With the benefit of hindsight, therefore, the exchange has been one of the most expensive to the general public, not because of mismanagement or lack of vision, but because of macroeconomic instability. But the other basic foundations for a successful exchange are in place. Government support remains strong.
The regulatory framework has been strengthened with the enactment of the Financial Services Act, 2010 and the Securities Act, 2010. The SME’s governance structure is as good as any. The Registrar of Financial Institutions has an oversight role but day-to-day operational oversight is vested in the Board of the Exchange and market participants.