Capital Markets

Capital Markets Law in Kenya

Kenya has the deepest and most sophisticated capital market in East Africa, anchored by the Nairobi Securities Exchange (NSE) and regulated by the Capital Markets Authority (CMA). OLM Law’s capital markets lawyers in Kenya advise issuers, investors, arrangers and advisers on raising and investing capital through the country’s public and private markets.

The regulatory framework

Kenya’s capital markets are governed by the Capital Markets Act and the regulations and guidelines issued by the CMA, alongside the listing rules of the NSE. The framework covers public offers, listings, collective investment schemes and licensed market intermediaries. We help clients structure transactions that meet these requirements and engage constructively with the CMA and the NSE.

How we help

• Equity capital markets — initial public offerings, additional issues, rights issues and introductions to the Main Investment Market and the Growth Enterprise Market Segment.
• Debt capital markets — corporate bonds, medium-term note programmes, and green and sustainability-linked bonds, an area of growing regional activity.
• Collective investment schemes — establishing and licensing unit trusts, funds and real estate investment trusts (REITs).
• Regulatory and compliance advice — licensing of intermediaries, continuing obligations, disclosure and market-conduct requirements.
• Structured and Islamic finance — bespoke instruments and Shari’ah-compliant structures.

Why clients choose OLM

Capital markets transactions demand careful drafting, regulatory fluency and disciplined project management. Our team brings corporate, banking and regulatory experience together to take an offer from structuring through documentation, regulatory approval and completion.

Frequently asked questions

Who regulates the capital markets in Kenya?

The Capital Markets Authority is the statutory regulator, and the Nairobi Securities Exchange operates the principal market and administers its listing rules.

Can a company raise debt without listing equity?

Yes. Companies frequently issue bonds or notes, including green bonds, without a corresponding equity listing, subject to CMA approval and the applicable disclosure requirements.

To discuss a listing, bond issue or fund, contact OLM Law’s capital markets team in Nairobi.