The Board of the Capital Market Authority (“CMA") issued its resolution to cancel the license granted to “Dirham Capital Company" to conduct the activities of Managing Investment and Operating Funds, Arranging, and Advising in the securities business.
The cancellation of the license granted to the company "Dirham Capital" by the CMA's Board 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. At the same time, the Board emphasized that the integrity of the market and the protection of investors necessitate this action.
It is worth noting that the CMA's Board had earlier issued its resolution to suspend the license granted to “Dirham Capital" to conduct its financial activities based on Clause (b) of Article (62) of the Capital Market Law issued by Royal Decree No. (M/30), dated 02/06/1424H and its Implementing Regulations.
The CMA urges all participants in the financial market and investors not to deal with the company, emphasizing the importance of protecting the market from illegal financial practices, maintaining its integrity, and protecting its investors, which enhances the confidence of participants in the Saudi capital market.
