The Johannesburg Stock Exchange (JSE) has received regulatory approval for its ambitious Simplification Project, a strategic initiative designed to reverse decades of declining listings and create a more accessible, investor-friendly environment.
Founded in November 1887 by Benjamin Wollan, the JSE was originally established to raise capital for South Africa’s booming gold mining industry. Over the years, it has grown into Africa’s largest stock exchange, hosting some of the country’s most prominent companies, including Naspers, Capitec, Harmony Gold, and many others.
Despite its stature, the JSE has faced significant headwinds. Many companies have opted for private ownership, while others have avoided listing altogether due to high compliance costs and regulatory complexity. This trend has led to a sharp decline in the number of listed firms:
- 1990s: Over 850 companies listed
- 2012: Approximately 400 companies
- Today: Fewer than 300 companies
In response, the JSE launched its Simplification Project in 2023 to modernize and streamline its listing framework. The initiative focuses on:
- Plain Language Rules: Rewriting listing requirements in clear, concise language to improve understanding for issuers, sponsors, and investors.
- Reduced Complexity: Cutting unnecessary red tape while maintaining robust regulatory standards.
- Volume Reduction: Significantly shrinking the size of the listing requirements for easier navigation.
The project incorporated public feedback and aligned with legislative changes introduced by the Companies Act signed by President Cyril Ramaphosa in 2024. Following these refinements, the Financial Sector Conduct Authority (FSCA) has now approved the updated requirements.
- Effective Date: 13 January 2026
- Action: Current listing requirements will be fully replaced by the new simplified version.
- Next Steps: The JSE will communicate training schedules and guidance ahead of the rollout.
Despite recent delistings, the JSE has seen encouraging progress:
- 2024 IPOs: Major listings included WeBuyCars, Rainbow Chicken, and Boxer, the latter marking the largest IPO in years.
- 2025 Listings: Fintech firm Optasia and telecom giant Cell C joined the exchange.
According to Maurice Madiba, JSE Head of Primary Markets, these developments underscore the strength and resilience of South Africa’s capital markets. He attributes the turnaround to regulatory reforms and a positive economic trajectory.
- Formation of the Government of National Unity (2024) boosted investor confidence.
- South Africa’s equity market ranked among the best-performing globally in 2025, driven by strong gains in gold and platinum miners.
- Removal from the grey list and an S&P credit rating upgrade further enhanced the country’s investment appeal.
The JSE anticipates continued momentum, with a robust pipeline of upcoming listings. Companies such as Coca-Cola HBC, Fidelity Services, Canal+, and Tyme Group have announced plans to list in the near future.
Madiba remains optimistic:
The positive listing trend is set to continue, supported by a simplified regulatory framework and growing investor confidence.
