MUSCAT: The Capital Market Authority has imposed a fine on Trust Investment Funds Management Company (LLC) for violating Article 149 of the Executive Regulation of the Capital Market Law (ERCML).
In a statement issued, CMA said a third party has owned all the shares of Trust Investment Funds Management Company without obtaining the prior consent of the CMA.
Article 149 of the ERCML provides “No person may own, without CMA’s approval, more than 15% of the voting shares in any company licensed pursuant to this regulation’
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CMA emphasizes that all regulated entities must comply with the laws and regulations to ensure fairness, equality and protection for all stakeholders in the securities sector.
