The Malawi Stock Exchange (MSE), has been in existence since 1994 but started equity trading in November 1996 when it first listed National Insurance Company Limited (NICO). Prior to the listing of the first company, the major activities that were being undertaken were the provision of a facility for secondary market trading in Government of Malawi securities namely; Treasury Notes and Local Registered Stock. The Stock Exchange is licensed under the Financial Services Act 2010 and operates under the Securities Act 2010 and the Companies Act 2013.
The important functions of the MSE are:
The MSE has three platforms namely, the Main Board, Alternative Capital Market and Debt Market. The Main Board is meant to cater for larger and well established companies; while The Alternative Capital Market was established to provide opportunity for the Small and Medium sized Enterprises (SME) who would like to raise capital at a lower cost by accessing public funds. The Debt Market caters for issuers that would want to raise debt capital as opposed to share capital.