ALTX Clearing Uganda Announces Directors
ALTX Clearing Ltd (ALTX Clearing) today announced its newly constituted Board of Directors.
After announcing the Board of Directors of ALT Xchange in February 2015, the ALTX Africa Group today announced the make-up of the Board for ALTX Clearing.
The Board members announced are Mr. Elias B. Kasozi (Chairman), Mr. Hirander Misra, Ms Sarah Irene Walusimbi, Mr. Richard Wood, Dr, Peter Takirambudde, Mr. Joseph S. Kitamirike, Mr. Jatin Jivram and Mr. Felix Okoboi.
ALTX Clearing was founded to build and operate an electronic securities depository, to build and operate and electronic funds and securities clearing systems and to provide depository and clearing services to the securities industry and to the banking system
"The Securities Central Depository Act, 2009 requires that such infrastructure is owned and operated by a company seperate from that operating the exchange. In keeping with the law, ALTX Clearing is a seperate company from ALT Xchange and it has a seperate Board of Directors. In introducing our board, ALTX is demonstrating its compliance with the law. The depository operated by ALTX also meets the standards set in IOSCO 24 Principles." says Interim Chief Executive Officer, Joseph S. Kitamirike.
The Chairman of the new Board, Mr Elias B Kasozi said, "The shareholders of ALTX Clearing have demonstrated the intention to comply with all aspects of securities law by incorporating a seperate company from the exchange and now appointing a board of directors. The experience that my fellow Board members and I bring to ALTX Clearing will strengthen management action, ensure good corporate governance and demonstrate the soundness and integrity that investors can expect from ALTX."