CmaBoardReleases
Title: Announcement Regarding the Issuance of Disciplinary Board Resolution
Announcement Regarding the Issuance of Disciplinary Board Resolution
The Capital Markets Authority announces the occurrence of a mistake in the reasons of the Resolution mentioned in the announcement published on 5/11/2015 regarding the issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 5/11/2015 on violation No. (38/2015 Disciplinary Board - 66/ 2015 Authority) filed against:
1) Global Investment House Company.
2) Ashraf Ibrahim Nelekar.
That is by "cautioning the first violator of the importance of complying with the controls of managing portfolios of others".
This punishment is due to, the Company's violation of the provisions of Article (10) of the Market Committee Decision No. 5 of 2005 on managing and supervising portfolios of others. The Company executed through the second defendant, who occupies the position of the Deputy Director of Operations, a transaction agreed upon beforehand at the Stock Exchange.
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.