The Accountability Committee issued a disciplinary decision to alerts the National Company for Management and Projects for its violation of the provisions of Article (149) of the Executive Regulations of Capital Market Law as the company transferred more than 15% of ownership shares from one person to another without having approval of Capital Market Authority.

Article 149 stipulates that; “no person shall, without the approval of CMA, own more than 15% of voting stock in any licensed company according to this regulation. The person in this article refers to the natural person and his spouse and first class relatives, and commercial business where he owns 20% or more of its voting stock”.

In this context, CMA confirms the importance of committing to laws and regulations of capital market sector that will achieve justice and protection to all parties operating in the market.