Dubai:
The Dubai Financial Services Authority (DFSA) said it has fined Al Ramz Capital and its former Head of Information Technology, Najim Al Attar, for serious failures to provide complete and accurate information relevant to its investigation which commenced in 2014.
The DFSA imposed a fine of $205,200 (Dh753,084) on Al Ramz. Al Ramz is also required to pay $100,000 towards the DFSA’s investigation costs. In addition, the DFSA imposed a fine of $32,640 against Al Attar.
The DFSA’s action follows an investigation that initially focused on trading on NASDAQ Dubai by Al Ramz and others, which the DFSA suspected may have breached Part 6 of the DIFC Markets Law 2012.
