JUDGMENT OF THE COURT
Introduction
1.This is an appeal from the judgment of the High Court, Majanja, J. sitting in Nairobi and delivered on 22nd August 2013. There are about 2500 pages of documents and proceedings bound in four volumes in the matter. There are also various volumes of legal material and authorities filed. However, the crux of the appeal, which we shall distil shortly, is fairly narrow and it will determine whether the appeal stands or falls. There are also peripheral issues raised by the parties which we shall endeavor to resolve.
2.The appellant is the Capital Markets Authority (‘CMA’), a statutory body created under Section 5 of the Capital Markets Act (Cap ‘485A’ Laws of Kenya)(the Act) with a general mandate to promote, regulate and facilitate the development of an orderly, fair and efficient capital market in Kenya. It is represented in the appeal, as it was in the High Court, by learned counsel Mr. Waweru Gatonye instructed by M/s Waweru Gatonye and Co Advocates. Th…