CMA refers suspects to prosecutors over National Building IPO misconduct
The suspects are accused of carrying out transactions intended to influence the coverage of the offering and to falsely meet the eligibility criteria for transitioning to the main market. The alleged actions were aimed at creating a misleading impression about the security and the company's compliance with the liquidity requirements for listing.
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The CMA said the suspects may have violated Article 49 of the Capital Market Law and Article 2 of the Market Conduct Regulations.
The regulator reiterated its warning to all market participants that fraudulent, deceptive, and manipulative conduct constitutes a breach of capital market rules and may result in legal action and penalties.
The CMA affirmed its commitment to holding violators accountable by monitoring market activity and using its powers to protect investors and ensure fairness, transparency, and efficiency in the Saudi capital market.
The General Secretariat of the Committees for the Resolution of Securities Disputes will disclose the names of convicted individuals on its website once final rulings are issued.
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