Namibian Stock Exchange Association is the custodian of the license to operate the stock exchange. This body comprises 43 associate members (banks, listed companies, investment institutions, etc.) who sponsored the establishment of the NSX by each donating N$10,000. Each year these elect an Executive Committee (Chairman: Theo Schoeman) of nine members of the business community, representing different business sectors, and the tenth member represents NAMFISA (Namibia Financial Institutions Supervisory Authority, which is the commercialised financial services regulator. Sub-committees are appointed from time to time as need arises with Listings Committee meeting regularly. The NSX is regulated