The Investment and Financial analysts’ regulator has deregistered one of its members, David Tumaini Maena for a period of 10 years.
This comes after the Capital Markets Authority (CMA) fined the former CBA bank's Capital executive in February a total of Sh166.9 million for engaging in insider trading in Treasury bonds between January 2016 and June 2017.
CMA had stated that the trader had received Sh83.4 million illegally in trading in fixed income securities.
In a statement, by Institute of Certified Financial Analysts (ICIFA), Maena failed to professional, technical, ethical or other standards prescribed as guidelines for practice by members of the institute.
“The Disciplinary Committee of ICIFA has found Maena culpable of professional misconduct in the execution of his duties and responsibilities as a registered Investment and Financial Analyst,” ICIFA said.
Maena has also been imposed a penalty of Sh1.1 million fine and is expected to pay it within a fortnight and has 60 days to appeal the ruling.
ICIFA is established under the Investment and Financial Analysts Act No. 13 of 2015 with the mandate of regulating investment professionals.