whistles in the stock market; Protects shareholders from corruption and violations.
A prize of 10 billion riyals, an incentive for more people to participate.
The capital market, as one of the most important platforms for financing the economy, needs more than anything the public's trust, the transparency of information and the reliability of transactions in order to fulfill its effective role. In such a situation, whistleblowing or reporting of anomalies as one of the important tools for public monitoring can play an effective role in identifying violations, preventing corruption and protecting investors' rights.
Whistleblowing in the capital market means documented reporting of behaviors and activities that are contrary to laws and regulations of natural or legal persons; A measure that can prevent extensive losses and prevent limited violations from becoming larger crises. The importance of this issue becomes clearer when we know that in a market with a high volume of transactions and a variety of factors, purely organizational monitoring and relying on the facilities of the monitoring institution cannot identify all the anomalies by itself.
Increasing the bonus limit for reporting anomalies in the capital market to 10 billion Rials, once again emphasized the importance of whistleblowing in dealing with corruption, identifying violations and protecting the rights of shareholders.
▫ Bahar Shafizda, Head of the Department for Maintaining the Health of the Capital Market, referring to the increase in reports received from capital market operators, said: The Department for Maintaining the Health of the Capital Market, as one of the regulatory bodies, is responsible for receiving reports in 4 designated areas in the market, publishers, financial institutions and virtual space.
▫ He added: Since the beginning of the year, a significant number of reports have been received from capital market operators, which indicate an increase in public confidence in the system and a strengthening of the whistle-blowing culture. All reports received are monitored and checked according to their nature and subject, and no report is left unfollowed. In this direction, steps were taken such as changing procedures, regulatory measures and in more serious cases, filing violations and criminal cases to protect the rights of investors.