Capital Markets & Securities Authority

Licensing Requirements

Browse official requirements, fees, required forms, and attachment documents for each CMSA license type. Use the fee calculator to estimate total payable amounts.

New Applications

Renewals

Add Representatives

Forms shown here are completed inside the CMSA portal after a user starts an application. Fee totals use the configured company and representative payment lines for each license type.

BOND TRADERS

Buy and sell debt instruments in the secondary market, supplying continuous price quotes. Enhance liquidity and support efficient capital allocation for government and corporate bonds.

Company

DEALING IN SECURITIES (BOND TRADER CATEGORY)

Validity

1 year(s)

Representative

DEALER'S REPRESENTATIVE

Validity

1 year(s)

New Application

Forms are filled in the system after the applicant starts a new license application.

Required documents

1Anti-Money Laundering Policy/Manual
2Business plan :- Organizational structure, Directors, Board of Directors which should comprise of: A minimum of at least 3 directors, At least one third should be independent and non-executive directors, Not more than one third of the directors who are close relations of any director, A director should not hold more than 2 directorships in market intermediaries unless they are subsidiaries or holding companies, Directors’ declaration, Shareholding Structure, Name and competencies of Chief Executive officer, Operating system including dealing infrastructure suitably located and equipped to effectively carry out its operations
3Certified copies of Memorandum and Articles of Association
4Certified copy of the Business Licence
5Certified copy of the Certificate of Incorporation
6Client Service Agreement
7Cover Letter
8Disaster recovery plan document
9Duly certified police clearance certificates
10Fit and Proper documentation for Directors and Key personnel including: - Duly certified National Identification Cards for Tanzanian Citizens and Passport copies for foreigners; Duly certified academic certificates; Complete profile of Directors and Principle officers; Comprehensive Curriculum and Passport photographs
11ICT Business Continuity plan
12ICT Governance framework documents
13ICT Policy
14ICT Security Policy
15Minimum paid up capital USD 240,000 or equivalent TZS
16Operations and Internal controls Manual
17Risk Management framework :- Compliance Officer, auditor

Forms

DEALING IN SECURITIES (BOND TRADER CATEGORY) form

Form 1

DEALER'S REPRESENTATIVE form

Form 5

Amounts to be paid

For company

DEALING IN SECURITIES (BOND TRADER CATEGORY) payments

TSh 5,000,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 2,000,000
Annual FeeAnnual Fee	TSh 2,000,000
Application FeeApplication Fee	TSh 1,000,000

For representative

DEALER'S REPRESENTATIVE payments

TSh 2,500,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 1,000,000
Annual FeeAnnual Fee	TSh 1,000,000
Application FeeApplication Fee	TSh 500,000

New application total

Total updates as the number of representatives changes.

DEALER'S REPRESENTATIVE

Company feesTSh 5,000,000

Representative fees x 1TSh 2,500,000

Total payableTSh 7,500,000

BROKERAGE-DEALER SECURITIES MARKET

Execute trades on behalf of clients and maintain an inventory of securities for market making. Provide personalized trading services, market access, and margin financing to investors.

Company

DEALING IN SECURITIES

Validity

1 year(s)

Representative

DEALER'S REPRESENTATIVE

Validity

1 year(s)

New Application

Forms are filled in the system after the applicant starts a new license application.

Required documents

1Anti-Money Laundering Policy/Manual
2Business plan :- Organizational structure, Directors, Board of Directors which should comprise of: A minimum of at least 3 directors, At least one third should be independent and non-executive directors, Not more than one third of the directors who are close relations of any director, A director should not hold more than 2 directorships in market intermediaries unless they are subsidiaries or holding companies, Directors’ declaration, Shareholding Structure, Name and competencies of Chief Executive officer, Operating system including dealing infrastructure suitably located and equipped to effectively carry out its operations
3Certified copies of Memorandum and Articles of Association
4Certified copy of the Business Licence
5Certified copy of the Certificate of Incorporation
6Client Service Agreement
7Cover Letter
8Disaster recovery plan document
9Duly certified police clearance certificates
10Fit and proper documentation for directors and key personnel, including - Duly certified National Identification Cards for Tanzanian Citizens and Passport copies for foreigners; Duly certified academic certificates; Complete profile of Directors and Principle officers; Comprehensive Curriculum vitae and Passport photographs
11 ICT Business Continuity plan
12ICT Governance framework documents
13 ICT Policy
14ICT Security Policy
15Minimum paid up capital USD 240,000 or equivalent TZS
16Operations and Internal controls Manual
17Risk Management framework :- Compliance Officer, auditor

Forms

DEALING IN SECURITIES form

Form 1

DEALER'S REPRESENTATIVE form

Form 5

Amounts to be paid

For company

DEALING IN SECURITIES payments

TSh 5,100,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 2,000,000
Annual FeeAnnual Fee	TSh 2,000,000
Application FeeApplication Fee	TSh 1,000,000
Broker Deposit FeeBroker Deposit Fee	TSh 100,000

For representative

DEALER'S REPRESENTATIVE payments

TSh 2,500,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 1,000,000
Annual FeeAnnual Fee	TSh 1,000,000
Application FeeApplication Fee	TSh 500,000

New application total

Total updates as the number of representatives changes.

DEALER'S REPRESENTATIVE

Company feesTSh 5,100,000

Representative fees x 1TSh 2,500,000

Total payableTSh 7,600,000

CSD.

CENTRAL SECURITIES DEPOSITORY

Hold and safeguard securities in electronic form, managing transfers between participants. Reduce settlement risk, streamline corporate actions, and maintain accurate ownership records.

Company

CENTRAL SECURITIES DEPOSITORY

Validity

3 year(s)

Representative

Not applicable

Validity

Not required

New Application

Forms are filled in the system after the applicant starts a new license application.

Required documents

1Anti-Money Laundering Policy/Manual
2Authorised Dealers' Representatives documentation
3Business plan :- Organizational structure, Directors, Board of Directors which should comprise of: A minimum of at least 3 directors, At least one third should be independent and non-executive directors, Not more than one third of the directors who are close relations of any director, A director should not hold more than 2 directorships in market intermediaries unless they are subsidiaries or holding companies, Directors’ declaration, Shareholding Structure, Name and competencies of Chief Executive officer, Operating system including dealing infrastructure suitably located and equipped to effectively carry out its operations
4Certified copies of Memorandum and Articles of Association
5Certified copy of the Business Licence
6Certified copy of the Certificate of Incorporation
7Client Service Agreement
8Cover Letter
9Disaster recovery plan document
10Duly certified police clearance certificates
11Duly completed application form
12Fit and Proper documentation for Directors and Key personnel including: - Duly certified National Identification Cards for Tanzanian Citizens and Passport copies for foreigners;Duly certified academic certificates; Complete profile of Directors and Principle officers; Comprehensive Curriculum and Passport photographs
13ICT Business Continuity plan
14ICT Governance framework documents
15ICT Policy
16ICT Security Policy
17Minimum paid up capital USD 240,000 or equivalent TZS
18Operations and Internal controls Manual
19Risk Management framework :- Compliance Officer, auditor

Forms

CENTRAL SECURITIES DEPOSITORY form

Form 3

Amounts to be paid

For company

CENTRAL SECURITIES DEPOSITORY payments

TSh 7,000,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 3,000,000
Annual FeeAnnual Fee	TSh 3,000,000
Application FeeApplication Fee	TSh 1,000,000

New application total

Total updates as the number of representatives changes.

Company feesTSh 7,000,000

Total payableTSh 7,000,000

CROWDFUNDING OPERATOR

Run online platforms that connect issuers with a broad investor base under regulatory limits. Facilitate small ticket investments, perform eligibility checks, and oversee disclosure requirements.

Company

CROWDFUNDING OPERATOR

Validity

1 year(s)

Representative

CROWDFUNDING OPERATOR REPRESENTATIVE

Validity

1 year(s)

New Application

Forms are filled in the system after the applicant starts a new license application.

Required documents

1Anti-Money Laundering Policy/Manual
2Business plan :- Organizational structure, Directors, Board of Directors which should comprise of: A minimum of at least 3 directors, At least one third should be independent and non-executive directors, Not more than one third of the directors who are close relations of any director, A director should not hold more than 2 directorships in market intermediaries unless they are subsidiaries or holding companies, Directors’ declaration, Shareholding Structure, Name and competencies of Chief Executive officer, Competence and integrity of its management
3Certified copies of Memorandum and Articles of Association
4Certified copy of the Business Licence
5Certified copy of the Certificate of Incorporation
6Client Service Agreement
7Cover Letter
8Disaster recovery plan document
9Duly certified police clearance certificates
10Fit and Proper documentation for Directors and Key personnel including: - Duly certified National Identification Cards for Tanzanian Citizens and Passport copies for foreigners; Duly certified academic certificates; Complete profile of Directors and Principle officers; Comprehensive Curriculum and Passport photographs
11ICT Business Continuity plan
12ICT Governance framework documents
13ICT Policy
14ICT Security Policy
15Investment Policy
16Must have Authorised Representatives (Minimum of two) who have attended and successfully completed the CMSA’s Securities Course Certification program.
17Operational Rules and Internal controls Manual
18Risk Management framework :- Compliance Officer, auditor

Forms

CROWDFUNDING OPERATOR form

Form 1

CROWDFUNDING OPERATOR REPRESENTATIVE form

Form 5

Amounts to be paid

For company

CROWDFUNDING OPERATOR payments

TSh 11,000,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 5,000,000
Annual FeeAnnual Fee	TSh 5,000,000
Application FeeApplication Fee	TSh 1,000,000

For representative

CROWDFUNDING OPERATOR REPRESENTATIVE payments

TSh 2,500,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 1,000,000
Annual FeeAnnual Fee	TSh 1,000,000
Application FeeApplication Fee	TSh 500,000

New application total

Total updates as the number of representatives changes.

CROWDFUNDING OPERATOR REPRESENTATIVE

Company feesTSh 11,000,000

Representative fees x 1TSh 2,500,000

Total payableTSh 13,500,000

CS.

CUSTODIAN OF SECURITIES

Safeguard clients’ assets by holding securities, managing settlement, and handling corporate actions. Collect dividends and interest, provide reporting, and ensure high operational security.

Company

CUSTODIAN OF SECURITIES

Validity

3 year(s)

Representative

Not applicable

Validity

Not required

New Application

Forms are filled in the system after the applicant starts a new license application.

Required documents

1Anti-Money Laundering Policy/Manual
2Business plan :- Organizational structure, Directors, Board of Directors which should comprise of: A minimum of at least 3 directors, At least one third should be independent and non-executive directors, Not more than one third of the directors who are close relations of any director, A director should not hold more than 2 directorships in market intermediaries unless they are subsidiaries or holding companies, Directors’ declaration, Shareholding Structure, Name and competencies of Chief Executive officer, Operating system including dealing infrastructure suitably located and equipped to effectively carry out its operations
3Certified copies of Memorandum and Articles of Association
4Certified copy of the Business Licence
5Certified copy of the Certificate of Incorporation
6Client Service Agreement
7Cover Letter
8Disaster recovery plan document
9Fit and Proper documentation for Directors and Key personnel including: - Duly certified National Identification Cards for Tanzanian Citizens and Passport copies for foreigners; Duly certified police clearance certificates; Duly certified academic certificates; Complete profile of Directors and Principle officers; Comprehensive Curriculum and Passport photographs
10ICT Business Continuity plan
11ICT Governance framework documents
12ICT Policy
13ICT Security Policy
14Must be a bank or a financial institution within the meaning of the Banking and Financial Institutions Act.
15Must fulfill the capital requirement which is the amount as core capital for commercial bank under the Banking and Financial Institutions Act.
16Must have a complete operations and Internal control manual setting out the following: The systems and procedures to be followed for the effective and efficient discharge of custodian of securities and the arm’s length relationships to be maintained; A standard client’s contract which describes specific matters concerning the duties and obligations of the custodian which are related to the management of dividends and interest collection services and other rights, corporate actions, transfers of ownership, delivery or receiving of certificates, reporting and other services and a description of fees and taxes levied upon the services; A fee structure including but not limited to registration fee, effecting share splits or consolidations, property deposits, transaction settlement and other services; Compensation for losses caused by the custodian’s negligence;
17Must have adequate and competent employees who have the experience,capacity and ability of managing the business of the custodian of securities.
18Must have the necessary infrastructure, including adequate office space, vaults for safe custody of securities and computer systems (custodial software) required to effectively discharge activities as custodian of securities.
19Must not have been refused a registration by the Authority or whose certificate has not been revoked by the Authority;
20Risk Management framework :- Compliance Officer, auditor
21The applicant’s directors, principal officers or employees must not be involved in any litigation connected with the securities market;

Forms

CUSTODIAN OF SECURITIES form

Form 1

Amounts to be paid

For company

CUSTODIAN OF SECURITIES payments

TSh 12,500,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 5,000,000
Annual FeeAnnual Fee	TSh 5,000,000
Application FeeApplication Fee	TSh 2,500,000

New application total

Total updates as the number of representatives changes.

Company feesTSh 12,500,000

Total payableTSh 12,500,000

CMX

EXCHANGES

Operate a regulated marketplace where buyers and sellers trade securities. Ensure transparent price discovery, secure trading infrastructure, and efficient settlement.

Company

EXCHANGES

Validity

1 year(s)

Representative

Not applicable

Validity

Not required

New Application

Forms are filled in the system after the applicant starts a new license application.

Required documents

1Audited Annual Account (if available)
2Business plan :- Organizational structure, Directors, Board of Directors which should comprise of: A minimum of at least 3 directors, At least one third should be independent and non-executive directors, Not more than one third of the directors who are close relations of any director, A director should not hold more than 2 directorships in market intermediaries unless they are subsidiaries or holding companies, Directors’ declaration, Shareholding Structure, Name and competencies of Chief Executive officer
3Certified copies of Memorandum and Articles of Association
4Certified copy of the Business Licence
5Certified copy of the Certificate of Incorporation
6Cover Letter
7Disaster recovery plan document
8ICT Business Continuity plan
9ICT Governance framework documents
10ICT Policy
11ICT Security Policy
12Listing Rules/Requirements of the Exchange
13Particulars of Capital structure
14Risk Management framework :- Compliance Officer, auditor

Forms

EXCHANGES form

Form 3

Amounts to be paid

For company

EXCHANGES payments

TSh 11,000,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 5,000,000
Annual FeeAnnual Fee	TSh 5,000,000
Application FeeApplication Fee	TSh 1,000,000

New application total

Total updates as the number of representatives changes.

Company feesTSh 11,000,000

Total payableTSh 11,000,000

FUND MANAGERS

Launch and manage collective investment schemes, pooling capital from multiple investors. Set investment policy, make buy/sell decisions, and provide diversified exposure under professional oversight.

Company

INVESTMENT ADVISER (FUND MANAGEMENT CATEGORY)

Validity

1 year(s)

Representative

INVESTMENT ADVISER REPRESENTATIVE

Validity

1 year(s)

New Application

Forms are filled in the system after the applicant starts a new license application.

Required documents

1Anti-Money Laundering Policy/Manual
2Business plan :- Organizational structure, Directors, Board of Directors which should comprise of: A minimum of at least 3 directors, At least one third should be independent and non-executive directors, Not more than one third of the directors who are close relations of any director, A director should not hold more than 2 directorships in market intermediaries unless they are subsidiaries or holding companies, Directors’ declaration, Shareholding Structure, Name and competencies of Chief Executive officer, Operating system including dealing infrastructure suitably located and equipped to effectively carry out its operations
3Certified copies of Memorandum and Articles of Association
4Certified copy of the Business Licence
5Certified copy of the Certificate of Incorporation
6Client Service Agreement
7Cover Letter
8Disaster Recovery and Business Continuity policy
9Fidelity guarantee insurance cover with insured of TZS 50,000,000 (minimum)
10Fit and proper documentation for directors and key personnel, including - Duly certified National Identification Cards for Tanzanian Citizens and Passport copies for foreigners; Duly certified police clearance certificates, and Duly certified academic certificates; Complete profile of Directors and Principle officers; Comprehensive Curriculum vitae and Passport photographs
11ICT Business Continuity plan
12ICT Governance framework documents
13ICT Policy
14ICT Security Policy
15Investment Policy
16Liquid/Working capital of TZS 20,000,000 (minimum)
17Must have Investment Advisers’ Representatives (Minimum of 2) who have attended and successfully completed the CMSA’s Securities Industries Certification Course.
18Operations and Internal controls Manual
19Risk Management framework :- Compliance Officer, auditor
20The company must have a professional indemnity cover, a minimum of TZS equivalent to USD 120,000 or higher depending on the size of the business and the associated risks

Forms

INVESTMENT ADVISER (FUND MANAGEMENT CATEGORY) form

Form 3

INVESTMENT ADVISER REPRESENTATIVE form

Form 5

Amounts to be paid

For company

INVESTMENT ADVISER (FUND MANAGEMENT CATEGORY) payments

TSh 11,000,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 5,000,000
Annual FeeAnnual Fee	TSh 5,000,000
Application FeeApplication Fee	TSh 1,000,000

For representative

INVESTMENT ADVISER REPRESENTATIVE payments

TSh 2,500,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 1,000,000
Annual FeeAnnual Fee	TSh 1,000,000
Application FeeApplication Fee	TSh 500,000

New application total

Total updates as the number of representatives changes.

INVESTMENT ADVISER REPRESENTATIVE

Company feesTSh 11,000,000

Representative fees x 1TSh 2,500,000

Total payableTSh 13,500,000

INVESTMENT ADVISERS

Offer professional, fiduciary standard advice on portfolio construction and asset allocation. Tailor investment strategies, monitor performance, and rebalance portfolios to meet client goals.

Company

INVESTMENT ADVISER

Validity

1 year(s)

Representative

INVESTMENT ADVISER REPRESENTATIVE

Validity

1 year(s)

New Application

Forms are filled in the system after the applicant starts a new license application.

Required documents

1Anti-Money Laundering Policy/Manual
2Business plan :- Organizational structure, Directors, Board of Directors which should comprise of: A minimum of at least 3 directors, At least one third should be independent and non-executive directors, Not more than one third of the directors who are close relations of any director, A director should not hold more than 2 directorships in market intermediaries unless they are subsidiaries or holding companies, Directors’ declaration, Shareholding Structure, Name and competencies of Chief Executive officer, Operating system including dealing infrastructure suitably located and equipped to effectively carry out its operations
3Certified copies of Memorandum and Articles of Association
4Certified copy of the Business Licence
5Certified copy of the Certificate of Incorporation
6Client Service Agreement
7Cover Letter
8Disaster recovery plan document
9Duly certified police clearance certificates
10Fit and Proper documentation for Directors and Key personnel including: - Duly certified National Identification Cards for Tanzanian Citizens and Passport copies for foreigners;Duly certified academic certificates; Complete profile of Directors and Principle officers; Comprehensive Curriculum and Passport photographs
11ICT Business Continuity plan
12ICT Governance framework documents
13ICT Policy
14ICT Security Policy
15Operations and Internal controls Manual
16Risk Management framework :- Compliance Officer, auditor

Forms

INVESTMENT ADVISER form

Form 3

INVESTMENT ADVISER REPRESENTATIVE form

Form 5

Amounts to be paid

For company

INVESTMENT ADVISER payments

TSh 6,500,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 3,000,000
Annual FeeAnnual Fee	TSh 3,000,000
Application FeeApplication Fee	TSh 500,000

For representative

INVESTMENT ADVISER REPRESENTATIVE payments

TSh 2,500,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 1,000,000
Annual FeeAnnual Fee	TSh 1,000,000
Application FeeApplication Fee	TSh 500,000

New application total

Total updates as the number of representatives changes.

INVESTMENT ADVISER REPRESENTATIVE

Company feesTSh 6,500,000

Representative fees x 1TSh 2,500,000

Total payableTSh 9,000,000

NOMAD

NOMINATED ADVISERS

Guide companies through listing on a securities exchange by conducting due diligence and compliance checks. Structure offerings, prepare regulatory filings, and ensure adherence to listing requirements.

Company

NOMINATED ADVISERS

Validity

3 year(s)

Representative

NOMINATED ADVISERS REPRESENTATIVE

Validity

1 year(s)

New Application

Forms are filled in the system after the applicant starts a new license application.

Required documents

1Anti-Money Laundering Policy/Manual
2Business plan :- Organizational structure, Directors, Board of Directors which should comprise of: A minimum of at least 3 directors, At least one third should be independent and non-executive directors, Not more than one third of the directors who are close relations of any director, A director should not hold more than 2 directorships in market intermediaries unless they are subsidiaries or holding companies, Directors’ declaration, Shareholding Structure, Name and competencies of Chief Executive officer, Operating system including dealing infrastructure suitably located and equipped to effectively carry out its operations
3Certified copies of Memorandum and Articles of Association
4Certified copy of the Business Licence
5Certified copy of the Certificate of Incorporation
6Client Service Agreement
7Cover Letter
8Disaster recovery plan documen
9Duly certified police clearance certificates
10Duly completed application form
11Fit and Proper documentation for Directors and Key personnel including: - Duly certified National Identification Cards for Tanzanian Citizens and Passport copies for foreigners;Duly certified academic certificates; Complete profile of Directors and Principle officers; Comprehensive Curriculum and Passport photographs
12ICT Business Continuity plan
13ICT Governance framework documents
14ICT Policy
15ICT Security Policy
16Must have a professional indemnity guarantee from a bank or financial institution of not less than TZS Two Hundred Million
17Operations and Internal controls Manual
18Risk Management framework :- Compliance Officer, auditor

Forms

NOMINATED ADVISERS form

Form 1

NOMINATED ADVISERS REPRESENTATIVE form

Form 5

Amounts to be paid

For company

NOMINATED ADVISERS payments

TSh 7,000,000

Payment item	Amount
Admission FeeAdmission Fee	TSh 3,000,000
Annual FeeAnnual Fee	TSh 3,000,000
Application FeeApplication Fee	TSh 1,000,000

For representative

NOMINATED ADVISERS REPRESENTATIVE payments

TSh 1,250,001

Payment item	Amount
Admission FeeAdmission Fee	TSh 1
Annual FeeAnnual Fee	TSh 1,000,000
Application FeeApplication Fee	TSh 250,000

New application total

Total updates as the number of representatives changes.

NOMINATED ADVISERS REPRESENTATIVE

Company feesTSh 7,000,000

Representative fees x 1TSh 1,250,001

Total payableTSh 8,250,001