THE Capital Markets Tribunal (CMT) has reaffirmed its commitment to upholding its independence and heightening justice in the capital markets to ensure that Tanzania remains a competitive and attractive investment destination.

The tribunal, established under Section 136A of the Capital Markets and Securities Act, has a crucial role in fostering trust and confidence in Tanzania’s investment climate by ensuring fairness and transparency in the resolution of capital market disputes.

The pledge was made in Dar es Salaam yesterday during a ceremony to formally welcome the new Chairperson of the Capital Markets Tribunal, Dr Ntemi Kilekamajenga and farewell to Dr Deo Nangela, the outgoing chairperson.

 Dr Kilekamajenga expressed his determination to heighten the tribunal’s mission while ensuring close cooperation with key stakeholders such as the Ministry of Finance, the Capital Markets and Securities Authority (CMSA) and other vital partners in the capital markets sector.

“We will work independently and abide by the law to strengthen the investment climate in capital markets,” he said, emphasizing his intent to build on the strong foundations laid by his predecessor.

Justice Nangela, reflecting on his tenure, highlighted the tribunal’s pivotal role in the current free-market economy. He explained that the tribunal not only helps resolve disputes but also acts as a beacon of trust for investors.

“Having this type of regulatory body helps build trust and confidence among private sector players in the capital markets. It assures them that they have a place where their complaints can be heard and resolved,” he said.

He also advocated for greater public awareness of the tribunal’s operations to encourage more individuals to seek its services.

Under Justice Nangela’s leadership, notable strides were made in improving the tribunal’s efficiency.

One major advancement was the initiative to establish electronic systems linking the tribunal with the Court of Appeal, allowing cases to be referred electronically, thus reducing reliance on traditional paperwork and enhancing case handling efficiency.

The event was also attended by High Court Judge Amir Mruma who stressed the importance of cooperation with stakeholders to raise public awareness of the tribunal’s services.

Mruma stressed that for Tanzania’s economy to thrive, investors must be assured that their rights are being upheld, and thus the Tribunal must remain impartial and free from any bias.

“Carry out your duties without fear or favour so that you may be reappointed. Citizens need justice and that justice builds investor confidence in the capital markets,” he said.

He also emphasised the importance of educating the public about the tribunal’s role and functions. "Many citizens face challenges in the capital markets but are unaware of where to seek redress. Therefore, the existence of this tribunal is crucial, as it provides a platform for people to address their grievances," he said.

Mruma highlighted that the public has high expectations of the tribunal to deliver justice efficiently and transparently.

Martin Kolikoli, CMT Registrar, commended Justice Nangela for his leadership and vision, which have been instrumental in strengthening the tribunal and ensuring the efficient execution of its duties.

Kolikoli also noted the tribunal’s important role in supporting President Samia Suluhu Hassan’s 4Rs agenda for economic development, emphasizing its duty to maintain an environment conducive to investment.

“As a civil justice institution under the Ministry of Finance in the capital markets and securities subsector, the tribunal has a responsibility to ensure that this sector continues to provide an enabling environment,” Kolikoli said.

CMT offers a transparent platform for resolving grievances related to securities regulations, stock market activities and other related concerns.

He said the tribunal and the Capital Markets Council are committed to supporting the national efforts laid out in Tanzania’s Vision 2050 whereby capital markets are seen as a fundamental pillar for economic growth through long-term investments.