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Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (55/2019 Disciplinary Board) (94/2019 Authority)
Date Publish 28 November 2019


The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday 28/11/2019 on violation No. (55/2019 Disciplinary Board) (94/2019 Authority) filed against:

  1. BDO Consulting Co. WLL.
  2. Protiviti Member Firm Kuwait WLL.
  3. Rogge Varghese.
  4. Jitendra Somani.

 

1. BDO Consulting Co. WLL violated the provisions of Articles (3-2-3), (3-2-5) and (3-2-7) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. Mr. Rogge Varghese, who is registered at BDO Consulting Co. WLL as a financial manager, is working under the same position at Protiviti Member Firm Kuwait WLL.

 

2. Protiviti Member Firm Kuwait WLL violated the provisions of  the mentioned Articles (3-2-3), (3-2-5) and (3-2-7) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of the Law mentioned above. Mr. Jitendra Somani, who is registered at the company as a financial manager, is working under the same position at BDO Consulting Co.WLL.

 

3. Mr. Rogge Varghese, financial manager at BDO Consulting Co. WLL, , violated the provisions of Articles (3-2-5) and (3-2-7) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of the Law mentioned above, for working in the position of financial manager at Protiviti Member Firm Kuwait WLL even though he is registered at BDO Consulting Co. WLL as a financial manager.

 

 

4. Jitendra Somani, financial manager at Protiviti Member Firm Kuwait WLL, violated the provisions of Articles (3-2-5) and (3-2-7) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of the Law mentioned above, for working in the position of financial manager at BDO Consulting Co. WLL even though he is registered at Protiviti Member Firm Kuwait WLL as a financial manager.

 

Therefore, the resolution was issued:

“The  violators shall be warned of the future consequences of repeating the violation of assigning a registered employment position for a person not registered with the company who is registered with another.”

In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.

 

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.

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