Capital Markets Authority fines insurance company for non-disclosure

19 August 2008
Saudi Arabia's Capital Markets Authority (CMA) has fined a listed insurance company SR50,000 ($13,351) for failing to disclose that it had won a licence to sell insurance products.

Saudi Indian Company for Co-operative Insurance obtained a permit from the Saudi Arabian Monetary Agency (Sama) to sell insurance products on 9 July, but failed to disclose its new licence until after the close of the market on 12 July.

Saudi Indian was incorporated as a joint stock company less than two years ago.

The stock market regulator has taken action against a number of companies during August.

The CMA fined Saudi Chemical Company SR100,000 on 11 August for leaking its first quarter results before they were due to be disclosed to the whole market.

On 7 August, the regulator removed an asset management licence from Naeem Investment Company for providing false or misleading information.

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