Online Reporter
Business Reporter
The Securities and Exchange Commission of Zimbabwe is reviewing listing rules and related fees in a bid to retain listed companies and curb the wave of delistings that has hit the Zimbabwe Stock Exchange, a senior official has said.
Speaking at the Insurance and Pensions Symposium hosted by the Insurance and Pensions Commission of Zimbabwe in Victoria Falls on Wednesday, March 25, 2026, SECZim Director Mr Norman Maferefa said the Commission is responding to complaints from listed companies about the high cost of maintaining a listing.
“We are reviewing listing rules and other licensing-related commissions and fees,” Mr Maferefa said. “We are going to see a lot of reduction in terms of regulatory fees. We have submitted our proposals to Government on areas we think we can assist the initiatives on ease and cost of doing business.”
The SECZim Director said the reductions would align with broader Government initiatives to ease the cost of doing business and retain companies on the local bourse.
Mr Maferefa also called on Government to introduce tax benefits for listed companies to differentiate them from private entities, arguing that public companies face greater compliance burdens and deserve preferential treatment.
“They can’t be at the same level as a private company, yet they are also incurring complex compliance costs,” he said. “We need to satisfy them for them to remain or return their listings.”
Mr Maferefa acknowledged that the market has been grappling with significant challenges, including the suspension of key counters such as Old Mutual and PPC, with the issue remaining unresolved for the past four years.
“We have also experienced an exit of foreign investors since 2014, and these were key liquidity providers, especially for foreign currency,” he said.
Recent delistings from the Zimbabwe Stock Exchange include National Foods, Innscor, and Lafarge, while some companies have gone through corporate rescue due to economic challenges.
Mr Maferefa said the Commission is also seeking to understand why investors are increasingly choosing private capital and credit over public markets.
“We need to understand why people are moving towards private capital and credit so that we can still provide some levels of regulation to protect investors,” he said.
Despite the challenges, Mr Maferefa expressed optimism about investment opportunities available in the market, including equities, REITs, commodity-based products, and credit-based products.
“It’s about the timing and also about understanding of the product itself,” he said, encouraging investors to consult financial advisors and asset managers to explore available opportunities.
The SECZim Director said the Commission remains committed to implementing reforms that will restore confidence, attract liquidity, and ensure the long-term sustainability of Zimbabwe’s capital markets.
