Saudi regulator identifies market fraud and scams

Saudi regulator identifies market fraud and scams
Saudi regulator identifies market fraud and scams

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Jeddah - Yasmine El Tohamy - The Capital Market Authority (CMA) identified some cases suspected of manipulations, fraud and scam of the capital market rules and its executive regulations, amid the price fluctuations of some stocks.

The Saudi market regulator is finalizing the required paperwork to take the necessary regulatory measures with regard to those violators, including their referral to the Public Prosecution.

The CMA pointed out that it is keen to enforce the stock market executive regulations and protect the market from illegal practices.

Therefore, the market regulator urged all participants and investors not to be misguided by any unjustified stock gains, rumors, or unreliable information published by unauthorized persons, who seek to mislead investors and use investors’ money to their advantage.

The market regulator called on all investors to get information from their reliable resources, so that they can make the right decision, based on the accurate information available on all listed companies, their financial statements, the current and expected operational efficiency, and the accurate disclosures from authorized channels.

The CMA also highlighted the importance of disregarding rumors and keeping away from illegal dealings, as such untrue statements and dealings could lead investors to incur losses or become legally accountable.

Investors can obtain reliable information from the announcements and disclosures of listed companies, as well as the websites of the CMA and the Saudi Stock Exchange (Tadawul), the market regulator added.

The CMA urged all investors to exercise caution and study risks if they plan to start investment in listed companies.

It also called on market participants to report any violations of the capital market law and its executive regulations, through this link.

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