The Ethiopian Capital Market Authority (ECMA) has granted a Capital Market Service Provider licence to ProInvest Capital PLC, authorising the firm to operate as a Securities Investment Advisor just ahead of the IPO Clinic Cohort 1, for which applications close on November 10, 2025. The licence also covers four Appointed Representatives within the company.
The move positions ProInvest Capital to provide advisory services to investors and companies navigating Ethiopia’s emerging capital market, including guidance on initial public offerings (IPOs). With this addition, the total number of licensed capital market service providers rises to twelve.
Hana Tehelku, ECMA’s Director General, presented the licence to ProInvest Capital representatives, noting the importance of regulated advisors in supporting investor confidence and market stability.
The regulator recently shared a robust new Supervision Guideline, marking a shift from traditional oversight to a proactive, risk-based hybrid supervision model for all regulated entities, including exchanges and service providers.
The framework sets higher compliance standards, mandates annual audits, requires instant reporting of systemic failures, and gives ECMA tools to enforce compliance through fines, suspensions, or customised measures, including higher capital and liquidity buffers for systemically important or financially risky market participants.
