JUDGMENT OF THE COURT
Capital Markets Authority (1st respondent) is a body corporate established under Section 5 of Capital Markets Act (CAP 485A of the laws of Kenya). One of its objectives which is germane to this appeal as provided for in Section 11 of the said Act is;
“the creation, maintenance and regulation of a market in which securities can be issued and traded in an orderly, fair and efficient manner, through the implementation of a system in which the market participants are self-regulatory to the maximum practicable extent.”
Another of its core functions as stipulated in Section 11(d) is “the protection of investor interests”.
It was in the performance of some of the functions stipulated above that the 1 st respondent made the decision that was challenged before the High Court by way of Judicial Review. The aggrieved party in those proceedings was Vania Investment Pool Limited (appellant) who moved the High Court by way of a chamber summons dated 8th April, 2014.
The chamber sum…