What We Do

The Capital Market Development Authority (CMDA) is an independent institution established under the Maldives Securities Act (2/2006) responsible for developing and regulating the Maldives Capital Market. It has statutory powers to license & regulate securities market intermediaries.

CMDA also has the regulatory mandate of supervising the functions of the Maldives Pension Administration Office (MPAO) in administering the Maldives Retirement Pension Scheme (MRPS) under the Maldives Pension Act (8/2009).

Key objectives of CMDA:


  • To develop a market in which securities can be issued and traded in a fair and orderly manner;
  • To protect and promote the interest of investors and potential investors in securities;
  • To regulate and supervise the securities market; and
  • To take measures to prevent misappropriate conduct in relation to dealings in securities and to prevent conduct of activities affecting market confidence. 


Strategic Goals

The key strategic priorities of CMDA as stipulated in the Maldives Capital Market Strategic Plan 2014-2019.

  1. Issuance of government treasury bonds via the capital market.
  2. Licensing of investment funds.
  3. Licensing of venture capital funds.
  4. Issuance of sharia compliant government securities.
  5. Increase listings from private sector.
  6. Promote financial literacy & market awareness.
  7. Strengthen market infrastructure & systems.
  8. Obtain stakeholder support for capital market development.
  9. Establish strategic alliance with foreign exchanges & regulators.
  10. Strengthen CMDA functions.