CMDA is an independent institution established under the Maldives Securities Act 2/2006 for developing and regulating the capital market in the Maldives. The CMDA has statutory powers to license securities market intermediaries including brokers, dealers, investment advisers, asset managers, custodians, credit rating agencies as well as stock exchanges and central depositories. The CMDA also has the mandate for supervision of the Maldives Pension Retirement Scheme (MRPS) under the Maldives Pension Act 8/2009.