The Capital Market Development Authority (CMDA) is an independent institution established under the Maldives Securities Act (2/2006) responsible for developing and regulating the Maldives Capital Market.
CMDA also has the regulatory mandate of supervising the functions of the Maldives Pension Administration Office (MPAO) in administering the Maldives Retirement Pension Scheme (MRPS) under the Maldives Pension Act (8/2009).
Key objectives of CMDA:
- To develop a market in which securities can be issued and traded in a fair and orderly manner;
- To protect and promote the interest of investors and potential investors in securities;
- To regulate and supervise the securities market; and
- To take measures to prevent inappropriate conduct in relation to dealings in securities and to prevent conduct of activities affecting market confidence.
The key strategic priorities of CMDA as stipulated in the Maldives Capital Market Strategic Plan 2015-2019.
- Establish a secondary market for trading government securities.
- Facilitate establishment of investment funds.
- Facilitate establishment of venture capital funds.
- Promote issuance of Shariah compliant government securities.
- Increase listings from private sector.
- Promote financial literacy & increase market awareness.
- Strengthen market infrastructure & systems.
- Obtain stakeholder support for capital market development.
- Establish strategic alliance with foreign stock exchanges & securities market regulators.
- Strengthen CMDA’s operational functions.