The Dubai Financial Services Authority (DFSA) has issued a Decision Notice against Vedas International Marketing Management for conducting unauthorised financial promotions and making misleading claims about the Multibank Group.
“Upholding the integrity and reputation of the DIFC is one of our highest priorities. The DFSA will not hesitate to act against firms that mislead the public about their regulatory status or location, taking necessary steps to deter such conduct,” Chief Executive Ian Johnston said.
The regulator imposed a fine of $100,000 (AED367,000) on Vedas Marketing for two violations.
DFSA fines Vedas Marketing
The firm conducted unauthorised financial promotions about the Multibank Group to individuals in the Dubai International Financial Centre (DIFC).
It also misrepresented certain Multibank Group entities as DFSA-regulated when none of the promoted entities held such status.
The Authority clarified that the Multibank Group, which provides trading platforms, faces no allegations of wrongdoing in the Decision Notice.
Vedas Marketing challenged the Authority’s decision on June 2, 2024 by referring it to the Financial Markets Tribunal (FMT).
However, the FMT struck out the reference on July 22, 2024 after the firm failed to pay the required filing fee.
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