The Capital Market Authority (CMA) has increasingly demonstrated
its willingness to make use of advanced technology to supervise,
monitor and take the necessary actions where it is required to
uphold the Saudi stock exchange's (Tadawul) reputation. The
efforts are in line with the strategic plan to achieve the
objectives of Vision 2030, in a bid to position Tadawul as a
leading market in the Middle East, attracting foreign investors in
keeping with international best practices and diversifying Saudi
Arabia's sources of income.
For example, on May 2 2021, the CMA referred a suspected
violation to the Public Prosecution concerning two suspects alleged
to have been involved in manipulation and fraud during the trading
of shares of a number of listed companies on Tadawul, violating the
Capital Market Law. The practices included the suspects entering
both purchase and sell orders for a security without the intention
for execution, also violating the Market Conduct
