Oman warns brokers on insider trading
Muscat, January 24, 2010
Oman's Capital Market Authority (CMA) on Sunday warned brokers not to leak the financial statements of listed companies before they are published.
"The CMA affirms that the aim is to enhance transparency among traders (brokers) and not to reveal financial information of trading companies before they are published," a CMA statement said.
The CMA also urged trading companies to publish results "as soon as possible to avoid speculation on companies' financial positions".
Listed companies have up to two months to publish annual results from the end of the last financial quarter. But some brokers in the Muscat Securities Market said that listed companies sometimes are the source of insider trading.
"There are a few rumours going around about insider trading but listed companies, apart from brokers, sometime leak information not just brokers," Sankar Kailasam, analyst at Gulf Baader Capital Markets said.
Companies accused of insider trading face a fine of up to 100,000 rials ($260,000). - Reuters