Sorry NSE Just Not Yet!

"Independence is fundamental to the reliability of auditors' reports."

I know it has been ages since I wrote anything here.
Partly it has to do with the fact that my trip home was so good - eye opening. It feels good to be on the ground and see with your own eyes.

Stocks have always been best suited for anyone with a long term perspective - but there is alot of work to be done in Kenya.

How many weeks has it taken the capital markets authourity to declare what 'everyone' knew was happening at Francis Thuo. I think it is discouraging what is still an opportunity for Kenyans to invest and create wealth. They seemed all too shy to state the obvious - trading illegally in clients shares.

Don't get me wrong - Kenya is not a unique case, it is happening everywhere. But it does not have to be the end

So personally given the fact that I am far from Kenya, the time lag that exists when dealing with brokers - it is hardly a viable way of investment for me. (Who do I need to sleep with to get some service?) I actually met individuals who have made 'good' investments and are doing fine - but they always had someone they knew who handled their business.

You don't just walk into a stock brokerage firm and get service are you stupid?!

Conclusion:
In my opinion the problem at NSE/CMA is that (don't quote me here!) it has turned out to be an old boys club. Familiarity. The major players have been there for far too long to the extent that I think we need fresh blood generally that can push for reforms and be stringent on monitoring the stock brokers. (The whole country needs an overhaul - sorry no politics here!)
I know I might be alone in this but I believe same an auditor should not only state his independence - he should actually be seen to be independent. Which I honestly has aroused my suspicion.