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. (2770/L.S/2022) of 1444 H., dated 05/06/1444 H., corresponding to 29/12/2022, in the public penal case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Nabeel bin Abdo bin Zayla'i Zayla'i.

The decision concluded with the conviction of the abovementioned individual for violating Article (31) of the Capital Market Law, as well as Article (5) of the Securities Business Regulations, for carrying out a securities business work represented in “Managing", by managing investment portfolios without obtaining a license from the CMA.

The decision included the imposition of a fine upon him amounting to (SR. 70,000) seventy thousand Saudi Riyals.

Furthermore, any person who has entered into an agreement or contract with the convicted person in relation to this violation 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)

However, the GS-CRSD will announce to the public on its website in case of registering any class action in order to enable the rest of investors who has entered into an agreement or contract with the convicted person to apply to the CRSD to join the class action.

​​