Management and Departments

Chief Executive Officer

In accordance with Securities Act the CEO has overall responsibility for creating, planning, implementing, and integrating the strategic direction of the Commission. This includes responsibility for all components and departments of SECZ. The CEO makes certain that the Commission's leadership maintains constant awareness of both external and internal landscape and industry developments.

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The mandate of the CEO is therefore to manage the day to day operations of the Commission and ensure that operations are consistent with policies developed by the Board and are carried out in such a way that meets the requirements of the Securities Act. The CEO leads, in conjunction with the Board, the development and implementation of the Commission’s strategy while ensuring that Commission procedures and overall management are designed in accordance with established Board policy. The CEO keeps the Board informed of existing or impending Board policy issues.

The CEO acts as a direct liaison between the Board and management of the Commission and communicates to the Board on behalf of management. The CEO also communicates on behalf of the Commission to employees, Government, the market and the public.


Tafadzwa Chinamo Mr. Tafadzwa Chinamo
Chief Executive Officer

BSc General Maths and Statistics (UZ), BSc Honours Statistics (UZ), MSc Leadership and Change Management (Leeds)

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Tafadzwa is an accomplished investments analyst and manager with expertise in financial products/services within Zimbabwe and international markets. He began his career in 1993 with the then Zimbabwe Development Bank (Zimbabwe Infrastructural Development Bank)as a Graduate Trainee. Upon successful completion of the training program he was appointed Research Analyst responsible for conducting primary and secondary research in sectors where the bank advanced loans. In 1997 he joined Kingdom Securities Holdings Limited now Kingdom Financial Holdings Limited as an Investment Analyst where he carried out research on the capital markets. He was moved to the asset management division, Kingdom Asset Management, as Fund Manager then General Manager. In 2002 was appointed Managing Director, a position he held until 2006 when he accepted an offer to head TA Holding's asset management division, Zimnat Asset Management, as Managing Director.

In 2002 Tafadzwa was one of the five founding members of the Association of Investments Managers of Zimbabwe and served on the committee for eight years until 2010. He was the Association's Chairman from 2004 to May 2010. In June 2010 he led the establishing of Capital Solutions Limited, a micro finance institution, on behalf of its Zambian shareholders Lawrence Sikutwa and Associates(LSA) in his capacity as CEO, before joining SECZ in August 2011. Tafadzwa is married to Rudairo and they have two children, son Farai Nyasha and daughter Rumbidzai Tendai.


Corporate Finance and Market Development

The department has four functions namely, corporate finance, research, investor education/awareness and corporate communication. Corporate finance takes the form of analysing, reviewing and recommending to the Commission action to take on all corporate actions filed with the Commission for approval. Research is carried out to guide the Commission’s approach to regulating the securities and capital markets as well as assessing new products and services. Based on this research and other knowledge the Commission plans and carries out consumer awareness and investor education initiatives. In collaboration with the rest of the Commission, the department develops and implements a corporate communications strategy that informs stakeholders of the Commission’s mandate and activities being undertaken to fulfil its obligations.

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Assessment and approval of corporate actions is done jointly with the ZSE. The Commission’s goal is to safeguard interests of investors and uphold the integrity of the market. Every corporate action will be scrutinised for adherence to relevant rules and regulations. The Commission will ensure that full disclosures are made and communication to all investors is plain and simple to understand.

The Commission is a knowledge based institution meaning that key decisions are always made from the position of knowledge. The primary focus of the department’s research efforts is to improve the Commission’s effectiveness as a regulator. The Commission accepts that the world of securities is ever changing and as such through research will keep abreast with developments so as to nurture rather than discourage initiatives to improve the market. Information within and available to the SECZ becomes a Commission wide shared resource, appropriately protected, that enables a collaborative and knowledge based working environment.

Providing high level of investor protection and promoting investor education are two founding objectives of the SECZ. The Commission believes that investors who have access to information and know what questions to ask are more likely to invest wisely. The department therefore runs investor awareness campaigns and educational programs targeted at all levels of investors in order to empower them to exercise their rights. In addition SECZ staff work collaboratively with other regulators and educational organisations to place information in the hands of the investing public to promote informed decisions as well as to help investors avoid fraudulent activities.

The Commission accepts that without the right approach and appropriate packaging its message will not have the intended effect on the market. The department therefore works to package the Commission as a respectable regulator that is fair, full of integrity and worthy of the investor’s confidence. This is done by employing various forms of media campaigns, interaction with stakeholders and exemplary behaviour of its personnel.

Kundai Msemburi Mr. Kundai Msemburi
Head of Corporate Finance and Market Development

BSc Economics Honours (UZ), MSc in Finance & Investment (London Metropolitan University)

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Kundai has more than 10 years progressive experience as an investment banker within the Zimbabwean and regional capital markets. He started out as a corporate finance analyst at Genesis Investment Bank in 2001 where he was responsible for financial modelling, capital markets research, preparation of information memoranda for various capital raising initiatives, performing due diligence exercises and maintaining a data room for advisory mandates undertaken by the bank. In 2003 he joined Sagit Financial Holdings as an Account Relationship Manager in the Structured Leasing Department where he designed and drew up lease documents, performed credit analyses, designed finance house products (eg. Sale and lease-back transactions, block discounts, debt purchases (factoring), and structured short-term loans to middle market and high-end corporate clients).

He then joined TA Holdings in March 2005 as a Senior Investments Manager. In this role he was exposed to numerous capital market transactions involving the company’s investment activities across its investments in the insurance, hospitality, fertiliser manufacturing and FMCG sectors (acquisitions, disposals, pricing of preference shares, share buy-back schemes). He left TA Holdings in 2009 and after a brief stint in South Africa returned to Zimbabwe and set up a corporate advisory boutique which provided bespoke corporate finance solutions to SMEs and large corporate entities (notable mandates included acquisition advisory work for a building materials supplier group and advisory work for one of Zimbabwe’s first private equity funds). He joined the Securities and Exchange Commission at the beginning of May 2012. Kundai is married to Charmaine and they have two children, son Sheunesu Jonathan and daughter Tinodaishe Hannah.


Supervision Licensing and Surveillance

The department monitors trading of securities and seeks to prevent market manipulation by those seeking to engage in improper trading. The department is also tasked to regularly assess how effectively licensees are complying with their legal obligations to operate fair, orderly and transparent markets.

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The department therefore directs its efforts to seeing that licensee inspections are well planned and systematically conducted to cover all perceived risks that players may face or introduce to the market. Reports of all contact with licensees are well documented in a standardised format and timely implemented in accordance with laid down processes and procedures. Through disclosure reviews and examinations of securities dealers, investment advisers, self regulatory organizations (SROs) and other market participants, the Commission seeks both to detect violations of the securities laws and rules and to foster strong compliance and risk management practices within these firms. When violations do occur, the department investigates and brings enforcement actions against regulated persons and entities, as well as other market participants. While detecting violations of securities laws is an integral aspect of the Commission’s objectives, proactive working to prevent future violations is deemed even more important to protecting investors and enhancing market integrity.

Due to its daily interface with the market this department is best placed to anticipate and articulate new developments needed to improve the market. The department works towards developing the capital markets and as such its contact with licensees also seeks to counsel and improve standards and systems in addition to sanctioning unacceptable practices. The Commission seeks to encourage within organisations of all sizes a strong culture of compliance, from top leadership down, that fosters ethical behaviour and decision making. The department seeks to foster best practice tone at the top for licencees.

In the execution of its mandate the department recognises the importance of cooperation with fellow regulators, local and foreign, and as such takes every opportunity to strengthen ties and exchange of information with all institutions that work towards improving our capital markets.

Licensing and supervision of market participants is a seamless process that gives the Commission a face in the eyes of all licensees. The engagement of any player with the market begins with an application for a license and it is at this stage the Commission satisfies itself that the individuals and the companies who intend to operate in the capital markets are suitable and meet all the requirements. Once the Commission grants a licence it is further tasked to ensure that the licensee upholds the standards necessary to continue holding the licence. The department sanctions licensees that fail to meet standards as set out in the Securities Act and the Commission’s rules and regulations. This process ensures that relicensing is done from a position of practical knowledge and experience in dealing with the licensee.

Norman Maferefa Mr. Norman Maferefa
Head of Supervision Licensing and Surveillance

BCom Honours Finance, MSc Finance and Investment (NUST)

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Mr. Maferefa has extensive knowledge in Financial and Investment Analysis, Compliance and Risk, and Investment Banking acquired through working for various Stockbroking, Asset Management and Banking Institutions. Before Joining the Commission in October 2009, he was working for Stanbic Bank as a Corporate Finance Manager.


Company Secretarial

The department is the official keeper of records and minutes of the Commission serving as a focal point for communication with and between the Board, senior management and stakeholders, and whose key role is the administration of the Board and critical corporate matters. A key responsibility under the corporate secretary role is to ensure that Board members have the proper advice and resources for discharging their fiduciary duties under the law. Responsibility extends to ensuring that the records of the Board's actions reflect the proper exercise of those fiduciary duties.

Cordelia Mutangadura Mrs. Cordelia Mutangadura
Corporate Secretary

BL Honours (UZ), LLB (UZ)

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Cordelia Mutangadura worked in the Zimbabwe Defence Forces under the ZNA as a Legal Officer with the rank of Liuetenant from 1991 to 1994. In 1995 she jointly set up the Law Firm Mucharehwa and Partners in Norton before a second office opened in Harare in 1997.In 1999 she joined ZESA as Senior Legal Officer before leaving to go back to private practice in 2004. In 2006 she was appointed Assistant Bank Secretary at the Reserve Bank of Zimbabwe. In 2004 she was appointed to the Board of Fidelity Life Asset Management Company (FLAM) as a non Executive Director, before she was elevated Chairman of the Board in 2005. She currently sits on the Board of Governors of Bryden Country School and is a Council Member of Lupane State University.


The department is an internal counsel responsible for keeping abreast with legal practice and interpreting all legal statutes relevant to SECZ. The department also drafts rules and regulations which guide the conduct of capital market participants. The department also recommends review of legislation and drafts new legislation and rules in line with global best practice.

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As legal counsel the department oversees the application of the laws and legislation the Commission applies in regulating the market and takes a lead in drafting new securities laws. The Commission believes that its rules and regulations should be drafted to enable market participants to understand clearly their obligations under the securities laws and to conduct their activities in compliance with law. The Commission recognises that rulemaking is often required to remedy abusive practices or to respond to Government mandates, changing economic conditions, advances in technology, or novel products or services. The Commission aims to promulgate rules that are clearly written, easily understood and tailored toward specific ends.

In general, rulemaking and policies are designed to improve disclosure, facilitate the flow of important information to investors and the public, improve governance, promote high-quality accounting standards, and enhance the accountability of the trading markets, among other goals. When properly crafted, these rules serve to further the Commission’s mission.

Lyinah Madende Ms Lyinah T. Madende
Head Legal Affairs

LLB Honours (UZ),MBA(UZ)

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Lyinah has worked in the Ministry of Justice and Legal Affairs-Law Development Commission, as a Law Officer. Prior to that, she was Legal Practitioner to Chingeya Mandizira Legal Practitioners and Advocacy and Information Officer for the Women's Land and Water Rights in Southern Africa.


Finance and Administration

The department is responsible for developing and implementing financial and administrative systems of internal control such as: payroll, bookkeeping, insurance, budget and cost control, personnel policies, accounting functions, procurement procedures, contracts, inventory management and control procedures, security of facilities, financial reporting, collection of fees and levies and obtaining appropriate financing. In fulfilling the Commission’s goals the department develops budgeting methodology and aids other departments in preparing their budgets. The department ensures that taxes and other payments are made in a timely manner to all government agencies.

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In regulatory matters requiring accounting expertise the department acts as a reference point and advisor to the Commission. The role extends to representing the Commission on committees setup in conjunction with other regulatory bodies in dealing with financial reporting standards and practices.

Gerald Dzangare Mr. Gerald Dzangare
Head Finance & Administration

BSc Honours Applied Accountancy (Oxford Brookes ), FCCA (UK), R PAcc (Z), MBA (Nottingham Trent)

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Gerald has over thirteen years experience having been Finance and Administration Manager for Propak P/L a member of the TSL Group listed on the Zimbabwe Stock Exchange, Group Finance and Administration Manager for Beta Holdings P/L a conglomerate in the construction material sector. He was General Manager Finance and Admin for Status Hitech Zambia before joining the Securities and Exchange Commission of Zimbabwe in February 2010. He is a fellow Chartered Certified Accountant and a Registered Public Accountant. He attained a Master of Business Administration from Nottingham Trent University in 2012. Gerald is the Commission’s representative on the Zimbabwe Accounting Practices Board a technical committee of the Public Accountants and Auditors Board. He is also a member of the Zimbabwe Stock Exchange Monitoring Review Panel, which reviews financial statements for listed companies in Zimbabwe.


Information & Communication Technology

The Commission’s information technology environment gives employees the tools they need to view, analyse, and act upon the enormous volume of financial data and other information relevant to oversee the securities markets. ICT department therefore plans, organises, directs, controls and coordinates the acquisition, development, maintenance and use of computer and telecommunication systems within the organisation.

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The ICT department has overall responsibility for the management and ongoing development of the Commission’s Information and Communications Technology needs. This involves working and consulting with the management team, exchanges, CSDs and market participants to continually develop the industry while safeguarding its integrity.

In developing the ICT infrastructure the department advises on the strategic direction of key electronic resources including websites and information databases in order to proactively identify and develop new and innovative ways of disseminating information to the market, investors and the public.

The Commission’s information technology environment gives employees the tools they need to view, analyse, and act upon the enormous volume of financial data and other information relevant to oversee the securities markets. ICT department therefore plans, organises, directs, controls and coordinates the acquisition, development, maintenance and use of computer and telecommunication systems within the organisation.

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Brian Gava Mr. Brian Gava
Information and Communication Technology Manager

BSc Computer Science (UZ), EMBA (NUST)

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Brian has over ten years experience in the Information Technology field .He has worked for Africom (PVT) LTD as a Network Engineer and Interfin Banking Corporation as an ICT Manager. Brian has worked on multiple projects involving installing, configuring and supporting Local Area Networks, Wide Area Networks, Voice Over IP and IT Security. In the Financial Services sector he has implemented infrastructural projects including SWIFT,Disaster Recovery planning, Electronic mail systems and branch network rollout.