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
Commissioner
Ms. Sibanje Zulu , a Chartered Accountant and SEC Board Member Since September 2023, serves as Market Conduct Manager Pensions at the Pensions and Insurance Authority. Representing the Authority, chairs the Commission's Property Acquisition & Development Committee
Commissioner
Ms. Brenda Mwanza, a development economist and SEC Board Member since 2022, Currently serving as Assistant Director Financial Sector Development, at the Bank of Zambia, representing BOZ and chairs Licensing Committee, & focuses on financial inclusion & development.
Commissioner
Commissioner
Mr. Chitalu, a chartered accountant, is currently the Chief Executive Officer of the Commission and is an ex-officio Member of the Commission Board.
Ex-officio
