Kuwait's cabinet has passed a draft decree appointing the director of the country's stock exchange as the head of the new stock market regulator, state news agency Kuna reported on Wednesday.   

The draft decree appoints Saleh Al-Falah as the chairman of the regulator's board of commissioners, Minister of Trade and Industry Ahmad Al-Haroun was quoted by Kuna as saying.   

The appointment comes after months of delay, during which at least 18 candidates turned down the post.

In February, the state's parliament approved a much-delayed bill to set up a watchdog for the country's bourse, which has been plagued with irregularities in prices and disclosure.

Analysts said the post's stringent conditions, including a five-year ban on all investments by the regulator head and his family, made it difficult to fill.

The new authority overseeing the bourse will have the power to impose fines of up to 100,000 dinars ($347,300) and prison sentences of up to five years for violations.- Reuters