Securities Disputes in Saudi Arabia: CRSD Claims Step by Step

If you lost money on the Saudi market because of a broker error, a misleading prospectus or price manipulation, your claim does not go to the general or commercial courts. It goes to the Committee for the Resolution of Securities Disputes (CRSD), a specialist tribunal under the Capital Market Law. The route starts with a mandatory complaint to the Capital Market Authority (CMA) and runs on short deadlines. This guide walks foreign and local investors through the process under the Capital Market Law and the Resolution of Securities Disputes Proceedings Regulations, as in force in September 2026.

Key takeaways

• The CRSD will not accept a statement of claim unless a complaint was first filed with the CMA and 90 days have passed, or the CMA has notified you that you may file earlier (Article 30 of the Law, Article 2 of the Regulations).
• Compensation claims for misleading prospectuses, misleading statements and manipulation (Articles 55, 56 and 57 of the Law) will not be heard if the CMA complaint is filed more than one year after you should have become aware of the violation, and never after 5 years from the violation, unless the defendant acknowledges liability or the Committee accepts your excuse.
• CRSD decisions can be appealed to the Appeal Committee for the Resolution of Securities Disputes within 30 days of service, and Appeal Committee decisions are final.
• Claims are filed electronically through the website of the CRSD General Secretariat, and the parties and subject matter must match those of your CMA complaint.
• The Regulations provide for class actions, certified once at least 10 matching requests are received within 90 days of the announcement accepting the request.

What is the CRSD and what does it decide?

The CRSD is a specialist adjudicatory committee established by Article 30 of the Capital Market Law. It hears disputes falling under the Law, its implementing regulations and the rules of the CMA, the Exchange (Saudi Exchange), the Depository Center and the Clearing Center, covering both public and private rights. It can summon witnesses, order evidence, issue decisions and impose sanctions.

It hears three kinds of case:

• Private actions: an investor's compensation claim against a broker, fund manager or listed company.
• Grievance suits: challenges to decisions and actions of the CMA, the Exchange, the Depository Center or the Clearing Center.
• Penal suits: cases against violators of the Law and its regulations.

For background on how the market and its participants are regulated, see our legal guide to the Saudi stock exchange (TASI).

Do you have to complain to the CMA before suing?

Yes. Article 30 of the Law and Article 2 of the Regulations bar the CRSD from accepting a claim until a complaint has been filed with the CMA and 90 days have passed, unless the CMA notifies the claimant earlier that the suit may proceed.

Complaints are filed free of charge through the "File a Complaint" service on the CMA's Investor Protection portal. A complaint against a CMA-supervised entity (a broker, fund manager or listed company) is first referred to that entity to handle and settle with you amicably; if it is not resolved, you can escalate it to the CMA.

Attach your National ID or Iqama, or a passport if you live outside Saudi Arabia; a commercial registration for companies; a power of attorney if filing through a representative; and your supporting documents.

One practical point matters a great deal: the Regulations require the parties and subject matter of the suit to be the same as in the CMA complaint. Name every party you intend to sue and every remedy you want in the complaint itself.

Grievances against decisions of the CMA, the Exchange, the Depository Center or the Clearing Center follow a different track: a grievance to the CMA within 60 days of learning of the decision, then a suit before the CRSD within 90 days of the rejection or of 90 days passing without a decision.

How do you file a claim with the CRSD online?

Claims are filed through the e-services on the CRSD General Secretariat's website, and the Regulations allow the whole case to run electronically, including remote hearings.

1. Register for e-services on the General Secretariat's website: individuals log in with their ID number, entities with their unified national number.
2. Create the claim by entering your CMA complaint number so the system can match the claim to the complaint.
3. Enter the claimant's and any representative's details, then the defendant's (ID or unified number, or select the licensed or listed entity from the list).
4. Write the statement of claim with the subject, requests and evidence, attaching proof of the complaint and of the 90 days elapsing, or the CMA's notice permitting early filing.
5. Upload supporting documents, with a certified Arabic translation of anything in another language. Arabic is the official language of proceedings.

If the General Secretariat flags a deficiency, you have 10 days to cure it or the filing is treated as never made. Once registered, the circuit must start considering the case within 14 days by serving the claim and requesting a reply.

Capital market institutions and listed joint stock companies must be represented by a lawyer or legal representative licensed in Saudi Arabia. An individual investor may appear in person.

What are the time limits for a compensation claim?

Article 10 of the Regulations sets two limits on private actions under Articles 55, 56 and 57 of the Law: the CMA complaint must be filed within one year of the date you should have realised you were the victim of a violation, and no claim can be heard 5 years after the violation occurred, unless the defendant acknowledges liability or you give an excuse the Committee accepts.

In practice the one-year limit is the one that bites. It runs from when you learned of the violation, not from the trade date, so file the complaint as soon as you find out.

What claims do investors typically bring?

Most disputes between investors and capital market institutions or listed companies go to the CRSD. Common examples:

• Broker errors: unauthorised orders, execution mistakes, or liquidating a margin portfolio in breach of the agreement.
• Investment fund disputes: claims against a fund manager for breaching the fund's terms and conditions or for mismanagement.
• Misleading prospectus (Article 55): a buyer of securities under a prospectus with untrue statements on material matters or material omissions can sue the issuer, senior executives, directors, underwriters and consenting experts. Some of them can defend by showing a reasonable investigation.
• Misleading statements (Article 56): an investor induced to buy or sell by an untrue statement or material omission, who did not know the truth and would not have traded had they known, where the person responsible knew or was aware of a high likelihood that it was false.
• Price manipulation (Article 57): anyone who bought or sold a security whose price was materially adversely affected by deliberate manipulation, compensated to the extent the manipulation affected the price.

Many of these claims build on a penal decision the CRSD has already issued against the violator in a public action. Foreign investors should also read our guide for foreign investors in the Saudi stock market.

How do class actions work in securities disputes?

A class action is a private action brought by a group of claimants against one or more defendants where their claims share the same legal basis, alleged facts and requested relief.

1. Any person may request a class action from the circuit, or the circuit may certify one on its own where pending cases match.
2. The circuit decides the request within 30 days; that decision is final and acceptance is announced in the Class Action Suits Docket.
3. The action is certified once at least 10 matching requests arrive within 90 days of the announcement; the joining period may be extended up to 180 days.
4. Group members appoint a lead plaintiff within 30 days of certification.
5. Any member may opt out within 30 days of the certification announcement and pursue an individual claim.

Investors can join an announced class action through the "Join a Class Action Suit" service on the CMA website.

What evidence does the Committee accept?

The CRSD accepts evidence in any form, including electronic and computer data, telephone recordings, fax and email (Article 26 of the Regulations). Collect:

• Portfolio statements, order history, the account opening agreement, and the fund terms and conditions or prospectus.
• Recorded calls with the broker, messages and emails.
• Any penal decision issued on the same violation.

The circuit may appoint an expert and, on your reasoned request, issue an interim decision imposing a travel ban, a provisional attachment over the defendant's assets, or a ban on buying on the Exchange.

How do you appeal and enforce a CRSD decision?

Any party may appeal a circuit decision to the Appeal Committee within 30 days of service, by a memorandum stating the decision number and date, the grounds and the requests. New requests are not accepted on appeal, and a party awarded everything it asked for cannot appeal.

A decision becomes final when the appeal period expires without an appeal, when the Appeal Committee upholds it, or on a written settlement. Appeal Committee decisions are final, subject to a petition for reconsideration in the cases set out in the Law of Civil Procedure.

Under Article 30(j) of the Law, the parties themselves enforce final decisions in their favour in claims under Articles 55, 56 and 57, in the same way as civil court judgments are enforced; decisions enforced at the request of the CMA or the Exchange go through the government body authorised to enforce judgments. For general commercial disputes outside the securities framework, see how to file a claim before the Commercial Court.

Our capital markets practice helps investors draft the CMA complaint and the claim so deadlines and remedies are protected from the start.

Frequently asked questions

Can I go straight to the CRSD without a CMA complaint?

No. The Capital Market Law and the Regulations require a complaint to the CMA first and 90 days to pass before the CRSD accepts a statement of claim, unless the CMA notifies you earlier that you may file. Proof of the complaint or the notice must be attached, or the claim will not be registered. Incidental requests linked to a pending case are exempt.

What is the limitation period for manipulation or misleading disclosure claims?

Claims under Articles 55, 56 and 57 of the Law will not be heard if the CMA complaint is filed more than one year after you should have become aware of the violation, and cannot be heard at all after 5 years from the violation. The exceptions are the defendant acknowledging liability or an excuse the Committee accepts. File the complaint as soon as you discover the problem.

Do I need a lawyer to bring a claim?

An individual investor may appear in person or through an agent. Capital market institutions and listed joint stock companies, however, must be represented by a lawyer or legal representative licensed in Saudi Arabia, and their filings are not accepted otherwise. Specialist representation helps in practice with matching the claim to the complaint, framing requests and meeting appeal deadlines.

How long do I have to appeal a CRSD decision?

You have 30 days from service of the circuit's decision to file an appeal memorandum with the General Secretariat, stating the decision number and date, the grounds and your requests. If the period lapses without an appeal, the decision becomes final and enforceable. New requests are not allowed on appeal, except compensation that fell due after your final requests were submitted.

Can a foreign investor living abroad bring a claim?

Yes. The CMA accepts complaints from people living outside Saudi Arabia on a passport, and you can file through an agent holding a valid power of attorney. Arabic is the official language of proceedings, so foreign documents need a certified translation and non-Arabic speakers need an interpreter. The Regulations allow remote hearings, which makes following a case from abroad easier.

Official sources

The information above reflects the laws and regulations in force as of September 2026.

• Resolution of Securities Disputes Proceedings Regulations (CMA, amended by Resolution 1-15-2022)
• Capital Market Law, Chapter 4, Article 30 (CMA)
• Capital Market Law, Articles 55 to 57 (CMA)
• File a Complaint service, CMA Investor Protection portal
• FAQs, General Secretariat of the Committees for the Resolution of Securities Disputes