In a statement, the Central Depository and Settlement Corporation (CDSC) has reversed its earlier move to introduce a Ksh. 100 per month account maintanace fee. The fee was to be levied on accounts held by investors at the Nairobi Securities Exchange (NSE) as from July 15 2022.
This follows a public outcry by investors who felt that it was unfair to charge the fee at a time when the economy was doing badly. Many opined that rather than charge the fee, the CDSC should have worked with the NSE in a view to reinvigorate the stock market in a bid to encourage local investors to come back to the bourse which would have seen the body generate revenue.
The statement read as follows; “With regard to the CSD Account Maintenance Fee, CDSC would like to announe that it has entered into further consultations with the Capital Markets Authority and other stakeholders. We will advise all CDSC account holders and our agents on the way forward in due course. In the meantime, the status quo before the reference communication on the same remains.”
— Central Depository & Settlement Corporation Kenya (@cdsckenya) May 18, 2022