The Capital Market Authority (CMA), announced on Tuesday referring 15 suspects, including individuals as well as local and international companies, to the Public Prosecution over suspicions of violating the Capital Market Law and Market Conduct Regulations.

The suspects are accused of manipulative and fraudulent practices on the shares of Dar Al Arkan Real Estate Development Company.

They placed certain buy and sell orders to affect Dar Al Arkan stock price, along with other buy orders to achieve high closing auction prices. The suspects generated SR96.18 million in illicit gains from such manipulation.

This came in line with the CMA’s efforts to protect the market from unfair as well as illegal practices.

CMA also stated that the General Secretariat of Committees for Resolution of Securities Disputes (GSCRSD) will disclose the violators’ identities to the public on its website, once the violations are proved and final decisions are issued by the Committees for Resolutions of Securities Disputes.