CMA says violator convicted for unlicensed financial advice, fined SAR 250,000

06:46 PM (Mecca time) Argaam
Logo ofCapital Market Authority (CMA)

Logo of Capital Market Authority (CMA)

The Capital Market Authority (CMA) announced that the Appeal Committee for the Resolution of Securities Disputes issued a final decision against Fahd bin Mohammed bin Saleh Al-Nafisah for violating Article 31 of the Capital Market Law and Articles 5 and 17 of the Securities Regulations, imposing a fine of SAR 250,000.

 

According to the Authority’s statement, the convicted individual practiced a securities activity (investment advisory) through the mobile app Telegram, in exchange for receiving payments, during the period from October 26, 2023, to July 30, 2024, without obtaining CMA license.

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