General FAQs

About the ZSE

Q: Who is the ZSE?

A: The Zimbabwe Stock Exchange Limited (‘ZSE’) is a licensed securities exchange in terms of the Securities and Exchange Act (24:25), with a core mandate to facilitate long term capital raising through listing of securities as well as offering secondary market securities trading and issuer regulation services.

Q: Is the ZSE a self-regulatory organisation?

A: The ZSE is regulated by the Securities and Exchange Commission of Zimbabwe and efforts are underway to adopt a self-regulation structure.

Q: Is the Zimbabwe Stock Exchange a government entity?

A: No, the Zimbabwe Stock Exchange Limited (‘ZSE’) is owned by different shareholders.

Q: What are the roles of the ZSE?
A: The roles of ZSE are:
●Facilitating raising of long term capital for companies, Government and semi Government institutions;
●Providing a regulated platform for secondary market buying and selling of securities;
●Provision of information such as historical financials, securities prices and market reports; and
●Regulating stockbrokers, market makers and security issuers.
Q: What are the securities traded on the ZSE?
A: The ZSE facilitates the listing and trading of the following security types:
●Ordinary shares;
●Preference shares;
●Depository receipts
●Debt securities such as debentures, notes and bonds; and
●Exchange Traded Funds
Q: What social media handles does the ZSE have and how can I access them?

The ZSE uses Twitter, Facebook, LinkedIn and Youtube, with the following handles

Twitter: @ZSE_ZW
Facebook: Zimbabwe Stock Exchange
LinkedIn: Zimbabwe Stock Exchange
Youtube: Zimbabwe Stock Exchange

Stock Market Information

Q: What is a stock exchange?

A: A stock exchange is a marketplace where financial securities are bought and sold.

Q: What are financial securities?

A: Financial securities represent a claim on the assets of the issuer and such claims can be ownership (as represented by equity securities) or creditor (represented by debt securities).

Q: What is a share?

A: A share is a unit of ownership. It is also referred to as equity. When one purchases a share in a company he/she becomes a part owner in that company. He/she will be entitled to certain rights e.g. dividend and voting.

Q: What are the rights and benefits of being a shareholder?
A: Shareholder rights and benefits can include the following:
• Participating in annual general meetings
• Receiving reports and information pertaining to the company invested in
• Dividends
• Further issues of shares
• Share buy-backs, and
• Other corporate actions
Q: What is Primary Market?

A: Primary market offerings of securities occur when securities are offered for sale for the very first time.

Q: What is meant by Secondary Market Trading?

A: Secondary market trading of securities occurs when securities that have been bought through a primary market offering are traded on the ZSE. In the secondary market, an investor buys or sells securities to other investors.

Q: What is an ISIN Code?

A: Each security on the ZSE is assigned an International Security Identification Number (ISIN) which identifies each security uniquely.

Q: What is the tax on dividends?

A: The withholding tax on dividends is 10%.

Q: What is the best way for me to keep track of my dividends?

A: Follow updates on corporate announcements on the ZSE website. Dividend notices are also published in the press.

Q: What is an Exchange Traded Fund (ETF)

A: An ETF is a listed investment product that tracks the performance of a basket of shares, bonds or commodities. ETFs can be bought and sold just like Ordinary Shares. The difference is that one ETF gives you exposure to more than one security or security type.

Q: What is a stockbroker?

A: A stockbroker is an agent licensed to buy and sell securities on an exchange on behalf of investors. To start the process of investing on the ZSE, you need to open a trading account with a ZSE registered stockbroker.

Q: How do I find a stockbroker

A: To find a stockbroker, you can visit the stockbrokers tab on this site and the ZSE does not recommend one broker over the other but advises investors to do a comparison depending on one’s needs and investment goals.

Q: How do I become a stockbroker?
A: To become a stockbroker, one has to
● go through a rigorous training process within the industry
● At least 3 years industry experience- back office experience before one becomes a dealer then two years experience after becoming a dealer and before submission of application
● be in possession of a recognised degree in business related studies
● have passed specified modules of the Registered Persons Examinations of the South African Institute of Financial Markets (SAIFM)
● be at least 21 years of age
● be ordinarily resident in Zimbabwe
● own assets in excess of his/ her liabilities by an amount stipulated in the members’ rules.

How to invest on the ZSE

Q: Can you buy securities directly with the ZSE?

A: All securities on the ZSE can be bought or sold through a registered stockbroker. A stockbroker acts as your agent in buying or selling securities. They also provide professional financial advice.

Q: What are the requirements for opening a trading account with a stockbroker?

A: You open a trading account by completing and signing account opening forms at your preferred stockbroking firm. The stockbroker will require:

a) For individuals
● copy of ID (passport for foreign investors)
● proof of residence (utility bill within three month from date of processing in name of account holder or accompanied by affidavit from lessor, if renting); and
● 2 passport size photos. b) For Companies/Trusts/Estates/NGOs
● registration certificate;
● list of directors/trustees (CR14 etc.)
● registered office details (CR6)
● directors/trustees’ KYC (same as in Individuals)
Q: Do I get charged to buy or sell shares and any other securities on the ZSE

A: There are transaction costs which are charged on each and every purchase and sale transaction and the charges are currently as follows:

Equities and ETFs
Brokers Commission 0.92% 0.92%
VAT (14.5% of brokerage) 0.1334% 0.1334%
CSD Levy 0.10% 0.10%
Stamp Duty 0.25% Nil
ZSE Levy 0.10% 0.10%
SECZ Levy 0.16% 0.16%
Investor Protection Levy 0.025% 0.025%
Capital Gains tax Nil 1%
Total 1.6884% 2.4384%
Grand Total  
Debt Securities 
Brokers Commission 0.065% 0.065%
VAT (14.5% of brokerage) 0.009425% 0.009425%
CSD Levy 0.01% 0.01%
ZSE Levy 0.012% 0.012%
SECZ Levy 0.01% 0.01%
Investor Protection Levy 0.003% 0.003%
Total 0.109425% 0.109425%
Grand Total                         
Q: Is there capital gains tax on the profits from the sale of listed shares?

A: Capital gains withholding tax on the sale of listed shares is 1% of the sale proceeds.

Q: How can I learn about shares and investing?

A: To learn about investing and the investing process, you can enroll in the free Investment 101 course offered by the ZSE accessible at You can also download the ZSE Investment guide available on the ZSE website (

We also recommend you contact a registered stockbroker or financial advisor. For a list of the registered stockbrokers visit

There are also many online resources dedicated to shareholder and investor education. Here are some investor education resources online:-
● Begin investing
● Better investing
● Investor education
● Investopedia
Q: Can I buy shares without cash up front?

A: No, all trades on ZSE are required to be prefunded.

Q: How much do I have to earn to buy shares on the Zimbabwe Stock Exchange Limited?

A: A person from any income level, who has some amount of surplus funds available no matter how small, may decide to buy shares on ZSE.

ZSE View Only Terminals (VOT) Service

Q: What are View Only Terminals?

A: View Only Terminals (“VOTs”) are viewing rights to ZSE’s live trading on the Automated Trading System (“ATS”).

Q: How do VOTs work?

A: The ZSE grants a client a username and password which will enable them to log in to the ATS and enable them to “watch” trading during normal market hours.

Q: What are the benefits of VOTs?
The VOT enables the user to:
• make informed investment (buy/sell) decisions;
• get alerts on corporate actions (dividend record dates, cum and ex dates etc.);
• ascertain the direction of the market ahead of the general public;
• quickly communicate with their stockbroker through the VOT messaging platform; and
• configure alerts on securities of interest (e.g. price or volume alerts).
Q: Can VOT users trade directly on the ATS?

A: VOT users will still need to place their buy or sell orders through their stockbrokers.

Q: What are the requirements for clients to access VOTs?

A: Prospective clients are required to complete an application form (ZSE PSF 1) and submit it to the ZSE by email to [email protected]. A free trial period of 21 days is applicable to corporate clients only, and thereafter they will need to pay the relevant VOT fees if they opt to subscribe for the full service.

Q: What IT infrastructure do I need to access the VOT service?

A: A normal desktop/laptop with standard operating software and reasonably fast internet connectivity will be sufficient. At a minimum the following IT requirements apply:

a) Network Requirements

● Internet Connection – A minimum of 1Mbps

b) Computer/Laptop Requirements

● RAM – 2 GB or better
● Internet Explorer Web Browser version 11 or better
● Adobe Flash Player – Latest version
Q: What are the VOT fees?

A: VOT data fees are specified in the ZSE Market Data Price List which is available on the ZSE website (

The Trading Process on the ZSE

Q: Is short selling permitted on the ZSE?

A: Short selling is not permitted on the ZSE.

Q: What is the settlement cycle?

A: The settlement cycle is T+3, which means that for example if a trade takes place on Monday, it gets settled on Thursday.

Q: Are margin trading and securities lending practised on the ZSE?

A: Margin trading and securities lending are not available on the ZSE.

Q: How does the ZSE deal with failed trades?

A: Failed trades are reported to the Exchange and appropriate action is taken based on the period for which the deal has been outstanding.

Q: What are the requirements for issue of contract notes or their equivalent?

A: Market participants (stockbrokers) are obliged to issue contract notes within 24 hours of executing a trade.

Investment Information for Investors

Q: Why do companies list on the ZSE?

A: Listing enables a company to raise capital (the funds it needs to operate and grow). Listing can also be done to enhance the company’s public profile with customers, suppliers, the media and investors. As a result, more business opportunities become available to the company.

Q: Where do I find information about the listed companies on the ZSE?

A: The ZSE website has information on all the listed companies under the Listed Securities tab.

Q: How can I access PDF annual reports and other releases of the listed companies?

A: The annual reports and other releases of the listed companies are available on the ZSE website ( To access the documents, a client can click on the individual company, or find them on the company’s website.

Q: Does the ZSE offer Data services?

A: Yes, the ZSE offers data services. For a list of the available data services email [email protected]

Q: Does the market capitalisation for dual listed companies include the shares on the global registers?

A: No, the ZSE reported market capitalization of dual listed companies include shares that are in the local register only

Q: Can I attend analyst presentations and investor events?

A: Yes, as a potential investor you are encouraged to attend company briefings, subject to the attendance policy by the concerned issuer.

Q: Which investor protection mechanisms apply?

A: The market has the following investor protection mechanisms:-

Professional Insurance Policies
Each broking firm is required to have professional indemnity cover to make good any losses resulting from professional negligence or dishonesty by any of their employees.
Q: Are there foreign restrictions on repatriation of initial invested capital and dividends?

A: There are no restrictions on repatriation of capital and dividends. Foreign currency shortages have however been encountered in the past making remittances difficult to effect on time.

Q: Are there any foreign ownership restrictions and what disclosures are required?

A: The limit for an individual foreign investor is 15% of total issued share capital whilst the aggregate limit for foreign investors per counter is 49%. Foreign investors may exceed these thresholds subject to getting prior approval from the Reserve Bank of Zimbabwe (RBZ).

Q: Who regulates the capital markets in Zimbabwe?

The Zimbabwean capital market is regulated by the Securities and Exchange Commission of Zimbabwe (“SECZ”).

Q:What legislation governs the operations of the Zimbabwean capital markets?

A: The Securities and Exchange Act (24:25).



 ZSE Rules and regulation
 Companies Listed
 Listing on ZSE
 Find a broker
 Contact ZSE

Other Links

 Securities and Exchange Commission of Zimbabwe (SECZ)
 Reserve Bank of Zimbabwe (RBZ)
 Ministry of Finance 
 Chengetedzai Depository Company (CDC)