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SAUDI STOCK EXCHANGE [TADAWUL]

Saudi Stock Exchange [TADAWUL]

Saudi Stock Exchange had its history since 1930 located in Riyadh, Saudi Arabia when the "Arab Automobile" company was established as the first joint stock company, Saudi Stock Exchange functions under the supervision of the Saudi Arabian Monetary Agency (SAMA).   From July 2003 onwards Saudi Stock Exchange was under the direct supervision of the Capital Market Authority (Saudi Arabia).

TADAWUL is one of the biggest stock exchanges with market capitalization amounting to much more than $ 56 million.  In 2001 SAMA introduced a new trading system called “Tadawul” for trading clearing and settlement. The new system is more accurate, efficient and speeds up the transactions. From 1990s Stock market is using electronic medium for trading, clearing, settlement and depository.

Up to 1980 the stock market functions as informal and government understood the importance of Stock market to boost up the development of corporate sector and regulate the market with the required system. In 1984 Ministry of Finance and National Economy formed a ministerial committee to regulate and develop the market under the name of Saudi Arabian Monetary Agency (SAMA).  Until 2003 SAMA was regulating and monitoring the market activities after that in July 2003 Capital Market Authority (CMA) was established by Royal Decree No (M/30) Capital Market Law (CML) with the object of regulating, supervising and to develop the Capital market to protect investors and security dealers ensure fairness, transparency and efficiency in the Market. The CMA is a government organization with financial, legal and administrative independence and reporting directly to the prime minister.

 

 

 
TADAWUL


SAUDI STOCK EXCHANGE

The Exchange is managed by the Board consists of nine members, three from the erstwhile system, that is the Governor of the Saudi Arabian Monetary Agency (SAMA) and the Ministers of Finance and Commerce, the remaining six will be from amongst the shareholders of the Saudi Stock Exchange.

Saudi Stock Exchange trading is limited to the nationals of Saudi Arabia and the people belonging to other GCC citizens. Other nationalities (Foreign investors are allowed to Saudi Stock Exchange through open ended mutual Funds put on offer by the Saudi Banks.

Duties and Authorities of CMA
The CMA enjoys authority to:

  • Regulate and develop the capital market.
  • Protect investors and the general public from unfair and unsound practices involving fraud, deceit, cheating, manipulation and insider trading.
  • Achieve fairness, efficiency and transparency in securities transactions.
  • Develop measures to reduce the risks pertaining to securities transactions.
  • Develop, regulate and monitor the issuance and trading in securities.
  • Regulate and monitor the activities of entities subject to the control of the CMA.
  • Regulate and monitor full disclosure of information related to securities and their issuers.
  • Regulate proxy and purchase requests and public share offerings.

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MAJOR STOCK EXCHANGES IN MIDDLE EAST

 
 
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