CMDA

What CMDA does

CMDA is the independent statutory regulator for the Maldives capital market, established on 8 March 2006 under the Maldives Securities Act 2/2006, with a subsequent mandate expanded in 2009 under the Maldives Pension Act 8/2009 to supervise the Maldives Retirement Pension Scheme (MRPS) administered by the Maldives Pension Administration Office (MPAO). The organization licenses and supervises all securities market intermediaries operating in the Maldives, including brokers, dealers, investment advisers, asset managers, custodians, credit rating agencies, the stock exchange, and the central depository, and also maintains oversight of the Capital Market Shariah Advisory Council (CMSAC) for Islamic capital market products.

The authority's core technology footprint comprises two purpose-built platforms: the InformInvestor public disclosure system (informinvestor.cmda.gov.mv), through which listed companies file regulatory disclosures and shareholder information, and the CMDA Licensing Portal (services.cmda.gov.mv), an online self-serve system for licensing applications and regulatory approvals. A wholly-owned training subsidiary, the Institute of Corporate Directors and Secretaries (ICDS), delivers corporate governance training programs. Operations are headquartered in Male' with a staff of 11–50 and supported by a Board that includes ex-officio representatives from the Maldives Monetary Authority, the Ministry of Finance, the Registrar of Companies, and the private sector.

Revenue is generated primarily through licensing fees (application processing fees and recurring annual license fees across multiple intermediary categories), examination fees (MVR 1,000 per attempt), and prospectus vetting fees. With MVR 23.4 million of securities traded across 3,619 trades in 2025, the underlying market it regulates is extremely small; CMDA itself is a government entity with no private shareholders, no funding rounds, and no equity instruments outstanding. Its go-to-market is direct-to-supervised-entity via online portals, training programs, and investor empowerment campaigns including World Investor Week and Global Money Week.

Name

CMDA

Legal name

Capital Market Development Authority

Website

https://cmda.gov.mv

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

CMDA is the independent statutory regulator for the Maldives capital market and pension system, licensing and supervising securities intermediaries, enforcing disclosure rules, and overseeing the Maldives Retirement Pension Scheme under the Maldives Securities Act 2/2006 and Pension Act 8/2009.

Ownership category

akta.pro rank

Product category

Capital Market Regulation

NAICS

Public Administration (92), Executive, Legislative, and Other General Government Support (921)

SIC

Miscellaneous Business Credit Institution (6159), Finance Services (6199)

akta.pro primary industry

Regulatory Change Management (RCM) (HDADAIAG)

akta.pro secondary industry

Data Sharing & Data Marketplace Governance (HDAEADAK)

Keywords

• Capital market regulation
• Securities licensing
• Pension supervision
• Investor protection
• Corporate governance training

Headquarters

HQ city

Male

HQ country

Maldives

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Regulatory Licensing Fees: CMDA collects fees for licensing securities market intermediaries including brokers, dealers, investment advisers, asset managers, custodians, credit rating agencies, stock exchanges and central depositories. Fees include processing fees at application submission and annual fees after license grant.
2. Examination Fees: Licensing and registration examinations subject to a fee of MVR 1,000 per attempt. Candidates who do not pass must submit new application with same examination fee.
3. Prospectus Vetting Fees: Fees charged for vetting prospectuses for securities issuance, paid upon completion of vetting process when invoiced by CMDA.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

CMDA (Capital Market Development Authority) is an independent statutory regulatory authority that licenses and supervises securities market intermediaries including brokers, dealers, investment advisers, asset managers, custodians, and credit rating agencies in the Maldives. It also supervises the Maldives Retirement Pension Scheme (MRPS) and provides corporate governance training through its Institute of Corporate Directors and Secretaries (ICDS). The authority operates digital platforms for issuer disclosures (InformInvestor) and online license applications (CMDA Licensing Portal) to fulfill its regulatory mandate.

Product overview

CMDA operates as a unified regulatory platform for the Maldives capital market, offering a portfolio of interconnected services including the InformInvestor disclosure platform for listed companies, the CMDA Licensing Portal for market intermediary licensing, and the Institute of Corporate Directors and Secretaries (ICDS) for corporate governance training. The platform encompasses regulatory oversight, investor protection, pension supervision, and market development functions under a single institutional framework.

Differentiator

Problem solved

Functional benefit

Products and services

• InformInvestor Disclosure Platform Public disclosure platform that enables listed companies and securities issuers to file and publish regulatory disclosures, financial reports, and shareholder information for capital market transparency.
• CMDA Licensing Portal Online portal for applying and managing licenses for securities market intermediaries including brokers, dealers, investment advisers, asset managers, custodians, and credit rating agencies.
• Institute of Corporate Directors and Secretaries (ICDS) Training institute established by CMDA to raise corporate governance standards, offering Directors Training Programme, Local Authority Companies' Directors' Training Programme, and Company Secretaries Training Programme.
• Licensing Examination Service Licensing and registration examinations for securities market professionals, charged at MVR 1,000 per attempt, required for individuals seeking to operate in the Maldives capital market.
• Pension Supervision Service Supervision of the Maldives Pension Administration Office (MPAO) administering the Maldives Retirement Pension Scheme (MRPS) under Maldives Pension Act 8/2009 for beneficiary protection.
• Prospectus Registration and Vetting Vetting and registration service for securities prospectuses to ensure compliance with capital market regulations before securities issuance.

Quantifiable outcome

• MVR 23.4 million in securities traded in 2025 with 3,619 total trades

Named customers9 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• United Nations Development Programme (UNDP) - Joint Financing FacilitycoreStrategic or Co-development Partner · 6 August 2025Press release on August 6, 2025 announced joint financing facility between CMDA and UNDP to de-risk lending for Blue Economy Micro, Small and Medium Enterprises (MSMEs).
• Securities and Exchange Commission of Sri LankacoreStrategic or Co-development Partner · 21 July 2024MoU signed on July 21, 2024 between CMDA and SEC of Sri Lanka. The memorandum aims to strengthen cooperation and exchange knowledge in securities regulation between the two South Asian nations.
• CA Maldives (The Institute of Chartered Accountants of the Maldives)minorStrategic or Co-development Partner · 1 November 2023MoU signed on November 1, 2023 to strengthen cooperation in the field of accounting and economic development between the two organizations.
• Financial Intelligence Unit (FIU)coreStrategic or Co-development Partner · 20 June 2023MoU signed on June 20, 2023 between CMDA and FIU. Partnership aimed at cooperation and information sharing between the two regulatory bodies for anti-money laundering and combating financing of terrorism purposes.
• Privatization and Corporatization BoardminorStrategic or Co-development Partner · 8 June 2023MoU signed on June 8, 2023 to harmonize and strengthen corporate governance codes between CMDA and the Board, ensuring consistent governance standards across state-owned enterprises.
• United Nations Development Programme (UNDP)coreStrategic or Co-development Partner · 30 April 2023MoU signed on April 30, 2023 for development of a framework for sustainability financing and ESG reporting. Partnership supports CMDA's initiatives in environmental, social and governance reporting standards for the Maldives capital market.
• International Organization of Securities Commissions (IOSCO)coreStrategic or Co-development PartnerCMDA is an Ordinary Member of IOSCO since June 2010. The membership is for strengthening securities market regulation and paving way for market development. IOSCO membership ensures alignment with international securities regulatory standards and principles.
• International Organization of Pension Supervisors (IOPS)coreStrategic or Co-development PartnerCMDA is a Governing Member of IOPS since December 2011. The membership supports strengthening pension supervision functions of CMDA and ensures alignment with international pension supervision best practices and principles.
• Islamic University of MaldivesminorStrategic or Co-development PartnerBilateral MoU for Islamic capital market awareness from May 2018. Partnership aimed at promoting awareness and education about Islamic capital market products and principles.
• Maldives Police ServiceminorStrategic or Co-development PartnerCollaborated with Maldives Police Service during World Investor Week 2025 opening ceremony, focusing on fraud and scam prevention topics.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bangladesh Securities and Exchange Commission: South Asian securities regulator with a similar emerging-market structure overseeing a small listed-issuer base. Directly comparable to CMDA in scope of licensing, supervision, and investor protection functions.
• Financial Services Commission Mauritius: Small-island emerging-market regulator overseeing capital markets, pension supervision, and global business. Closely mirrors CMDA's combined securities + pension mandate and small-economy operating context.
• Securities and Exchange Commission of Sri Lanka: South Asian capital market regulator with whom CMDA signed an MoU in July 2024. Operates an analogous mandate covering securities licensing, market supervision, and investor protection in a small emerging market, making it the closest direct peer.

Broad incumbents

• Capital Market Authority (Saudi Arabia): Established Middle East regulator that also oversees Islamic capital market products. Comparable to CMDA on the Islamic finance dimension and on regulatory development trajectory, but operates a far larger and more mature market.
• Securities and Exchange Board of India (SEBI):
• Securities Commission Malaysia: Malaysian capital market regulator with a strong Islamic capital market franchise (Shariah Advisory Council), making it a structural template for CMDA's CMSAC. A more mature peer operating in a larger market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cmda_mv
• Facebookfacebook.com/Capital.Market.Development.Authority
• LinkedInlinkedin.com/company/capital-market-development-authority-cmda-maldives

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CMDA