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Research Activities and Various Studies Conducted by the CMSAAs part of capital markets development and improvement of supervisory functions, CMSA carried out a number of researches in various topics including economic empowerment of indigenous Tanzanians; fiscal study; legal study; regional study on monetary and fiscal policies; management information system (MIS); mergers and acquisitions; legal framework for the establishment of collective investment schemes (CISs) and appropriate capital markets structure in Tanzania. These studies have contributed positively to the present level of capital markets development and investor confidence. Studies conducted include the following:

  • This study made several recommendations on how Tanzanian can be empowered including the establishment of National Empowerment Council. It provided useful inputs into our National Empowerment Policy. Link to download the study report

  • The study came up with a number of recommendations including fiscal incentives for capital market development in Tanzania. (On both the supply and demand sides). Some of the incentives in place that resulted from the study are reduction of withholding tax on dividends from listed company from 15% to 5%, complete elimination of tax on interest for long-term bonds of at least three years, elimination of stamp duty on transfers of listed securities and inclusion of IPO cost as deductible expense. Link to download the study report

  • The study reviewed the capital market regulatory framework and identified areas for improvement. Among the improvements suggested by the study are issues of Collective investment schemes and Public offers of securities. Some of the recommendations are being considered in the current review of the CMS Act. Link to download the study report

  • This study recommended step by step procedures for establishing Collective Investment Schemes in Tanzania Link to download the study report

  •  The study recommended modernization of CMSA information system and automation of trading activities at the DSE. Link to download the study report

  • The study proposed regulations for systematic takeovers, mergers and substantial acquisitions of companies in Tanzania. The objective being to protect minority interests in the companies involved with Mergers and Acquisition. Link to download the study report

  • The study recommended appropriate legal framework for establishing unit trusts and how to regulate them. Link to download the study report

  • The study observed reasons why many companies do not use capital markets for mobilization of financial resources and recommended establishment of Enterprise Growth Market Segment (EGM) as market for startup and growth companies. Link to download the study report

  • The study explored and identified fiscal and monetary policies that hinder the development of East African capital markets and recommended reforms that will accelerate the development of capital markets in the region. It also made recommendation on the operational aspects of East African Capital Markets Link to download the study report