The Capital Markets Authority (Licensing and Approval) Regulations, 2025.

This Regulations provide a comprehensive licensing and regulatory framework for capital markets infrastructure and intermediaries. For the purposes of these Regulations, “commodity” means (a) agricultural, livestock, fishery, forestry, mining, or energy goods, or any product manufactured or processed from such goods; (b) an index, right, or interest in any such commodity; or (c) any other matter the Authority may determine through an official Gazette notification to be the subject of a commodity contract. The Regulations set fit‑and‑proper criteria for key persons, licensing conditions, application procedures, capital and governance requirements, operational obligations, and rules on listing, trading, investor protection, and dispute resolution. They also establish governance, internal control, and professional standards for intermediaries, as well as approval and registration requirements for funds. The Authority is empowered to grant, condition, suspend, or revoke licences and approvals.