Licensing and Registration Types

A CMDA license / registration must be sought for undertaking the following activities in the capital market.
  • Securities Dealing / Brokerage Services
  • Investment Adviser Services
  • Shariah Adviser Services
  • Credit Rating Services
  • Custodian Services
  • Establishing and operating Investment Funds 

Application

  • Application for licenses / registrations should include the following forms as well as the documents listed at the end of these forms:
  • The application should be sent to the following address:
Capital Market Development Authority
3rd Floor, H.Orchid ,
Ameer Ahmed Magu,
Male' , Maldives
20095

Licensing Regulations

The requirements under the following regulations should be met to qualify for a license from CMDA.
License Type Related Regulations
Dealers’ and Dealers’ Representative license  Dealers & Dealer's Representative Licensing Regulation
Investment Advisers’ and Investment Adviser Representative license  Regulation on Investment Advisers
Custodian license Regulation on Institutions providing Custodial Services
Credit Rating Agency license  Rules on Credit Rating Agencies
Shariah Adviser registration  Regulation on registration of Sharia Advisers
Investment Fund registration Regulation on registering and operating Investment Funds

Licensing Examination

  • For licenses that require passing an examination, the applicant should register with CMDA to undertake an examination.
  • The registration form should be emailed to compliance@cmda.gov.mv and the applicant will be contacted to advise on the examination arrangements.

Fees

Each application will be charged a processing fee which has to be paid at the time of application submission and an annual fee following grant of license, which has to be paid when invoiced by CMDA.

License Expiry

  • Licenses / registrations are issued for a period of five years.
  • Upon expiry of the license / registration, an application for renewal should be submitted if the service is to be continued.