The Securities and Exchange Commission (SEC) Zambia is the regulatory authority responsible for overseeing the capital markets in Zambia. Established under the Securities Act No. 41 of 2016, the SEC plays a pivotal role in maintaining fair, transparent, and efficient markets while ensuring investor protection and promoting confidence in the financial system.
We are committed to fostering a robust and dynamic securities market that supports economic growth and development. As an autonomous body under the Ministry of Finance and National Planning, the SEC exercises oversight over a wide range of market participants including stock exchanges, investment advisors, brokers, fund managers, and issuers of securities.
Supervision, and ongoing development of the Zambian capital markets to ensure transparency, efficiency, investor protection, and alignment
Licensing, registration and authorization for financial intermediaries, issuers of debt and equity instruments and collective investment schemes.
The Securities and Exchange Commission (SEC) is the regulator of the Capital Markets in Zambia. It was established through an Act of Parliament, the Securities Act no. 41 of 2016. Our role as regulator is important for ensuring
The Securities and Exchange Commission (SEC) is the regulator of Capital Markets in Zambia. Established in 1993 through an Act of Parliament, the Securities Act CAP 354, the SEC falls under the jurisdiction of the Ministry of Finance. It is one of three financial sector regulators (with Bank of Zambia and Pensions and Insurance Authority) in Zambia.
The Board
The SEC Board members are nominated by various institutions and appointed by the Minister of Finance in accordance with the Securities Act
Mrs. Ruth Simwanza Mugala is a seasoned Accountant and business consultant with over 35 years of experience in the financial and advisory sectors across public and private organisations. She has been the board Chairperson since March 2022, after serving as Vice-Chairperson from March 2021. Holding a Bachelor's degree in Accountancy, she is also an ACCA member (UK) and a Fellow of ZICA. Currently, she serves as Executive Director of Massy Capital Services and Massy Wellness Services and chairs the Board's Risk and Audit Committee.
Chairperson
Mr. Paul Nkhoma, a development economist with a wealth of management, arbitration and insurance knowledge, is the elected Board Vice Chairperson since March 2022. He has been a Board Member since 10th March 2021 and is a founding member of Hollard Insurance, one of Zambia's largest insurance companies and is now the Group Chief Executive Officer for Hollard Holdings Zambia. He represents the Zambia Chamber of Commerce and industry (ZACCI) on the Board and Chairs the Staff and Remuneration Committee
Vice Chairperson
Mr. Mulele M. Mulele , Director of Economic Management at the Ministry of Finance since 2020, joined the SEC Board the same year. An economist with expertise in planning, modeling, and policy analysis, he brings critical insights to support the development of capital markets under SEC.
Commissioner
Our mandate at the Securities and Exchange Commission (SEC) Zambia is to regulate and develop the country’s capital markets in order to ensure transparency, fairness, and investor protection. We are entrusted with licensing and supervising market participants, enforcing compliance with securities laws, promoting financial literacy, and fostering an efficient market environment that supports economic growth and sustainable investment.
Regulating and supervising the issuance, trading, and dealing in securities
Licensing and monitoring capital market intermediaries and other participants
Promoting investor education and financial literacy across the country
Combating market abuse such as insider trading and fraudulent activities
Facilitating innovation and development in Zambia’s capital markets
Enforcing compliance with the Securities Act and related regulations
As Zambia continues its journey toward becoming a regional financial hub, the SEC plays a crucial role in mobilizing domestic and foreign capital. We are working to deepen and broaden the capital market, expand investment products, and promote sustainable finance initiatives such as green bonds and ESG (Environmental, Social, and Governance) standards.
Through collaboration with industry stakeholders, government institutions, and regional partners, we aim to ensure that Zambia’s capital markets are inclusive, secure, and internationally competitive.
