The Securities and Exchange Commission, Zambia

What The Securities and Exchange Commission, Zambia does

The Securities and Exchange Commission of Zambia (SEC Zambia) is the statutory regulator of the Zambian capital markets, established in 1993 through an Act of Parliament and reconstituted under the Securities Act No. 41 of 2016. The Commission licenses and supervises capital market operators including securities dealers, investment advisors, securities exchanges, clearing and settlement systems, share transfer agencies, collective investment schemes, and private funds; it also registers securities and authorizes public offerings. Its core products are licensing and registration services (delivered via the SupTech Online Application Portal launched 16 March 2026), the Regulatory Sandbox Framework for testing FinTech innovations (issued 18 December 2022), investor education programs, market data publications (GRZ Bonds Secondary Market Reports, daily bond trade summaries), and the Capital Markets Master Plan — a 10-year roadmap positioning Zambia as a Global Green Investments Hub.

SEC Zambia also maintains the Find a Licensee directory, runs the Risk-Based Supervision (RBS) framework, and publishes public warnings and alerts about fraudulent schemes. The Commission's enforcement record includes supervisory possession of Madison Asset Management Company Limited (March 2020) and Laurence Paul Investment Services Limited (October 2020), suspension of the PANEX and BaDEX securities exchange licences, and multiple civil financial penalties on unlicensed operators (Olive Tree Equity Management, CKS Lifestyle Global Solutions, Mr. Baron Bulaya, Pamodzi Hotel Plc, Mr. George Nshindano Mtonga) under Section 218(2)(a) of the Securities Act. Internationally, SEC Zambia is the 116th IOSCO MMoU signatory (January 2018) and a member of the Sustainable Banking and Finance Network (March 2023); it signed a flagship MoU with the Prudential Authority of South Africa in December 2024.

SEC Zambia operates from a single head office in Lusaka (Kalundu, Corner of Great East Road and Libala Road) with approximately 39 employees. As a statutory government body, it does not generate commercial revenue; funding is derived from licensing fees, annual fees, penalties, and levies collected from regulated capital market operators, with specific financial figures not publicly disclosed. The Commission is governed by a Board of Directors, with Mr. Paul Nkhoma elected as Chairperson effective 18 December 2025, and is led operationally by Chief Executive Officer Phillip K. Chitalu. Its operating geography is solely Zambia, with cross-border cooperation limited to information-sharing arrangements rather than jurisdictional expansion.

Name

The Securities and Exchange Commission, Zambia

Legal name

Securities and Exchange Commission of Zambia

Website

https://seczambia.org.zm

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

11–50 employees

Short description

The Securities and Exchange Commission of Zambia is the statutory regulator of Zambian capital markets, licensing dealers, investment advisors, exchanges, and funds while protecting investors through licensing, supervision, and enforcement under the Securities Act No. 41 of 2016.

Ownership category

akta.pro rank

Product category

Securities Regulation

akta.pro primary industry

Financial Services Regulators (Banking, Securities, Insurance) (BPAIAOAK)

akta.pro secondary industries

Market Surveillance & Trade Monitoring Platforms (FSAFAKAA), KYC/Client Due Diligence & Participant Onboarding Controls (FSAFAKAF), Regulator/Authority-Operated Reporting Systems & Portals (FSAFAJAJ)

Keywords

• Capital markets regulation
• Securities licensing
• Investor protection
• Regulatory supervision
• Market development

Headquarters

HQ city

Lusaka

HQ country

Zambia

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Distribution channels3 records

Marketing channels6 records

Core offering

SEC Zambia regulates the Zambian capital markets by licensing securities dealers, investment advisors, securities exchanges, clearing and settlement systems, share transfer agencies, credit rating agencies, collective investment schemes, and private funds. It registers securities and authorizes market operators, supervises market activity through a Risk-Based Supervision framework, and enforces the Securities Act No. 41 of 2016 through penalties, supervisory possession, and licensing suspensions. It also operates the SupTech Online Application Portal and Regulatory Sandbox to administer applications and enable FinTech innovation testing.

Product overview

The Securities and Exchange Commission of Zambia operates as a regulatory body overseeing the nation's capital markets. The core offering consists of licensing, registration, and authorization services for financial intermediaries including dealers, investment advisors, securities exchanges, clearing and settlement systems, and share transfer agencies. Supporting these services is the SupTech Online Application Portal enabling online submissions, and the Regulatory Sandbox Framework allowing FinTech innovation testing. Market integrity is maintained through investor education programs, risk-based supervision frameworks, and enforcement actions. The Commission publishes market data including GRZ Bonds Secondary Market Trade Summary reports and daily bond market statistics. Strategic direction is guided by the Capital Markets Master Plan (CMMP), a 10-year roadmap positioning Zambia as a Global Green Investments Hub.

Differentiator

Problem solved

Functional benefit

Products and services

• SupTech Online Application Portal Supervisory Technology (SupTech) platform enabling online submission of licence applications, securities registration, fund authorization, Self-Regulatory Organization recognition, and regulatory sandbox submissions, mandated for exclusive use by capital market operators from 16 March 2026.
• Regulatory Sandbox Framework for Capital Markets Framework under which firms can test trial capital markets innovations such as Financial Technologies (FinTechs) in a controlled live environment under specified conditions and limitations; intended for FinTech innovators seeking supervised market entry.
• Dealer Licensing Licensing service for securities dealers and brokers operating in the Zambian capital markets.
• Investment Advisors Licensing Licensing service for investment advisors providing securities investment advisory services.
• Securities Exchange Licensing Licensing service for securities exchanges operating in Zambia.
• Clearing and Settlement Licensing Licensing service for clearing and settlement systems and entities.
• Share Transfer Agencies Licensing Licensing service for share transfer agents managing securities transfer services.
• Credit Rating Agency Oversight Licensing and supervision of credit rating agencies operating in the Zambian capital markets.
• Securities Registration Registration service for debt and equity instruments issued in the Zambian capital markets.
• Collective Investment Schemes Authorization Authorization service for collective investment schemes operating in Zambia.
• Private Funds Authorization Authorization service for private funds including those established as limited liability companies or trusts.
• GRZ Bonds Secondary Market Reports Daily trade summary reports for Government of the Republic of Zambia bonds traded in the secondary market, providing market statistics on trades, yields, and nominal values.
• Daily Bond Trade Summary Daily market reports providing summary statistics on bond trading activity including total nominal value, total market value, and number of trades.

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered flagship, core and minor.

• Prudential Authority (PA) of South AfricaflagshipStrategic or Co-development Partner · 2 December 2024Memorandum of Understanding signed on 2nd December 2024 between SEC Zambia and the Prudential Authority of South Africa. This landmark agreement marks a significant step forward in fostering collaboration and enhancing cooperation between the parties for the exchange of information regarding the supervision of regulated institutions in Zambia and South Africa.
• Sustainable Banking and Finance NetworkcoreStrategic or Co-development Partner · 30 March 2023SEC Zambia was admitted as newest member of the Sustainable Banking and Finance Network on 30th March 2023. This supports Zambia's Capital Markets Master Plan aspiration to position as a Global Green Investments Hub.
• International Organization of Securities Commissions (IOSCO)coreStrategic or Co-development Partner · 15 January 2018SEC Zambia became the 116th of 117 signatories to the IOSCO Multilateral Memorandum of Understanding (MMoU) on 15th January 2018, only the 6th in the 15-member SADC grouping. The MMoU facilitates sharing and exchange of information among signatories when investigating securities fraud.
• Financial Sector Deepening Africa (FSDA)minorStrategic or Co-development PartnerPartnership referenced for market development initiatives under the Capital Markets Master Plan and capacity building programs.
• United Nations Development Programme (UNDP)minorStrategic or Co-development PartnerPartnership referenced for market development initiatives under the Capital Markets Master Plan.
• World BankminorStrategic or Co-development PartnerPartnership referenced for market development initiatives under the Capital Markets Master Plan.
• Technical Cooperation (TC)minorStrategic or Co-development PartnerPartnership referenced for market development initiatives under the Capital Markets Master Plan.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Capital Markets Authority of Kenya: Kenya's integrated capital markets regulator responsible for licensing, supervision, and development of market intermediaries and collective investment schemes. Closely comparable to SEC Zambia in functional scope, though operating in a significantly larger and more developed market.
• Financial Services Regulatory Authority Malawi: Malawi's integrated non-bank financial services regulator overseeing securities, insurance, and pensions. Comparable in scope and small-market context within the SADC region alongside SEC Zambia.
• Capital Markets and Securities Authority Tanzania: Tanzania's securities and capital markets regulator with licensing, supervisory, and enforcement powers over exchanges, dealers, and collective investment schemes. Closely comparable to SEC Zambia in East African regional context.
• Financial Sector Conduct Authority (FSCA) South Africa: South Africa's market conduct regulator for financial institutions including securities, collective investment schemes, and market infrastructure. Directly comparable in mandate and is the regional benchmark referenced by SEC Zambia's prudential MoU.
• Securities and Exchange Commission Nigeria: Nigeria's apex securities regulator responsible for capital market development, investor protection, and issuer regulation. Comparable in statutory powers, IOSCO membership, and emerging-market regulatory profile.
• Securities and Exchange Commission Zimbabwe: Zimbabwe's capital markets regulator with licensing, surveillance, and enforcement functions over exchanges and intermediaries. Directly comparable to SEC Zambia in SADC regional context and emerging-market supervisory mandate.
• Securities and Exchange Commission Ghana: Ghana's national securities regulator with statutory authority to license market intermediaries, enforce disclosure, and protect investors. Directly comparable to SEC Zambia in mandate, structure, and West/Central African capital market context.
• Non-Bank Financial Institutions Regulatory Authority (Bank of Botswana): Botswana's unit within the central bank responsible for regulating non-bank financial institutions including securities firms and collective investment schemes. Comparable in SADC regional context and small-market supervisory role.

Broad incumbents

• UK Financial Conduct Authority: The United Kingdom's conduct regulator for financial markets including securities firms, exchanges, and intermediaries. Comparable in market conduct and investor protection mandate but operates a much larger and more developed market.
• U.S. Securities and Exchange Commission: The United States' federal securities regulator and global benchmark for securities supervision, disclosure regimes, and enforcement. Comparable in core statutory mandate but vastly larger in scope, budget, and influence.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/SECZambia
• YouTubeyoutube.com/channel/UCAueHF1A-bIxJ5n_RmkpsxQ
• Facebookfacebook.com/SecZambia
• LinkedInlinkedin.com/company/the-securities-and-exchange-commission-zambia

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

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 The Securities and Exchange Commission, Zambia