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The Investment and Financial analysts’ regulator, Institute of Certified Financial Analysts (ICIFA) has deregistered its member, one, Mr. David Tumaini Maena for a period of 10 years and imposed a financial penalty of Kshs 1.1 million fine for professional misconduct during his tenure as a Fixed Income Dealer between January 2016 and June 2017 while trading Treasury Bonds.
The Disciplinary Committee of ICIFA has found Mr. Maena culpable of professional misconduct in the execution of his duties and responsibilities as a registered Investment and Financial Analyst by failing to observe and apply professional, technical, ethical or other standards prescribed as guidelines for practice by members of the institute.
Mr. Maena is expected to pay the fine within a fortnight and has 60 days to appeal the ruling. ICIFA was established under the Investment and Financial Analysts Act No. 13 of 2015 with the mandate of regulating investment professionals.