a. Any person who carries on, or purports to carry on, brokerage activities without a license shall be considered violating the provisions of Article 31 of this Law and shall be subject to any of the two following sanctions or both:
- A fine of not less than SR 10,000 and not to exceed SR 100,000 for each violation.
- Imprisonment for a term not to exceed nine (9) months.
b. Any agreement or contract which is entered into in relation to a Security related transaction that is in violation of Article 31 of this Law shall be void and the violating broker may not complain on basis of such agreement or contract against the other party and that party shall be entitled to request the rescission of the agreement or contract and the recovery of any money or other property paid or transferred by him under the agreement or contract, provided the rescinding party restitutes any money or other property received through such agreement or contract. The Committee shall have jurisdiction over the suits brought pursuant to this provision.
