CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (1/2018 Disciplinary Board) (217/2017 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Wednesday 10/01/2018 on violation No. (1/2018 Disciplinary Board) (217/2017 Authority) filed against:
Ahmad Sadiq Haji Marafi
First: Pay a total of KWD 2000 for violating the rules of market conduct.
Second: Return a total of KWD 2,012 which is the value of the avoided loss.
This punishment is due to performing intensive trading on the shares of Al-Arabiya Real Estate Company in the trading session held on 29/10/2017, which affected the share’s order book and mislead traders regarding the trading or price of a listed security, by making large purchase orders for 650,000 shares and then canceling it simultaneously with selling 775,729 shares, and avoiding a loss of 2012 K.D., which is a violation of the provisions of Clause (1,c) provision (5) of Article (3-5) of Module Fourteen ( Market Conduct) of the Executive Bylaws of CMA Law No. 7 of 2010 and their amendments
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.