Saudi CMA Cancels Licence of Edraj Capital

Saudi Arabia’s Capital Market Authority (CMA) has rescinded the licence of financial services firm Edraj Capital. 

The market authority found that the company no longer meets the “fit and proper” requirements to provide authorised activities, including arranging and advising on securities.

The action was taken to protect the integrity of the market and investors’ interest.

“The company did not fulfil the ‘fit and proper’ requirements to carry out the securities business for which the company was licensed,” the authority said.

“The integrity of the market and the protection of investors necessitate this action.”