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CMA e-system trims legal action durations by 85%

CMA e-system trims legal action durations by 85%
The new system has also contributed to the disposal of banking checques- (Photo Archive)

Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) said that the electronic channel connecting it with the Ministry of Justice increased the confidentiality of data.

The electronic system (Nafith) reduced 85% of the time taken in implementing the legal actions to 3-5 days from 20-25 days, the CMA said.

The system has connected the CMA, implementation authorities, licencees, the Saudi Stock Exchange (Tadawul) at the beginning of 2016, while the official inauguration was during the month of Ramadan.

The use of paper in the implementation of court orders issued by judges was cancelled starting from 11 July 2016, the statement said.

The new system has also contributed to the disposal of banking checques and exchanged them with the international banking account number (IBAN).