​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 19/03/1437H corresponding to 30/12/2015 regarding the lawsuit filed by the Capital Market Authority against Nawaf  bin Safar bin Saleh Alodhayani Alotaibi and Abdulaziz bin Ateeq bin Safar Alodhayani Alotaibi. The decision upheld the previous decision issued by the Committee for the Resolution of Securities Disputes convicting the defendants for violating Article (31) of the Capital Market Law and Article (5) and Article (17) of the Securities Business Regulations for practicing a securities business without obtaining a license, as they used their cell phones and a number of websites to give recommendations on shares of companies listed in the Saudi Stock Exchange in return for money transfers made to their bank accounts. The decision of the committee included the imposition of a fine of 20,000 Twenty Thousand Riyals .

The Capital Market Authority insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.