‎CMA refers 17 suspects to Public Prosecution for violations of Capital Market Law

‎CMA refers 17 suspects to Public Prosecution for violations of Capital Market Law

The Capital Market Authority (CMA) decided to refer 17 violators of the Capital Market Law to the Public Prosecution, according to the CMA website.

One of the suspects was managing two portfolios belonging to two investors in the Saudi Stock Exchange without obtaining a license from the CMA, as well as using those portfolios with other suspects by carrying out practices that involve manipulative and deceptive acts in market trades. The suspicion was related to the entry of purchase orders to impact the prices of some listed stocks.

The General Secretariat of Committees for Resolution of Securities Disputes will announce to the public the identities of convicted violators on its website upon the issuance of final decisions by the Committees for Resolution of Securities Disputes (CRSD).

Moreover, any person affected by these violations is entitled to file a compensation claim, after conviction, against the violators before CRSD as per Article (57) of the Capital Market Law.

Furthermore, any person who has entered into any agreement or contract with an unauthorised person is entitled to file a claim, individually or collectively, to CRSD to rescind the agreement or contract and recover any money or other property paid or transferred pursuant to such agreement or contract.