The Capital Market Authority (CMA) canceled the license granted to Dirham Capital Co. to conduct the activities of investment management and fund operation as well as arranging and advising in the securities business, according to a statement today, April 1.
The cancellation of the license granted to Dirham Capital came after it was proven that the company did not fulfill the “fit and proper” requirements to carry out the securities business for which the company was licensed.
The CMA’s board had previously issued a decision to suspend the license granted to Dirham Capital to practice capital market activities, as per Article 62 of the Capital Market Law.
The market regulator called on all market participants and investors not to deal with this brokerage, stressing the importance of market protection against illegal financial practices, therefore boosting confidence in the Saudi capital market.
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