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President Dr. Mohamed Muizzu has established a 100 percent state-owned company named "National Exchange Limited" to create and manage a second stock market to develop the country's capital market and Islamic finance sector.
News Desk
MALE : President Dr. Mohamed Muizzu has established a fully state-owned enterprise named “National Exchange Limited” to set up and manage a secondary stock market in the country.
The President’s Office announced that the new company was created using powers vested in the President under Article 15 of the Companies Act. Government officials highlighted that the decision comes in response to expanding state financial needs and the growth of the local Islamic finance sector.
The main objectives of National Exchange Limited include developing the local capital market, enhancing market trust, establishing modern security exchanges, and facilitating the listing and trading of government securities and Sharia-compliant financial instruments such as Sukuk.
The state enterprise will also provide central securities depository, clearing, and settlement services while collaborating with local and foreign financial institutions to build a sustainable capital market.
Currently, stock market transactions in the Maldives are managed by the private company Maldives Stock Exchange. Regulatory oversight of securities transactions is conducted by the Capital Market Development Authority (CMDA), an independent statutory body established under the Securities Act.
