«Securities» fined two listed companies 150 thousand dirhams
The Securities and Commodities Authority (SCA) has fined two listed companies worth AED150,000 for violating the rules of the authority. The Authority said in a disclosure issued yesterday, it fined Sogund Commodities DMCC an amount of AED50,000 for the disposal of customers' balances. Face contrary to the rule of
The Securities and Commodities Authority imposed a fine on two listed companies worth AED 150,000 for violating the rules of the Authority.
The Authority said in a disclosure issued yesterday, it fined Sognd Commodities DMCC an amount of 50,000 dirhams for the disposal of the balances of dealers in a manner contrary to the provision of item (4) of Article (3-12) of the decision of the Board of Directors. CMA No. (157 / R) of the year 2005 on the system for listing and trading of commodities and contracts.
It added that Al-Ramz Capital was fined AED 100,000 as a result of the company's non-compliance with verifying the customer's ability to pay for purchases before the settlement date. (18) of the Authority's Board Decision No. (27) of 2014 on the Securities Brokerage System.
The announcement of the names of the violating companies comes from its supervisory and supervisory role on the securities sector, and in order to take the procedures prescribed by law towards violators of the provisions of the law of the Commission and the regulations issued pursuant thereto.
The Authority began to implement the Board's decision to publish the names of violators as of June 2017, and the publication process is given the utmost care and caution, where the information and data on the violators are published after a detailed examination of the case and fully verified.