Title: Announcement regarding issuance of Disciplinary Board Resolution No. (74/2023) Disciplinary Board - (111/2023) Authority, and imposition of a fine against: The Trader/ Lulwa Khaled Nasser Al-Rughaib for violating the rules of Market Conduct

Announcement regarding issuance of Disciplinary Board Resolution No. (74/2023) Disciplinary Board - (111/2023) Authority, and imposition of a fine against: 
The Trader/ Lulwa Khaled Nasser Al-Rughaib.
For violating the rules of Market Conduct.

For the following reasons:
Violation of Paragraph (c) of Item (1) of Article (3-5) of Module Fourteen (Market Conduct) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It was proven, through monitoring the transactions executed on the shares of Inovest Company (B.S.C) during the trading session of 12/7/2023, that she, through her electronic trading account, affected the stock orders’ table of Inovest Company through entering several purchase orders in relatively large quantities and prices less than the prevailing price, which led to creating a fake implication on the power of the purchase orders’ register by her in comparison to the average trading on the share. Her aforementioned transactions coincided with entering several purchase orders on the share in relatively large quantities, and most of which have not been executed and they were cancelled.

The said has divided these orders, which resulted in delivering a misleading image on the existence of several orders from the investors to purchase the share in several price levels. This has attracted the traders in the market to purchase the security and increase the momentum on the share, which resulted in achieving a profit that valued KWD 917 (nine hundred and seventeen Dinars) from selling the quantity of shares that she intended to sell of (1,912,075 shares) in the best prices during the trading session of 12/7/2023.

She took advantage of the prices updated by her after attracting the public traders to deal on the share according to the artificial prices.

The Resolution included the infliction of the following penalty: -
“First: Levying a fine against Lulwa Khaled Nasser Al-Rughaib in the amount of KWD 1,000 (one thousand Dinars) for the attributed violation.
Second: The said is required to pay the amount of KWD 917 (nine hundred and seventeen Dinars) the value of the profit she obtained due to committing the violation”.

In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.