Capital Market Authority (CMA) announced the issuance of Disciplinary Board Resolution No. (32/2023 Disciplinary Board) (161-137/2022 Authority) and imposition of a fine against: Azyan Capital Company (OTC code 467) and Chairman of the Audit Committee and Members of the Audit Committee for violating the Provisions of Module Sixteen and the Rules of Corporate Governance and Securities Activities and Registered Persons of the Executive Bylaws of Law No. 7 of 2010 and their Amendments.
The Resolution included the infliction of the following penalty: -

“First: Levying a fine against Azyan Capital Company as follows:
1- An amount of KWD 10,000 (ten thousand Dinars) for the violations from the first to eleventh violations attributed to it due to correlation.
2- An amount of KWD 1,000 (one thousand Dinars) for the twelfth attributed violation.
3- An amount of KWD 20,000 (twenty thousand Dinars) for the thirteenth attributed violation.
In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these Laws in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.