Announcement for a Case of Carrying out Securities Business by Unauthorized Persons
Sunday, January 24, 2021 at 3:50 PM
Sun Jan 24, 2021 15:50
In line with the Capital Market Authority’s (CMA) responsibilities to protect citizens and investors from unfair and unsound practices, and aiming to achieve fairness, efficiency and transparency in the market, and based on Article 17 of the Capital Market Law, the CMA announces to the citizens and investors in the capital market that the Company "Gulf Tadawul" through the website (www.gulftadawul.com) and (www.gulf-tadawol.com) on the Internet, is an unauthorised person to carry out securities business in the Kingdom, and that the CMA is in the process of completing the regulatory procedures in this regard.
The CMA assures its devotion to apply the Capital Market Law and its Implementing Regulations and protect the investors from illegal practices. The CMA calls on all participants and investors in the Saudi Stock Exchange to limit their transactions in securities to the capital market institutions authorised by the CMA to carry out securities business. It further request them not to deal with unauthorised persons, whether they were of legal or natural personality, and must ensure that the persons with whom they deal have obtained the Authority’s authorisation, or visit the CMA's website on WWW.CMA.ORG.SA to view the list of the authorised persons.
Furthermore, any person who has entered into any agreement or contract with an unauthorised person shall be entitled to file a claim, individually or collectively, to the Committee for the Resolution of Securities Disputes (via this link) to rescind the agreement or contract and recover any money or other property paid or transferred by such person under the agreement or contract, pursuant to paragraph (b) of Article (60) of the Capital Market Law, and provided that such claim is preceded by a complaint to the CMA (via this link) in this regard.