Financial gain: Saudi Arabia's banking transformation is delivering a wealth of benefits, to the Kingdom and beyond    Four given jail terms for Amsterdam violence against football fans    South Korea becomes 'super-aged' society, new data shows    Trump criticizes Biden for commuting death sentences    Russian ballistic missile attack hits Kryvyi Rih on Christmas Eve    Blake Lively's claims put spotlight on 'hostile' Hollywood tactics    Saudi Ambassador to Ukraine presents credentials to President Zelenskyy    Cabinet underscores Saudi Arabia's significant progress in all fields    Viewing and printing vehicle data is now possible through Absher    Saudi Awwal Bank inaugurates Prince Faisal bin Mishaal Centre for Native Plant Conservation and Propagation in partnership with Environmental Awareness Society    Individual investment portfolios in Saudi stock market grows 12% to 12.7 million during 3Q 2024    Five things everyone should know about smoking    Saudi Arabia starts Gulf Cup 26 campaign with a disappointing loss to Bahrain    Gulf Cup: Hervé Renard calls for Saudi players to show pride    Oman optimistic about Al-Yahyaei's return for crucial Gulf Cup clash with Qatar    Qatar coach Garcia promises surprises as they seek first Gulf Cup 26 win    Abdullah Kamel unveils plans to launch halal certificate similar to ISO Value of global halal market exceeds $2 trillion    Emir of Madinah launches first phase of Madinah Gate project worth SR600 million    Do cigarettes belong in a museum    Marianne Jean-Baptiste on Oscars buzz for playing 'difficult' woman    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



SR17 million fines slapped on 13 persons convicted of violating Capital Market Law
Published in The Saudi Gazette on 02 - 05 - 2024

RIYADH — The Saudi Capital Market Authority (CMA) slapped fines amounting to SR17 million on 13 persons who are convicted of violating provisions of the Capital Market Law. The convicts have also been ordered to pay SR84,790,955.51 to the account of the Capital Market Authority for illegal gains made on their investment portfolios.
The General Secretariat of the Committees for Resolution of Securities Disputes under CMA announced the issuance of the final decision of the Appeal Committee for Resolution of Securities Disputes (ACRSD) in the general criminal case filed by the Public Prosecution and referred to the committee by the CMA against the 13 convicts.
The decision of the committee also included obligating other investors to pay a total amount of SR1,155,691.2 to the authority's account, in exchange for the illegal gains made on their investment portfolios, resulting from the illegal trading committed by two of the convicts.
The 13 persons were found guilty of violating Article 49 of the Capital Market Law and Article Two of the Market Conduct Regulations through their placement of purchase orders with the aim of influencing the share price. Some of these purchase orders were linked to sales orders, while they were trading in the shares of 11 companies, during the period from May 4, 2020 until May 20, 2021. This is while trading through their investment portfolios belonging to other investors, as these actions and practices constituted manipulation and fraud, and created a misleading and incorrect impression regarding the securities of the aforementioned companies.
The General Secretariat indicated that any person affected by the violations subject to this lawsuit has the right to submit an individual or collective lawsuit to the Resolution Committee to claim compensation for the damage resulting from these violations, provided that this is preceded by submitting a complaint to the Capital Market Authority.
The secretariat will announce on its website when any class action lawsuit is registered, so that the rest of the investors affected by the same violations can submit to the committee a request to join the class action suit to view the trading history and the security subject to the violation.


Clic here to read the story from its source.