The Securities and Exchange Commission(SEC) was established pursuant to section3 of the Securities Act, Cap 354 of the Lawsof Zambia. The mandate of the Commissionis to ensure that investors, both local andforeign, are protected. It is also the mandate ofthe Commission to develop the market. Thistherefore entails that the Commission has ahuge role of ensuring that there is a balancebetween investor protection and Capital MarketDevelopment.