CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (50/2017 Disciplinary Board) (116/2017 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Wednesday 23/08/2017 on violation No. (50/2017 Disciplinary Board) (116/2017 Authority) filed against:
Anwar Mustafa Thunaiyan Al Ghanim
That is by: “First: The violator shall pay KWD 1000 for violating the rules of market conduct.
Second: Obligating the violator to return KWD 600 which is the amount of the benefit he gained.
This punishment is due to violating the provision of paragraph (c) of clause (1) of Article (3-5) of Module Fourteen (Market Conduct) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. He entered purchase orders in the trading session dated 15/05/2017 on the shares of (Sahil) for a relatively large amount, which misled traders and made them believe that a real purchase power exists on the shares. This enabled him to sell the desired amount afterwards in the desired price, and achieve a total profit of KWD 600.
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.