If the brokers think the NSE is worth much more than what the GoK/CMA thinks it is, then let investors open up a COMPETITOR asap!
In the USA, there were many exchanges to begin with including the NYSE (founded in 1792), Philadelphia Exchange, American Stock Exchange & Chicago Stock Exchange. Not to forget NASDAQ (founded 1971) which was derided as 2nd Class but over time attracted the likes of Intel & Microsoft!
I know there have been proposals in front of the CMA for years to license another Exchange but the powerful mandarins & current stockbrokers have uses their influence to kill it! For this Kenyans pay much higher fees to support an inefficient system!
Let another exchange come into play. There are 100s of firms that will list in the next 5 years. What's more? The new exchange will be completely electronic & allow investors better tools to trade unlike the current system!
I have a strong feeling some listed firms will even jump over to the new Exchange!