS 1,000,000
Issuer-First Security TZS 1,000,000
Issuer – subsequent TZS 100,000

Securities
2. Application for Admission to CSD All applicants TZS 1,000,000
Membership Fee
3. Transaction Fee Standard Transaction TZS 1,000
4. Statements Fee Statements by SMS TZS 200 per SMS split 50percent
between DSE and Telco.
5. Infrastructure Fee DSE Members and other parties TZS 2,835,597 per member per annum after the
accessing moratorium period of 3 years
the CDS (i.e., the fee will be charged beginning year
2016).
6. Custody Fees Institutional 0.005percent of the value of assets

under custody charged on a quarterly basis.
3
9.7. Listed Companies
The following were companies listed at the Dar es Salaam Stock Exchange
as of 30th June 2021.
Domestic Listed Companies
Company Date Listed Number of Nature of Business

issued
Shares
TOL Gases Ltd. (TOL) 15th April, 1998 57,505,963 Production and
distribution of industrial
gases, welding
equipment,
medical gases, etc.
Tanzania Breweries 9th September, 1998 294,928,463 Tanzania Breweries

Ltd. Limited (TBL)
(TBL) manufactures sells and
distributes clear beer,
alcoholic fruit
beverages (AFB’s) and
non-alcoholic beverages
within Tanzania. TBL
has controlling interests
in Tanzania Distilleries
Limited (TDL) and
Darbrew Limited.
TATEPA Ltd. (TATEPA) 17th December, 1999 18,657,254 Growing, processing,

blending, marketing and
distribution of tea
and instant.
Tanzania Cigarette 16th November, 100,000,000 Manufacturing, marketing,
Company (TCC) 2000 distribution
and sale of cigarettes.
Tanga Cement Public Ltd. 26th September, 63,671,045 Production, sale and
(SIMBA/TCCL) 2002 marketing of cement.
Swissport Tanzania 26th September, 36,000,000 Airports handling of

Ltd. (SWISS) 2003 passengers and cargo.
Tanzania Portland 29th September, 2006 179,923,100 Production, sale and
Cement Co. Ltd. marketing of cement.
(TWIGA/TPCC)
(87)
DCB Commercial 16th September, 67,827,897 Commercial bank
Bank. (DCB) 2008
National Microfinance 6th November 2008 500,000,000 Commercial bank
Bank Plc (NMB)
CRDB Bank. (CRDB) 17th June 2009 2,611,838,584 Commercial bank
Precision Air Services 21st December 160,469,800 Air transport services
Plc (PAL) 2011
Maendeleo Bank Plc 4th November 2013 14,634,224 Commercial Bank
th
Swala Gas and Oil. 11 August 2014 99,954,467 Mineral Exploration
(SWALA)
Mkombozi Commercial 29th December 2014 20,615,272 Commercial Bank
Bank
(MKCB)
Mwalimu Commercial 27th November 61,824,920 Commercial Bank
Bank (MCB) 2015
YETU Microfinance 10th March 2016 12,112,894 Microfinance PLC
Plc. (YETU)
MUCOBA Bank Plc 8th June 2016 8,156,423 Commercial Bank
Dar es salaam Stock 12th July 2016 23,824,000 Stock Exchange

Exchange
Vodacom Tanzania 15th August 2017 2,240,000,300 Telecommunication
PLC Sector
TCCIA Investments 16th March 2018 73,077,253 Investment Company
Plc (TICL)
National Investments 6th June 2018 69,165,170 Investment Company
Plc (NICOL)
Jenga Afya Tokomeza 23rd November 2020 2,164,349 Company involved
Umaskini (JATU) with Agriculture,
industries and markets
Cross-Listed Companies
Number of
Company Date Listed issued Shares Nature of Business
East African 29th June 2005 658,978,630 Holding company of various
Breweries Ltd (EABL) companies involved in
production, marketing and
distribution of malt beer in
Kenya,
Uganda, Tanzania and
(88)
Mauritius
Jubilee Holdings Ltd 20th December 2006 36,000,000 Holding company of many
(JHL) companies involved in
insurance business in Kenya,
Uganda and
Tanzania
Kenya Airways Ltd 1st October 2004 461,615,484 Passengers and cargo
(KA) transportation to different
destinations in the world
Kenya Commercial 17th December 2008 2,217,777,777 Commercial Bank
Bank (KCB)
National Media 21st February 2011 157,118,572 News media group
Group (NMG)
Uchumi Supermarket 15th August 2014 265,426,614 Supermarket
Ltd
(USL)
(89)
9.8. Historical Subscription Levels
S/ Company Listing date Offer Shares on Offer Offer Value Amount Raised Level of Subscriber s
N Price per (TZS) (TZS) Subscription
Share (percent )
1 TOL 15/04/1998 500 7,500,000 3,750,000,000 3,598,086,000 80 10,500
2 TBL 19/09/1998 550 25,594,277 12,976,852,350 9,630,874,000 74 23,000
3 TATEPA 07/12/1999 330 1,584,912 523,020,960 571,461,000 109 2,000
4 TCC 16/11/2000 410 19,500,000 7,995,000,000 9,394,125,000 118 7,508
5 SIMBA 29/09/2002 300 20,693,090 6,207,927,000 24,210,915,300 390 14,228
6 SWISSPORT 03/06/2003 225 17,640,000 3,969,000,000 31,196,340,000 786 41,025
7 TWIGA 29/09/2006 435 53,975,900 23,479,516,500 86,419,680,855 368 18,300
8 NICOL 15/07/2008 300 50,000,000 15,000,000,000 5,601,735,000 37 2,987
9 DCB 16/09/2008 275 5,454,546 1,500,000,150 3,704,094,900 347 5,446
10 NMB 06/11/2008 600 105,000,000 63,000,000,000 224,999,340,000 357 27,303
11 CRDB 17/06/2009 150 125,429,692 32,647,982,400 82,624,366,200 439 21,282
12 PRECISION 21/12/2011 475 58,800,000 28,000,000,000 11,840,000,000 43 7,057
13 TBL (EABL Exit) 16/01/2012 2,060 58,985,693 121,510,527,580 297,593,326,800 245 2,081
14 MAENDELEO 04/11/2013 500 8,000,000 4,000,000,000 4,600,000,000 115 2,523
15 SWALA OIL 11/08/2014 500 9,600,000 4,800,000,000 6,643,900,000 138 1,867
16 MKOMBOZI 29/12/2014 1,000 5,000,000 5,000,000,000 3,776,820,000 76 2,629
17 MWALIMU 27/11/2015 500 50,000,000 25,000,000,000 30,912,460,000 124 235,494
18 YETU MICRO
FINANCE PLC 10/03/2016 500 25,180,000 12,590,606,500 3,111,690,100 25 14,273
19 MUCOBA BANK PLC 08/06/2016 250 20,000,000 5,000,000,000 2,039,105,750 41 1,691
20 DSE PLC 12/07/2016 500 15,000,000 7,500,000,000 35,768,796,000 477 3,149
21 VODACOM (T) LTD 15/08/2017 850 560,000,100. 476,000,085,00 476,000,085,00 100 41,504
(90)
00 0 0
22 16/03/2018 400 112,500,000 45,000,000,000 746,106,000 2 3,429
TCCIA Inv. PLC
23 06/06/2018 300 69,165,170 20,749,551,000 20,749,551,000 100 26,894
NICOL
(91)
.9. Outstanding Government Bonds as at 30th June 2021
Issued Maturity Issued Amount (Face

Bond No. ISIN Coupon Maturity Description Date Date Value)
274-11.44-T29- 10 Year GOVERNMENT
A1 TZ1996100990 11.44 Bond BONDS 13/07/2011 13/07/2021 20,000,000,000

A1 TZ1996101014 11.44 Bond BONDS 7/9/2011 8/9/2021 30,000,000,000

A1 TZ1996101170 11.44 Bond BONDS 2/11/2011 3/11/2021 19,840,000,000

A1 TZ1996101204 11.44 Bond BONDS 28/12/2011 28/12/2021 876,500,000

A1 TZ1996101246 11.44 Bond BONDS 22/02/2012 22/02/2022 20,000,000,000

A1 TZ1996102792 11.44 Bond BONDS 18/04/2012 18/04/2022 457,000,000

A1 TZ1996101337 11.44 Bond BONDS 27/06/2012 27/06/2022 15,000,000,000

A1 TZ1996101287 11.44 Bond BONDS 7/8/2012 7/8/2022 29,735,000,000
A1 TZ1996102826 11.44 Bond BONDS 3/10/2012 3/10/2022 43,000,000,000

A1 TZ1996102780 11.44 Bond BONDS 28/11/2012 28/11/2022 55,000,000,000

A1 TZ1996101477 11.44 Bond BONDS 20/03/2013 20/03/2023 71,370,000,000
333-11.44-T48- TZ1996101519 11.44 10 Year GOVERNMENT 15/05/2013 15/05/2023 44,155,000,000
(92)
A1 Bond BONDS
A1 TZ1996101592 11.44 Bond BONDS 6/9/2013 5/9/2023 29,500,000,000
A1 TZ1996101634 11.44 Bond BONDS 18/10/2013 18/10/2023 41,078,000,000
15 Year GOVERNMENT
353-13.5-T1-A1 TZ1996101659 13.5 Bond BONDS 14/11/2013 14/11/2028 22,967,000,000

A1 TZ1996101717 11.44 Bond BONDS 23/01/2014 23/01/2024 40,598,100,000
15 Year GOVERNMENT
360-13.5-T2-A1 TZ1996101733 13.5 Bond BONDS 20/02/2014 20/02/2029 22,995,000,000

A1 TZ1996101808 11.44 Bond BONDS 3/4/2014 3/4/2024 32,925,600,000
15 Year GOVERNMENT
365-13.5-T3-A1 TZ1996101782 13.5 Bond BONDS 2/5/2014 2/5/2029 30,893,000,000

A1 TZ1996102750 11.44 Bond BONDS 29/05/2014 29/05/2024 47,200,000,000

A1 TZ1996101832 11.44 Bond BONDS 10/7/2014 10/7/2024 45,499,000,000

A1 TZ1996101857 13.5 Bond BONDS 12/8/2014 7/8/2029 25,599,377,000

A1 TZ1996101881 10.08 Bond BONDS 4/9/2014 4/9/2021 35,480,000,000
A1 TZ1996101899 11.44 Bond BONDS 18/09/2014 18/09/2024 45,000,000,000

A1 TZ1996101915 13.5 Bond BONDS 17/10/2014 17/10/2029 31,875,400,000
(93)
A1 TZ1996101931 10.08 Bond BONDS 14/11/2014 14/11/2021 66,639,000,000
10 Year GOVERNMENT
381-11.44-T1-AI TZ1996101949 11.44 Bond BONDS 28/11/2014 28/11/2024 20,010,000,000

A1 TZ1996101998 10.08 Bond BONDS 22/01/2015 22/01/2022 60,000,000,000

A1 TZ1996102004 11.44 Bond BONDS 5/2/2015 5/2/2025 41,030,000,000

A1 TZ1996102020 13.5 Bond BONDS 5/3/2015 5/3/2030 42,126,100,000

A1 TZ1996102046 10.08 Bond BONDS 2/4/2015 2/4/2022 60,045,000,000

A1 TZ1996102053 11.44 Bond BONDS 16/04/2015 15/04/2025 44,980,000,000

A1 TZ1996102079 13.5 Bond BONDS 14/05/2015 14/05/2030 65,160,200,000
A1 TZ1996102095 10.08 Bond BONDS 11/6/2015 11/6/2022 43,333,000,000

A1 TZ1996102105 11.44 Bond BONDS 25/06/2015 25/06/2025 38,798,600,000

A1 TZ1996102152 13.5 Bond BONDS 6/8/2015 6/8/2030 30,018,900,000
A1 TZ1996102178 10.08 Bond BONDS 3/9/2015 3/9/2022 19,176,800,000

A1 TZ1996102186 11.44 Bond BONDS 17/09/2015 17/09/2025 20,070,000,000

(94)
A1 Bond BONDS
A1 TZ1996102236 11.44 Bond BONDS 27/11/2015 26/11/2025 17,463,600,000
A1 TZ1996102253 13.5 Bond BONDS 23/12/2015 23/12/2030 39,424,900,000

A1 TZ1996102277 10.08 Bond BONDS 21/01/2016 21/01/2023 57,137,330,000

A1 TZ1996102285 11.44 Bond BONDS 4/2/2016 4/2/2026 86,566,800,000

A1 TZ1996102301 13.5 Bond BONDS 3/3/2016 4/3/2031 42,179,500,000

A1 TZ1996102327 10.08 Bond BONDS 31/03/2016 31/03/2023 39,422,300,000

A1 TZ1996102352 11.44 Bond BONDS 14/04/2016 14/04/2026 71,375,400,000

A1 TZ1996102378 13.5 Bond BONDS 12/5/2016 12/5/2031 80,903,000,000

A1 TZ1996102394 10.08 Bond BONDS 9/6/2016 9/6/2023 39,680,600,000

A1 TZ1996102401 11.44 Bond BONDS 23/06/2016 23/06/2026 47,066,900,000
5 Year GOVERNMENT
426-9.18-T1-A1 TZ1996102426 9.18 Bond BONDS 8/7/2016 6/7/2021 84,446,500,000
15 Year GOVERNMENT
427-13.5-T1-A1 TZ1996102451 13.5 Bond BONDS 25/07/2016 21/07/2031 31,249,600,000

A1 TZ1996102477 10.08 Bond BONDS 20/08/2016 18/08/2023 19,422,000,000
(95)
A1 TZ1996102485 11.44 Bond BONDS 1/9/2016 1/9/2026 29,667,530,000
5 Year GOVERNMENT
431-9.18-T1-A1 TZ1996102493 9.18 Bond BONDS 15/09/2016 15/09/2021 40,074,800,000

A1 TZ1996102500 13.5 Bond BONDS 29/09/2016 29/09/2031 70,847,470,000

A1 TZ1996102526 10.08 Bond BONDS 27/10/2016 27/10/2023 51,510,000,000

A1 TZ1996102534 11.44 Bond BONDS 10/11/2016 10/11/2026 89,566,100,000
5 Year GOVERNMENT
436-9.18-T1-A1 TZ1996102542 9.18 Bond BONDS 28/11/2016 24/11/2021 60,705,500,000

A1 TZ1996102550 13.5 Bond BONDS 8/12/2016 12/8/2031 116,413,150,000

A1 TZ1996102574 10.08 Bond BONDS 12/1/2017 5/1/2024 54,635,800,000
A1 TZ1996102582 11.44 Bond BONDS 19/01/2017 19/01/2027 120,413,200,000
5 Year GOVERNMENT
441-9.18-T1-A1 TZ1996102590 9.18 Bond BONDS 2/2/2017 2/2/2022 75,419,400,000

A1 TZ1996102608 13.5 Bond BONDS 16/02/2017 16/02/2032 104,109,600,000
A1 TZ1996102624 10.08 Bond BONDS 16/03/2017 16/03/2024 83,215,900,000

A1 TZ1996102632 11.44 Bond BONDS 30/03/2017 30/03/2027 92,014,800,000
446-9.18-T1-A1 TZ1996102642 9.18 5 Year GOVERNMENT 13/04/2017 13/04/2022 105,517,700,000

(96)
Bond BONDS
15 Year GOVERNMENT
447-13.5-T1-A1 TZ1996102657 13.5 Bond BONDS 27/04/2017 27/04/2032 71,185,300,000
A1 TZ1996102673 10.08 Bond BONDS 1/6/2017 25/05/2024 139,227,900,000

A1 TZ1996102681 11.44 Bond BONDS 8/6/2017 8/6/2027 212,973,500,000
5 Year GOVERNMENT
453-9.18-T1-A1 TZ1996102696 9.18 Bond BONDS 22/06/2017 22/06/2022 233,871,420,000

A1 TZ1996102732 13.5 Bond BONDS 6/7/2017 6/7/2032 112,114,000,000

A1 TZ1996102830 10.08 Bond BONDS 3/8/2017 3/8/2024 100,566,100,000
457-11.44- 10 Year GOVERNMENT

T315-A TZ1996102848 11.44 Bond BONDS 17/08/2017 17/08/2027 68,016,500,000

A1 TZ1996102855 9.18 Bond BONDS 30/08/2017 31/08/2022 58,839,100,000

A1 TZ1996102863 13.5 Bond BONDS 14/09/2017 14/09/2032 128,410,910,000

A1 TZ1996102889 10.08 Bond BONDS 12/10/2017 12/10/2024 100,407,100,000

T316-A TZ1996102897 11.44 Bond BONDS 26/10/2017 26/10/2027 110,827,600,000
A1 TZ1996102905 9.18 Bond BONDS 9/11/2017 9/11/2022 90,012,100,000

A1 TZ1996102913 13.5 Bond BONDS 23/11/2017 23/11/2032 139,003,700,000
(97)
A1 TZ1996102939 10.08 Bond BONDS 21/12/2017 21/12/2024 100,372,680,000

T317-A TZ1996102947 11.44 Bond BONDS 3/1/2018 4/1/2028 126,393,700,000

A1 TZ1996102954 9.18 Bond BONDS 18/01/2018 18/01/2023 132,845,300,000

A1 TZ1996102962 13.5 Bond BONDS 1/2/2018 1/2/2033 182,375,300,000

A1 TZ1996102996 10.08 Bond BONDS 28/02/2018 1/3/2025 150,402,200,000

T318-A TZ1996103002 11.44 Bond BONDS 14/03/2018 15/03/2028 156,135,400,000

A1 TZ1996103028 9.18 Bond BONDS 29/03/2018 29/03/2023 129,137,200,000

A1 TZ1996103036 13.5 Bond BONDS 11/4/2018 12/4/2033 179,211,400,000
A1 TZ1996103051 10.08 Bond BONDS 10/5/2018 10/5/2025 100,205,600,000

T319-A TZ1996103069 11.44 Bond BONDS 24/05/2018 24/05/2028 78,445,100,000

A1 TZ1996103085 9.18 Bond BONDS 7/6/2018 7/6/2023 120,090,000,000
A1 TZ1996103093 13.5 Bond BONDS 21/06/2018 21/06/2033 99,319,800,000

T320-A TZ1996103119 11.44 Bond BONDS 5/7/2018 5/7/2028 49,905,400,000

(98)
A1 Bond BONDS
A1 TZ1996103143 10.08 Bond BONDS 16/08/2018 16/08/2025 13,942,500,000
A1 TZ1996103150 9.18 Bond BONDS 30/08/2018 30/08/2023 16,786,200,000

A1 TZ1996103168 15.49 Bond BONDS 13/09/2018 13/09/2038 57,340,100,000

T321-A TZ1996103176 11.44 Bond BONDS 27/09/2018 27/09/2028 30,292,600,000

A1 TZ1996103184 13.5 Bond BONDS 11/10/2018 11/10/2033 10,011,200,000

A1 TZ1996103200 10.08 Bond BONDS 7/11/2018 8/11/2025 65,040,300,000

A1 TZ1996103218 9.18 Bond BONDS 22/11/2018 22/11/2023 31,728,300,000

A1 TZ1996103226 15.49 Bond BONDS 29/11/2018 6/12/2038 60,794,930,000

T322-A TZ1996103234 11.44 Bond BONDS 20/12/2018 20/12/2028 52,518,500,000

A1 TZ1996103242 13.5 Bond BONDS 2/1/2019 3/1/2034 8,971,200,000

A1 TZ1996103267 10.08 Bond BONDS 30/01/2019 31/01/2026 22,673,600,000
A1 TZ1996103275 9.18 Bond BONDS 14/02/2019 14/02/2024 48,159,100,000

A1 TZ1996103283 15.49 Bond BONDS 21/02/2019 21/02/2039 131,285,300,000
(99)
T323-A TZ1996103291 11.44 Bond BONDS 14/03/2019 14/03/2029 92,900,000,000

A1 TZ1996103309 13.5 Bond BONDS 27/03/2019 28/03/2034 96,125,000,000

A1 TZ1996103325 9.18 Bond BONDS 9/5/2019 9/5/2024 41,953,100,000

A1 TZ1996103333 15.49 Bond BONDS 22/05/2019 22/05/2039 150,606,800,000

T324-A TZ1996103341 11.44 Bond BONDS 4/6/2019 4/6/2029 50,843,400,000

A1 TZ1996103358 13.5 Bond BONDS 20/06/2019 20/06/2034 88,250,370,000

T325-A TZ1996103366 11.44 Bond BONDS 3/7/2019 4/7/2029 27,862,200,000

A1 TZ1996103390 13.5 Bond BONDS 18/07/2019 18/07/2034 194,844,100,000
A1 TZ1996103408 15.49 Bond BONDS 1/8/2019 1/8/2039 213,951,450,000

A1 TZ1996103432 7.82 Bond BONDS 15/08/2019 15/08/2021 139,669,400,000

T326-A TZ1996103440 11.44 Bond BONDS 28/08/2019 29/08/2029 75,071,700,000
A1 TZ1996103457 13.5 Bond BONDS 12/9/2019 12/9/2034 105,991,100,000

A1 TZ1996103465 15.49 Bond BONDS 26/09/2019 26/09/2039 118,791,670,000

(100)
A1 Bond BONDS
A1 TZ1996103481 10.08 Bond BONDS 24/10/2019 24/10/2026 57,752,000,000
A1 TZ1996103499 15.49 Bond BONDS 7/11/2019 7/11/2039 171,303,400,000

T327-A TZ1996103507 11.44 Bond BONDS 21/11/2019 21/11/2029 122,107,500,000

A1 TZ1996103515 13.5 Bond BONDS 5/12/2019 5/12/2034 98,419,600,000

A1 TZ1996103523 15.49 Bond BONDS 19/12/2019 19/12/2039 127,474,900,000

T328-A TZ1996103531 11.44 Bond BONDS 2/1/2020 1/1/2030 62,213,500,000

A1 TZ1996103549 7.82 Bond BONDS 15/01/2020 16/01/2022 167,095,300,000

A1 TZ1996103556 13.5 Bond BONDS 23/01/2020 30/01/2035 109,535,800,000

A1 TZ1996103564 15.49 Bond BONDS 13/02/2020 13/02/2040 119,271,400,000

A1 TZ1996103572 13.5 Bond BONDS 20/02/2020 27/02/2035 109,359,600,000

A1 TZ1996103580 7.82 Bond BONDS 12/3/2020 12/3/2022 137,280,000,000
T329-A TZ1996103598 11.44 Bond BONDS 19/03/2020 26/03/2030 122,146,500,000

A1 TZ1996103606 13.5 Bond BONDS 2/4/2020 9/4/2035 109,213,500,000
(101)
A1 TZ1996103614 15.49 Bond BONDS 23/04/2020 23/04/2040 200,912,100,000

A1 TZ1996103622 10.08 Bond BONDS 30/04/2020 7/5/2027 120,021,700,000

A1 TZ1996103630 15.49 Bond BONDS 21/05/2020 21/05/2040 203,274,500,000

A1 TZ1996103648 13.5 Bond BONDS 4/6/2020 4/6/2035 86,407,900,000

T330-A TZ1996103663 11.44 Bond BONDS 25/06/2020 2/7/2030 110,025,300,000

A1 TZ1996103671 13.5 Bond BONDS 9/7/2020 16/07/2035 121,990,700,000

A1 TZ1996103689 15.49 Bond BONDS 23/07/2020 23/07/2040 137,007,330,000

A1 TZ1996103697 7.82 Bond BONDS 6/8/2020 13/08/2022 165,500,000,000
A1 TZ1996103705 11.44 Bond BONDS 26/08/2020 27/08/2030 137,788,000,000

A1 TZ1996103713 13.5 Bond BONDS 9/9/2020 10/9/2035 122,377,400,000

A1 TZ1996103721 15.49 Bond BONDS 17/09/2020 24/09/2040 199,106,800,000
A1 TZ1996103754 9.18 Bond BONDS 1/10/2020 8/10/2025 89,819,200,000

A1 TZ1996103762 10.08 Bond BONDS 15/10/2020 22/10/2027 101,719,800,000

(102)
A1 Bond BONDS
T331-A TZ1996103788 11.44 Bond BONDS 12/11/2020 19/11/2030 62,393,000,000
A1 TZ1996103812 13.5 Bond BONDS 26/11/2020 3/12/2035 122,222,000,000

A1 TZ1996103820 15.49 Bond BONDS 16/12/2020 18/12/2040 214,955,100,000

T332-A TZ1996103838 11.44 Bond BONDS 24/12/2020 31/12/2030 60,397,700,000

A1 TZ1996103846 7.82 Bond BONDS 7/1/2021 14/01/2023 34,154,000,000

A1 TZ1996103853 13.5 Bond BONDS 21/01/2021 29/01/2036 106,596,100,000

A1 TZ1996103861 15.49 Bond BONDS 10/2/2021 11/2/2041 248,500,600,000

A1 TZ1996103879 13.5 Bond BONDS 24/02/2021 25/02/2036 47,169,200,000

A1 TZ1996103887 7.82 Bond BONDS 11/3/2021 11/3/2023 155,720,500,000

T333-A TZ1996103895 11.44 Bond BONDS 24/03/2021 25/03/2031 24,040,800,000

A1 TZ1996103903 13.5 Bond BONDS 6/4/2021 8/4/2036 0
A1 TZ1996103929 15.95 Bond BONDS 22/04/2021 22/04/2046 134,554,900,000

A1 TZ1996103937 10.08 Bond BONDS 5/5/2021 6/5/2028 107,122,500,000
(103)
A1 TZ1996103945 15.49 Bond BONDS 19/05/2021 20/05/2041 391,020,900,000

A1 TZ1996103952 13.5 Bond BONDS 2/6/2021 3/6/2036 124,319,500,000

A1 TZ1996103986 9.18 Bond BONDS 16/06/2021 17/06/2026 102,000,000,000
Grand Total 13,840,175,447,000.00
9.10. Outstanding Corporate Bonds as at 30th June 2021
BOND NO ISIN COUPO MATURIT DESCRIPTIO N ISSUED MATURITY ISSUED

DATE DATE
AMMOUNT(FACE VALUE)
EXIM-2015/21.T1 TZ1996102335 15.56 6 Year CORPORATE 21/12/2015 21/12/2021 14,959,000,000.00

Bond BONDS
NMB-2019/22.T3 TZ1996103424 10.00 3 Year CORPORATE 15/07/2019 15/07/2022 83,349,190,000.00
Bond BONDS
TMRC-18/23.T1 TZ1996103101 11.79 5 Year CORPORATE 19/06/2018 18/06/2023 12,521,500,000.00
Bond BONDS
TMRC-19/24.T2 TZ1996103382 13.46 5 Year CORPORATE 19/06/2019 20/06/2024 9,178,100,000.00
Bond BONDS
TMRC-21/26.T3 TZ1996103978 0 5 Year CORPORATE 1/6/2021 18/05/2026 11,679,000,000.00
Bond BONDS
Grand total
131,686,790,000.00
(104)
9.11. Performance of the Listed Companies
COMPANY YEAR NUMBER OF MARKET NET PROFIT DIVIDEND

ISSUED CAPITALIZA (TZS Million) (TZS
SHARES TION Million)
(Millions)
TANZANIA 2002 34,218

BREWERIES 294,928,463 330,000 25,835
LIMITED 2003 47,635
294,928,463 472,000 30,790
2004
294,928,463 395,204 57,470 36,866
2005
294,928,463 436,000 67,182 56,036
2006
294,928,463 442,390 85,584 52,202
2007
294,928,463 466,000 95,603 58,986
2008
294,928,463 536,770 109,168 58,986
2009
294,928,463 513,176 115,188 44,239
2010
294,928,463 525,000 133,842 44,239
2011
294,928,463 595,755 173,183 58,986
2012
294,928,463 884,790 239,288 58,986
2013
294,928,463 2,359,428 253,813 88,479
2014
294,928,463 4,155,540 292,719 132,718
2015
294,928,463 4,096,560 308,931 151,709
2016 294,928,463 3,539,140 228,981 183,993
2017 294,928,463 3,952,040 161,440 103,911
2018 294,928,463 4,868,430 64,500 103,464
2019 295,056,063 3,363,640 73,887 103,270
2020 295,056,063 3,216,110 89,123
TOL GASES 2002
LIMITED 32,000,000 8,319 (12,953) -
2003
(105)
32,000,000 10,559 (709) -
2004
32,000,000 10,559 4 -
2005
32,000,000 10,559 (47) -
2006
32,000,000 9,596 102 -
2007
37,223,686 14,020 293 -
2008
12,320
37,223,686 (145) -
2009 -
37,223,686 9,981 -
2010 -
37,223,686 9,981 -
2011
37,223,686 8,495 410 -
2012
42,472,537 11,040 1,377 -
2013
37,223,686 11,539 945 -
2014
55,835,490 30,710 2,021 -
2015
55,835,490 48,580 2,200 -
2016 55,835,490 44,670 2,761 -
2017 57,505,963 46,000 2,171 -
2018 57,505,963 44,850 2,617 -
2019 57,505,963 35,510 2,254 -
*
2020 57,505,963 29,590 2,344
TANZANIA TEA 2002
PACKERS 14,408,000 8,640 447 576
LIMITED 2003
15,280,000 7,203 241 611
2004
16,430,000 6,723 1,294 -
2005
16,430,000 6,720 (2,505) -
2006
16,430,000 6,720 2,255 740
(106)
2007
17,857,165 9,110 (1,593) 1,786
2008
17,857,165 9,110 6,077 6,518
2009
17,857,165 8,750 (504) -
2010
17,857,165 8,600 292 -
2011
17,857,165 8,482 (628) -
2012
17,857,165 2,679 484 -
2013
17,857,165 11,607 (2,543) -
2014
18,657,254 12,130 (3,678) -
2015
18,657,254 12,130 (5,698) -
2016 18,657,254 12,130 (862) -
2017 18,657,254 12,130 (2300) -
2018 18,657,254 2,240 900.71 300
2019 18,657,254 2,240 (5,694.78) -
2020 18,657,254 2,240 (4,185) -
TANZANIA 2002
CIGARATTE 100,000,000 172,500 22,106 30,721
COMPANY 2003
100,000,000 172,000 24,687 21,894
2004
100,000,000 176,000 25,626 15,578
2005
100,000,000 150,000 23,767 15,578
2006
100,000,000 148,000 22,360 10,000
2007
100,000,000 134,000 33,622 17,500
2008
100,000,000 166,000 44,564 27,500
2009
100,000,000 182,000 65,978 15,000
2010
100,000,000 222,000 84,100 30,000
2011
100,000,000 314,000 101,400 60,000
(107)
2012
100,000,000 420,000 123,728 75,000
2013
100,000,000 860,000 112,137 75,000
2014
100,000,000 1,674,000 98,261 70,000
2015
100,000,000 1,208,000 97,296 65,700
2016 100,000,000 1,150,000 68,669 60.000
2017 100,000,000 1,105,000 45,357 40,000
2018 100,000,000 1,700,000 47,936 40,000
2019 100,000,000 1,700,000 51,947 40,000
2020 100,000,000 1,700,000 34,784
TANGA 2002 7,667
CEMENT 63,671,045 28,652 3,502
COMPANY 2003 9,950 6,367
LIMITED 63,671,045 44,570
2004
63,671,045 70,038 9,386 3,247
2005
63,671,045 54,120 10,528 3,629
2006
63,671,045 61,124 23,065 11,970
2007
63,671,045 77,679 34,422 11,779
2008
63,671,045 118,430 43,219 7,641
2009
63,671,045 109,514 45,830 11,397
2010 - -
63,671,045 121,000
2011 -
63,671,045 151,537 37,085
2012
63,671,045 152,810 55,933 6,400
2013
63,671,045 128,616 46,045 7,004
2014
63,671,045 286,520 41,990 4,139
2015
63,671,045 118,430 8,242 5,094
2016 63,671,045 101,870 4,262 5,094
2017 63,671,045 86.590 (26,340) -
(108)
2018 63,671,045 64,940 (11,259) -
2019 63,671,045 38,200 (11,875) -
2020 63,671,045 25,790 (2,145) -
NATIONAL 2004 (32)
INVESTMENT - - -
COMPANY LTD 2005 141
- - -
2006 180
- - -
2007 317
- - 278
2008 (4,500)
69,178,134 19,720 -
2009 -
69,178,134 18,678 -
2010 -
69,178,134 - -
2011 -
69,178,134 - -
2012 -
- - -
2013 -
- - -
2014 -
- - -
2015 -
- - -
2016 -
- - -
2017 69,165,170 15,220 1,038 984
2018 69,165,170 15,220 4,110 227
2019 37,841,218 12,110 (1,197)
2020 37,841,218 15,570 675
NATIONAL 2008 70,935
MICROFINANC E 500,000,000 485,000 15,000
BANK 2009 68,038
500,000,000 395,000 15,700
2010 78,445
500,000,000 330,000 18,000
2011 102,736
500,000,000 425,000 25,000
2012 144,662
500,000,000 560,000 34,000
(109)
2013 188,131
500,000,000 1,310,000 45,000
2014 224,659
500,000,000 1,700,000 45,000
2015 215,166
500,000,000 1,000,000 52,000
2016 500,000,000 1,375,000 153,825 52,000
2017 500,000,000 1,375,000 95,609 52,000
2018 500,000,000 1,375,000 100,961 33,000
2019 500,000,000 1,170,000 144,907
2020 500,000,000 1,170,000 210,043
CRDB BANK PLC 2005 24,390
123,666,600 - 1,855
2006 38,446
123,666,600 - 2,102
2007 51,703
247,333,200 - 4,205
2008 60,005
2,176,532,1 485,000 4,253
60
2009 61,922
2,176,532,1 255,743 15,928
60
2010 65,637
2,176,532,1 250,300 17,400
60
2011 70,833
2,176,532,1 375,452 19,589
60
2012 107,702
2,176,532,1 326,480 26,100
60
2013 122,021
2,176,532,1 609,429 30,400
60
2014 132,244
2,176,532,1 935,910 24,048
60
2015 187,690
2,176,532,1 1,018,620 31,407
60
2016 2,611,838,5 652,960 128,978 43,208
84
(110)
2017 2,611,838,5 417,890 36,212 26,118
84
2018 2,611,838,5 417,890 64,132 13,059
84
2019 2,611,838,5 287,300 120,145 20,894
84
2020 2,611,838,5 770,490 770,490
84
SWISSPORT 2002 1,946
- - 1,024
2003 3,342
36,000,000 19,080 1,820
2004 3,234
36,000,000 20,520 1,946
2005 4,430
36,000,000 21,600 2,524
2006 5,062
36,000,000 21,960 2,796
2007 5,166
36,000,000 25,560 2,862
2008 4,847
36,000,000 21,600 2,592
2009 5,668
36,000,000 21,600 3,238
2010 6,322
36,000,000 21,600 3,327
2011 10,238
36,000,000 29,520 5,671
2012 9,723
36,000,000 61,920 5,378
2013 11,387
36,000,000 96,480 5,997
2014 18,693
36,000,000 180,360 7,106
2015 25,969
36,000,000 262,800 14,510
2016 36,000,000 196,200 15,232 12,187
2017 36,000,000 126,000 11,934 5,967
2018 36,000,000 126,000 7,459 3,730
2019 36,000,000 57,600 1,086
2020 36,000,000 40,320 (2,529)
TANZANIA 2003 7,521
PORTLAND - - -
(111)
CEMENT 2004 11,199
COMPANY - - -
LIMITED 2005 22,410
- - -
2006 27,932
179,923,100 124,150 5,038
2007 43,582
179,923,100 205,110 7,740
2008 50,193
179,923,100 287,880 12,595
2009 68,788
179,923,100 303,066 23,390
2010 71,929
179,923,100 323,860 25,101
2011 72,774
179,923,100 374,240 32,386
2012 92,341
179,923,100 467,800 33,285
2013 50,395
179,923,100 478,595 35,085
2014 79,676
179,923,100 719,690 45,836
2015 80,853
179,923,100 469,600 53,005
2016 179,923,100 412.020 39,838 60,257
2017 179,923,100 295,070 57,459 52,174
2018 179,923,100 295,070 56,866 52,174
2019 179,923,100 359,850 58,715
2020 179,923,100 647,720 75,705
KENYA 2002 12,951
AIRWAYS 461,615,484 - -
LIMITED 2003 8,073
461,615,484 - -
2004 28,884
461,615,484 115,403 -
2005 81,236
461,615,484 461,620 9,232
2006 125,280
461,615,484 720,120 13,332
2007 107,550
461,615,484 692,420 14,544
2008 102,156
461,615,484 692,420 -
(112)
2009 (98,497)
461,615,484 692,420 8,027
2010 92,537
461,615,484 600,100 12,464
2011 66,196
461,615,484 470,848 12,966
2012 40,796
1,496,469,0 1,481,504 7,110
34
2013 (201,147)
1,496,469,0 239,440 -
34
2014 (104,608)
1,496,469,0 164,610 -
34
2015 (639,402)
1,496,469,0 149,650 -
34
2016 1,496,469,0 (69,649) -
35
2017 1,335,130 (134,295.88) -
5,823,902,6
21
2018 5,823,588,2 1,335,130 (169,374.78) -
69
2019 5,823,588,2 511,330
69
2020 5,823,588,2 454,510
69
EAST AFRICAN 2002 40,805
BREWERIES 658,978,630 - 11,775
LIMITED 2003 47,330
658,978,630 - 18,317
2004 98,312
658,978,630 1,515,050 26,293
2005 131,568
658,978,630 1,317,960 62,208
2006 145,810
658,978,630 1,317,960 66,096
2007 191,444
658,978,630 1,317,960 104,501
2008 228,215
658,978,630 1,317,860 117,957
(113)
2009
658,978,630 1,317,860 202,259 107,390
2010
658,978,630 1,318,000 226,224 103,789
2011
658,978,630 1,317,957 229,188 129,460
2012
790,578,585 1,581,157 285,231 129,389
2013
790,578,585 4,175,290 207,253 81,098
2014
790,578,585 4,412,520 198,229 60,236
2015
790,578,585 4,815,820 304,534 127,599
2016 790,774,356 4,135,750 220,929 93,553
2017 790,774,356 3,831,300 183,158 142,338
2018 790,774,356 3,831,130 162,680 151,128
2019 790,774,356 3,534,760 257,370 166,932
2020
JUBILEE 2002 2,623
HOLDINGS 36,000,000 - -
LIMITED 2003 4,375
36,000,000 - 1,056
2004 4,884
36,000,000 - 1,256
2005 7,607
36,000,000 - 2,304
2006 12,097
36,000,000 210,960 2,754
2007 14,563
36,000,000 210,960 3,443
2008 16,690
36,000,000 210,960 3,544
2009 19,403
45,000,000 210,960 3,521
2010 -
45,000,000 210,960 -
2011 2,143
45,000,000 210,960 1,350
2012 49,174
58,895,000 345,125 6,555
2013 57,407
59,895,000 316,250 7,638
(114)
2014 75,227
59,895,000 509,710 7,986
2015 89,203
59,895,000 670,700 11,084
2016 59,895,000 590,565 29,970 11,692
2017 72,473,950 821,120 91,351 14,569
2018 72,472,950 821,120 80,923 16,096
2019 72,473,950 648,630
2020 72,473,950 550,790
DAR ES SALAAM 2004 -
COMMUNITY - - -
BANK 2005 523
1,795,588 - -
2006 853
1,795,588 - -
2007 2,285
2,535,302 - 304
2008 2,320
32,393,236 11,340 648
2009 2,484
32,393,236 9,232 907
2010 4,293
32,393,236 9,100 907
2011 4,437
32,393,236 20,732 1,554
2012 2,841
32,393,236 23,900 954
2013 5,220
67,827,897 33,236 1,800
2014 5,223
67,827,897 48,840 1,831
2015 5,131
67,827,897 36,970 -
2016 67,827,897 27,130 (2,967) -
2017 67,827,897 23,060 (6,049) -
2018 67,827,897 23,060 995 -
2019 104,441,011 23,060 3,548
2020 104,441,011 22,170 4,639
KENYA 2003 - 11,505
COMMERCIAL 2,217,777,7 3,038
BANK 77
2004 - 12,684
2,217,777,7 6,542
(115)
77
2005 - 28,758
2,217,777,7 15,502
77
2006 - 55,313
2,217,777,7 24,262
77
2007 - 77,861
2,217,777,7 27,013
77
2008 111,418
2,217,777,7 975,822 41,095
77
2009 104,564
2,217,777,7 975,822 38,567
77
2010 176,560
2,217,777,7 975,822 38,571
77
2011 262,488
2,217,777,7 1,298,074 64,313
77
2012 314,288
2,855,061,9 1,256,227 91,643
44
2013 366,607
2,855,061,9 1,256,227 62,541
44
2014 453,111
2,855,061,9 3,207,970 108,768
44
2015 504,528
2,855,061,9 2,673,310 122,882
44
2016 3,066,056,6 2,636,809 221,148 -
47
2017 3,066,056,6 3,089,150 426,198 198,953
47
2018 3,066,063,4 3,089,150 537,728 229,751
87
2019 3,066,063,4 2,524,790
87
2020 3,066,063,4 2,703,010
(116)
87
PRECISION AIR 2010 -
SERVICES 193,856,750 - -
LIMITED 2011 1,555
193,856,750 - -
2012 1,840
193,856,750 92,080 -
2013 (31,383)
160,469,800 73,816 -
2014 (11,999)
160,469,800 75,420 -
2015 (83,600)
160,469,800 75,420 -
2016 160,469,800 75,420 555 -
2017 160,469,800 75,420 (27,242) -
2018 160,469,800 75,420 (21,546) -
2019 160,469,800 64,190 (37,108) -
2020 160,469,800 64,190 (51,902) -
"MAENDELEO 2013 -
BANK PLC (MBP) 2014 -
2015 14,634,224 8,780 178 140.63
2016 14,634,224 8,780 555 -
2017 14,634,224 8,630 970 306
2018 14,590,691 8,630 793 -
2019 10,100
2020
SWALA GAS 2014
AND OIL 2015 99,954,467
(SWALA) 2016 99,954,467 49,980 (1,052) -
2017 99,954,467 53,100 5,434 -
2018 106,201,618 53,100 (40,373) -
2019 106,201,618 52,040
2020 106,201,618
UCHUMI 2014 -
SUPERMARKET 2015 -
LTD
2016 364,959,616 21,898 (61,018) -
2017 364,959,616 29,832 (35,989) -
2018 364,959,616 12,770
2019 3,650
2020
MKOMBOZI 2014
(117)
COMM BANK 2015 20,615,272
2016 20,615,272
2017 20,615,272 16,490 1,442 519
2018 20,615,272 16,490 806 412
2019 20,615,272 16,490
2020 20,615,272 18,370
MWALIMU 2015 61,824,920
COMMERCIAL
2016 61,824,920 30,910 (729.63) -
BANK LTD
2017 61,824,920 30,910 (4,271) -
2018 61,824,920 30,910 (4,827) -
2019 61,824,920 30,910 (5,503) -
2020 61,824,920 30,910 (4,062) -
YETU 2015 - - - -
MICROFINANC E 2016 12,112,894 7,270 401 -
PLC 2017 12,112,894 7,270 1,300 507
2018 12,112,893 7,270 708 780
2019 12,112,893 6,660 681 -
2020 12,112,893 6,660 (55) -
MUCOBA BANK 2016 8,156,423 3,260 162 -
PLC 2017 8,156,423 3,260 315 139
2018 8,156,423 3,260 267 137
2019 8,156,423 3,260 410 -
2020 8,156,423 13,070 716 -
DAR ES SALAAM 2016 20,250,000 20,250 2,010 -
STOCK 2017 23,824,920 37,170 5,266 1,000
EXCHANGE PLC
2018 23,824,020 37,170 1,758 1,382
(DSE)
2019 23,824,020 28,590 3,548
2020 23,824,020 30,970 4,639
VODACOM (T) 2018 2,240,000,3 1,792,000 170,240 12,740
LTD 00
2019 2,240,000,3 1,792,000 45,762
00
2020 2,240,000,3 1,792,000 (30,106)
00
TCCIA 2018 73,077,25 32,880 367 187
INVESTMENT 3
LIMITED
2019 73,077,25 28,130 (1,278)
3
(118)
2020 73,077,25 25,580 (87)
3
JENGA UCHUMI 2020 19,939,51 2,600 (48) -
TOKOMEZA 7
UMASIKINI(JA
TU)
The market capitalization indicated in the table above is as at 30th June 2021.
9.12. Collective Investment Schemes
Name of the Address Date of Nature of Business

Scheme issuance
/ Company
Umoja Fund Sukari House 3th 29th July 2005 A unit trust fund investing in
Floor listed equity securities and
Sokoine / Ohio street bonds.
P.O. Box 14825
Dar es Salaam
Wekeza Sukari House 3th Floor May 2007 An insurance linked investment
Maisha Sokoine / Ohio street plan investing in equity and
/Invest Life P.O. Box 14825 fixed income
Dar es Salaam securities.
Watoto Fund Sukari House 3th Floor 1st October To inculcate regular parents/
/ Children Sokoine / Ohio street 2008 guardians savings habit for
Career Plan P.O. Box 14825 Children. The pooled fund is
Unit Dar es Salaam invested into a balanced
portfolio.
Jikimu Fund Sukari House 3th Floor 3rd November To offer financial solution to
/ Regular Sokoine / Ohio street 2008 investors who seek income at
Income Unit P.O. Box 14825 regular intervals and seek
Trust Dar es Salaam possibility of long term capital
appreciation and to sensitize the
need for a planned approach to
investments.
Liquid Fund Sukari House 3th Floor 1st March An open ended growth scheme,
(Mfuko wa Sokoine / Ohio street 2013 which seeks to provide
Ukwasi) P.O. Box 14825 alternative
Dar es Salaam investment opportunity to
investors who wish to park their
surplus/ idle funds for a short
to medium term
duration, at competitive rates.
(119)

Scheme issuance
/ Company
Low risk coupled with high
level of liquidity remains the
hallmark of this Fund.
TCCIA P.O. Box 72678 Initial IPO - 21st Investment in equity, debt
Investment Dar es Salaam March 2005, securities and other.
Company additional fund
Ltd. raising 23rd
September
2005
National Raha Towers, 4th Initial IPO - Investment in equity, debt

Investment Floor 13th November securities, and industrial and
Company P.O Box 8528 2004, other business ventures.
Ltd. additional fund
raising 23rd
September
2005
Watumishi WATUMISHI HOUSING The initial To operate a scheme for

Housing REIT COMPANY LIMITED subscribers to construction and selling of
Golden Jubilee Tower, the REIT were houses to public servants. The
4th Floor, Ohio PPF; LAPF; fund will operate on a closed end
Street/Kibo Street, NSSF; GEPF; basis for three years after which
P.O. Box 5119, NHIF; and NHC. will be opened for other
Dar es Salaam. A total of TZS investors.
198 billion was
raised
from these
subscribers.
Umande CONSULTANTS FOR The offer The fund operates 3 funds

Fund RESOURCES opened on 18th balanced as per investors needs
EVALUATION LIMITED, May 2015 and as seeking long term capital
Fourth Floor, Elite City closed on 24th appreciation which invests in
Building, P.O. Box 76800 july 2015 equity securities, current income
Dar es Salaam which invets in government
papers and highly liquid
coprorate bonds; and current
income and
capital appreciation which
(120)

Scheme issuance
/ Company
invests mid way between
equity and debt securities.
Bond Fund Sukari House 3th Floor The offer An open end fixed income fund
Sokoine / Ohio street opened on that invests in treasury bonds,
P.O. Box 14825 16th september listed corporate bonds and
Dar es Salaam 2019 and money market investments. The
closed on 15th Fund aims at distributing
October 2019 income, subject to distributable
surplus, periodically and also
seeking capital appreciation for
long
term investors.
9.13. Register of Licensees
BROKER/DEALERS
CORE SECURITIES LIMITED FOURTH
FLOOR,
1st Floor, Karimjee Jivanjee Building 18
Sokoine Drive,
P.O. Box 76800,
DAR ES SALAAM
TANZANIA SECURITIES LIMITED

2nd Floor, Office 201, Jangid Plaza Ali
Hassan Mwinyi Road,
P.O. Box 9821
DAR ES SALAAM
SOLOMON STOCKBROKERS LIMITED

PPF House, Ground Floor Morogoro
Rd./Samora Avenue
P.O. Box 77049
DAR ES SALAAM
TIB RASILIMALI LIMITED

7th Floor, Samora Tower,
(121)
Samora Avenue/Bridge Street,
P.O. Box 9154,
DAR ES SALAAM
ZAN SECURITIES LIMITED

Head Office
1st Floor, Muzammil Centre, Malawi Road, PO Box
2138, Zanzibar, Tanzania
Tel: +255 24 223.8359
Fax: +255 24 223.8358
Branch:
2nd Floor, Viva Towers, Ally
Hassan Mwinyi Road, PO Box
5366,
DAR ES SALAAM
ORBIT SECURITIES COMPANY LIMITED

4th Floor, Golden Jubilee Tower (PSPF Bldg.) Ohio Street,
P.O. Box 70254,
DAR ES SALAAM
VERTEX INTERNATIONAL SECURITIES LTD.

Annex Bldg. - Zambia High Commission
P. O. Box 13412
DAR ES SALAAM
EA CAPITAL LIMITED
3rd Floor, Acacia Estates 84
Kinondoni Road,
P.O. Box 20650,
DAR ES SALAAM.
OPTIMA CORPORATE FINANCE LIMITED

Togo Tower, Togo Street, 1st
Floor, Kinondoni, DAR ES
SALAAM
ARCHCOLIMITED
(122)
2nd Floor, Wing C, NIC Life House Sokoine
Drive/Ohio Street
P.O. Box 38028
DAR ES SALAAM
SMART STOCK BROKERS LIMITED

1st Floor, Masdo House, Samora Avenue,
P.O. Box 105678,
DAR ES SALAAM
VICTORY FINANCIAL SERVICES LIMITED

ATC HOUSE,
Ohio Street/Garden Avenue,
DAR ES SALAAM
EXODUS ADVISORY SERVICES LIMITED,

House No. 11A75, 11th Floor, Plot No.
1000-1005, Block W,
Watumishi House, Morogoro Road,
P. O. Box 80056,
DAR ES SALAAM.
INVESTMENT ADVISERS
P.O. Box 70254,
DAR ES SALAAM
STANDARD CHARTERED BANK TANZANIA LIMITED

International House
Shaaban Robert Str. Garden Avenue
P.O. Box 9011,
DAR ES SALAAM

7th Floor, Samora Tower, Samora
Avenue/Bridge Street,
P.O. Box 9154,
(123)
DAR ES SALAAM.
CORE SECURITIES LIMITED

4th Floor, Elite City Building
P.O. Box 76800,
DAR ES SALAAM.
SOLOMON STOCK BROKERS LIMITED

Rd./Samora Avenue
P.O. Box 77049 DAR
ES SALAAM.
NATIONAL BANK OF COMMERCE LIMITED

Sokoine Drive & Azikiwe Street
P.O. Box 1863,
DAR ES SALAAM
STANBIC BANK (T) LTD

Stanbic Centre, 99A Kinondoni Road
P. O. Box 72647,
DAR ES SALAAM
EQUITY FOR TANZANIA LTD. (EFTA)

1st Floor, New NSSF Building, Agakhan Road,
P.O. Box 7293
MOSHI.
ZAN SECURITIES
Head Office
1st Floor, Muzammil Centre, Malawi Road, PO Box
2138, Zanzibar, Tanzania
Tel: +255 24 223.8359
Fax: +255 24 223.8358
Branch:
2nd Floor, Viva Towers, Ally
Hassan Mwinyi Road, PO Box
5366,
DAR ES SALAAM
(124)
TANZANIA MORTGAGE REFINANCE COMPANY
15th Floor, Golden Jubilee Tower,
P.O. Box 7539
DAR ES SALAAM
SMART STOCK BROKERS LIMITED

1st Floor, Masdo House, Samora Avenue,
P.O. Box 105678,
DAR ES SALAAM BRANCH:
RETCO, MBALIZI ROAD,

P. O. Box 1203,
MBEYA
NMB BANK PLC

Ohio/Ali Hassan Mwinyi Rd,
P.O. Box 9213,
DAR ES SALAAM.

Hassan Mwinyi Road,
P.O. Box 9821
DAR ES SALAAM
VICTORY FINANCIAL SERVICES LIMITED

ATC HOUSE,
Ohio Street/Garden Avenue,
DAR ES SALAAM
ABSA BANK (T) LTD

Absa House, Ohio Street,
P.O. Box 5137,
DAR ES SALAAM
FUND MANAGERS
(125)
CORNERSTONE PARTNERS LTD.
Unit 96J, Ground Floor,
Kilimani Road, Ada Estate, Kinondoni,
P. O. Box 9302
DAR ES SALAAM
ORBIT SECURITIES LIMITED

P.O. Box 70254,
DAR ES SALAAM
SOLOMON STOCK BROKERS LIMITED

Rd./Samora Avenue
P.O. Box 77049
DAR ES SALAAM
E.A. CAPITAL LIMITED

E.A Capital (T) Limited,
E.A Capital (T) Limited, 3rd
Floor, Acacia Estates 84
Kinondoni Road,
P.O. Box 20650,
DAR ES SALAAM
UNIT TRUST OF TANZANIA – ASSET MANAGEMENT AND INVESTORS SERVICES PLC

(UTT-AMIS)
2nd Floor, Sukari House Sokoine
Drive / Ohio Street
P.O. Box 14825
DAR ES SALAAM
WATUMISHI HOUSING COMPANY LIMITED

Golden Jubilee Tower, 4th Floor, Ohio
Street/Kibo Street,
P.O. Box 5119,
DAR ES SALAAM
OPTIMA CORPORATE FINANCE LIMITED
(126)
Kinondoni Road,
1st Floor, Togo Tower,
P.O. Box 4441,
DAR ES SALAAM.

Hassan Mwinyi Road,
P.O. Box 9821
DAR ES SALAAM
FIMCO LIMITED
2nd Floor Jangid Plaza
Plot No. G6, Chaburuma Road, Off. Ali Hassan Mwinyi Road
DAR ES SALAAM
WEALTHORA COMPANY LIMITED

Plot No. 2113, Block A, Ponta
Street, Kijitonyama,
P.O. Box 105185,
DAR ES SALAAM
NOMINATED ADVISERS
CORE SECURITIES LIMITED,

4th Floor, Elite City Building,
P.O. Box 76800
DAR ES SALAAM
ARCHCO LIMITED
2nd Floor, Wing C, NIC Life House Sokoine
Drive/Ohio Street
P.O. Box 38028
DAR ES SALAAM

4th Floor, Golden Jubilee Tower (PSPF Bldg.) Ohio
Street,
P.O. Box 70254,
(127)
DAR ES SALAAM
EA CAPITAL LIMITED
3rd Floor, Acacia Estates 84
Kinondoni Road,
P.O. Box 20650,
DAR ES SALAAM

Hassan Mwinyi Road,
P.O. Box 9821
DAR ES SALAAM

7th Floor, Samora Tower, Samora
Avenue/Bridge Street,
P.O. Box 9154,
DAR ES SALAAM
BOND TRADERS
STANDARD CHARTERED BANK
International House
P.O. Box 9011
DAR ES SALAAM
STANBIC BANK (T) LIMITED

P. O. Box 72647,
DAR ES SALAAM
NMB BANK PLC

NMB HOUSE,
Ohio Street/Ali Hassan Mwinyi Road,
DAR ES SALAAM
NATIONAL BANK OF COMMERCE LIMITED

Sokoine Drive & Azikiwe Street
(128)
P.O. Box 1863,
DAR ES SALAAM
CRDB BANK PLC

Azikiwe Street,
P.O. Box 268,
DAR ES SALAAM
ABSA BANK (T) LTD

Absa House, Ohio Street,
P.O. Box 5137,
DAR ES SALAAM
CUSTODIAN OF SECURITIES
STANDARD CHARTERED BANK
International House
P.O. Box 9011,
DAR ES SALAAM
CRDB BANK PLC

Custodial Services Unit,
12th Floor, Golden Jubilee Towers,
P. O. Box 268,
DAR ES SALAAM
STANBIC BANK (T) LIMITED

P. O. Box 72647,
DAR ES SALAAM
AZANIA BANK LIMITED

3rd Floor, Mawasiliano Towers, Sam
Nujoma Road,
P.O. BOX 32089,
DAR ES SALAAM
NMB BANK PLC

NMB HOUSE,
(129)
Ohio Street/Ali Hassan Mwinyi Road,
DAR ES SALAAM
I & M Bank (T) Limited,

Corporate Office,
Maktaba Street,
P. O. Box 1509,
DAR ES SALAAM
(130)
(131)

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Capital Markets and Securities Authority

CAPITAL MARKETS AND

Functions of the CMSA

The general functions of the CMSA are to -

 formulate principles for the guidance of the industry, protection of investors’

 licensing and regulating stock and commodity exchanges, dealers, brokers

 advising the Government on policies and all matters relating to the

Our Core Values

 Professionalism: committed to upholding high standards of

 Innovation: positions innovation at the fore by encouraging and

 Teamwork: seeks to inculcate a culture of collaboration among employees,

 Accountability: promote personal responsibility at all levels of the

 Diligence: creates in employees an attitude of hard work, perseverance,

ANNUAL REPORT 2020 – 2021 1

LIST OF ABBREVIATIONS ....................................................................................... 4

ANNUAL REPORT 2020 – 2021 2

7.17. Enhancing CMSA Professional Training/ Capacity Building Programmes ............. 32

ANNUAL REPORT 2020 – 2021 3

AML/CF Anti-Money Laundering / Counter Financing of Terrorism

BOT Bank of Tanzania

CIS Collective Investment Scheme

CDS Central Depository System

CISNA Committee of Insurance, Securities and Non-bank Authorities of

CMSA Capital Markets and Securities Authority

CSDR Central Securities Depository and Registry Company Limited

COSSE Committee of SADC Stock Exchanges

DSE Dar es Salaam Stock Exchange

EAC East African Community

EABL East African Breweries Limited

EASRA East African Securities Regulatory Authorities

EGM Enterprises Growth Market Segment at the DSE

EPOCA Electronic and Postal Communication Act

ESAAML Eastern and Southern Africa Anti Money Laundering Group

ESMID Efficient Securities Markets Institutions Development

FSDT Financial Sector Deepening Trust

IPO Initial Public Offering of Securities

LAN Local Area Network

NCMMP National Capital Markets Master Plan

NMB NMB Bank Plc

NICOL National Investment Company Limited

ANNUAL REPORT 2020 – 2021 4

OTC Over the Counter Trading

SIMBA Tanga Cement Company Limited shares at DSE

TATEPA Tanzania Tea Packers Company Limited

TBL Tanzania Breweries Limited

TMX Tanzania Mercantile Exchange

TOL TOL Gases Company Limited shares at DSE

TZS The currency of Tanzania - Tanzanian Shilling

UTT Unit Trust of Tanzania

WAN Wide Area Network

ANNUAL REPORT 2020 – 2021 5

1.0 TRANSMITTAL LETTER

31st December 2021.

Hon. Dr Mwigulu Lameck Nchemba,

Re: SUBMISSION OF ANNUAL REPORT FOR THE FINANCIAL YEAR

This report covers the operational performance, financial performance and

Dr. John K. Mduma

ANNUAL REPORT 2020 – 2021 6

2.0 CORPORATE INFORMATION

i) Registered Office of the Authority