Latest news with #NationalBuilding
Zawya
6 days ago
- Business
- Zawya
Saudi CMA refers a number of violators to Public Prosecution
RIYADH — The Saudi Capital Market Authority (CMA) has referred a number of suspects to the Public Prosecution for their violation of the Capital Market Law and the Market Conduct Regulations. The CMA board decided to take the punitive action against the suspects for violating Article 49 of the Capital Market Law and Article 2 of the Market Conduct Regulations through their involvement in influencing the outcome of the share offering of National Building and Marketing Co. on the Parallel Market. They involved in the crime with the aim of creating a false and misleading impression regarding the security and the company's fulfillment of the liquidity requirements necessary for listing on the Parallel Market. Additionally, it was found their involvement in executing transition and transactions in order to fraudulently meet the eligibility criteria for the transition to the main market. The CMA emphasized to all market participants that unlawful practices involving fraud, deception, misrepresentation and manipulation constitute violations that subject perpetrators to legal accountability and the imposition of penalties under the Capital market Law and its implementing regulations. The CMA underscored its commitment to pursuing those who manipulate the capital market by monitoring their transactions, utilizing its authority under the Capital Market Law, and fulfilling its responsibility to protect citizens and investors from unfair or improper practices. The CMA is dedicated to ensuring justice, efficiency, and transparency in securities transactions. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Argaam
26-05-2025
- Business
- Argaam
CMA refers suspects to prosecutors over National Building IPO misconduct
The Capital Market Authority (CMA) referred several individuals to the Public Prosecution for allegedly manipulating the initial public offering (IPO) of National Building and Marketing Co. on the Nomu-Parallel Market. The suspects are accused of carrying out transactions intended to influence the coverage of the offering and to falsely meet the eligibility criteria for transitioning to the main market. The alleged actions were aimed at creating a misleading impression about the security and the company's compliance with the liquidity requirements for listing. For More IPOs The CMA said the suspects may have violated Article 49 of the Capital Market Law and Article 2 of the Market Conduct Regulations. The regulator reiterated its warning to all market participants that fraudulent, deceptive, and manipulative conduct constitutes a breach of capital market rules and may result in legal action and penalties. The CMA affirmed its commitment to holding violators accountable by monitoring market activity and using its powers to protect investors and ensure fairness, transparency, and efficiency in the Saudi capital market. The General Secretariat of the Committees for the Resolution of Securities Disputes will disclose the names of convicted individuals on its website once final rulings are issued.
