​CMA announces a decision by the Appeal Committee for the Resolution of Securities Conflicts (ACRSC) dated 08/04/1436H corresponding to 28/01/2015 regarding the lawsuit filed by the Capital Market Authority (CMA) against Badir bin Masha’an bin Humeed Alotaibi. The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD) convicting the defendant of violating Article (31) of the Capital Market Law and Articles (5) and (17) of the Securities Business Regulations for conducting a securities business without authorization. He used his cell phone to send text messages (SMS) that include recommendations and advise on the stocks of listed companies in the Saudi Stock Exchange in return for money deposited in his bank account. The committee’s decision included the imposition of a penalty of (SR 20,000) Twenty Thousand Saudi Riyals for this violation.

By that, CMA insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.