CMA refers investors to public prosecution for manipulation, fraud in market trades

04/03/2021 Argaam

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The Capital Market Authority (CMA) announced today that its board of directors referred a number of investors to the Public Prosecution for violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations, as they carried out practices that involved manipulation and fraud in market trades, according to CMA's statement.
 

The market regulator also stated that those investors entered purchase orders for the purpose of influencing the share price, and entered purchase orders at the closing auction to achieve a high closing price in the shares of number of listed companies on the Saudi Stock Exchange.

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