April 24, 2012 / 4:17 PM / 7 years ago

Kenya's markets regulator CEO to step down in June

NAIROBI, April 24 (Reuters) - The chief executive officer of Kenya’s Capital Markets Authority (CMA) plans to leave her post at the end of June after one term of four years, it said on Tuesday.

Stella Kilonzo’s tenure was marked by a crackdown on rogue stock brokers to help restore confidence at the Nairobi Securities Exchange.

Under Kilonzo’s term, CMA suspended two firms from trading in the stock market, including car retailer CMC Motors and East African Portland Cement due to boardroom wrangles.

The regulator is also eyeing the launch of a futures market in the second half of this year.

Kilonzo also helped steer demutualisation of the stock market, in a bid to reduce the influence of stockbrokers in the bourse’s management. The Nairobi Securities Exchange plans to list 40 percent in 2014. (Reporting by Beatrice Gachenge; Editing by James Macharia and Helen Massy-Beresford)

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