Announcement from the General Secretariat of CRSD Regarding the Issuance of ACRSD Decision No. (2124/L.S/2021) of 1442 H. Convicting Violators of the Capital Market Law and its Implementing Regulations

The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes’ (ACRSD) final decision No. (2124/L.S/2021) of 1442 H., dated 14/06/1442 H., corresponding to 27/01/2021G., in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Osama Muhammad Abdulaziz Alsayad and Yousef bin Musfer bin Ibrahim Alghamdi.


The decision concluded with the conviction of the abovementioned individuals for violating Article (31) of the Capital Market Law, as well as Article (5) of the Securities Business Regulations, for participating in practicing a securities business represented in “Advising” by receiving financial transfers and transferring them to two companies under the names "Kheprat KSA" and "El-Raed," both based outside the Kingdom, that provide portfolio management services and recommendations, as well as provide daily reports on the shares of companies listed on the Saudi Stock Exchange, in return for various financial fees that are transferred and deposited in the bank account of the first defendant or the bank account of the second defendant and advertising for the aforementioned services on the website ( and on the social media account (Twitter) with the handle name (@TawsiyatElRaed ) without obtaining a license from the CMA.

The decision included the imposition of sanctions upon them according to the following:

First defendant: Osama Muhammad Abdulaziz Alsayad:

Imposing a fine upon him amounting to (SR. 30,000) thirty thousand Saudi Riyals.

Second defendant: Yousef bin Musfer bin Ibrahim Alghamdi:

Imposing a fine upon him amounting to (SR. 30,000) thirty thousand Saudi Riyals.

Furthermore, any person who has entered into an agreement or contract with the convicted persons in relation to these violations is entitled to file a claim with the CRSD to request the rescission of the agreement or contract and the recovery of any money or other property paid or transferred by him under the agreement or contract, as per Article (60/b) of the Capital Market Law, provided that such claim is preceded by a complaint filed with the CMA on this regard, via the following  link (File Complaint Link).