Saudi authorities have fined three stock traders SR169 million ($45 million) for market manipulation and banned them for three years.
The Saudi Capital Markets Authority (CMA) on Monday said the men were punished for flouting rules against deliberately providing misleading or advantageous information to investors.
One was fined SR146.6 million, another SR17.1 million and the third SR5.3 million, Reuters reported. CMA spokesman Abdelaziz Alzoom said these were heaviest penalties the market regulator had imposed so far.
The CMA was established by the Capital Market Law, issued by Royal Decree No. (M/30) dated 2/6/1424 H (16th June, 2003). The CMA is a government organization with financial, legal and administrative independence. It reports directly to the Prime Minister.
The CMA functions are to regulate and develop the Saudi Arabian Capital Market. It issues the required rules and regulations for the implementation of the provisions of Capital Market Law aimed at creating an appropriate investment environment.
