​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 07/03/1437H corresponding to 18/12/2015 regarding the lawsuit filed by the Capital Market Authority against Turki bin Abdulaziz bin Mohammad Bin Nafeesah. The decision upheld the previous decision issued by the Committee for the Resolution of Securities Disputes convicting the defendant for violating Article (31) of the Capital Market Law and Article (17) of the Securities Business Regulations for practicing a securities business without obtaining a license. He advertised, through a number of websites, managing other people’s investment portfolios in the Saudi Stock Exchange in return for a percentage of the Net Profit. The decision of the committee included the imposition of a fine of 10,000 Ten 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.