CMDA Fines MTCC MVR 30,000 for Late Financial Statements Submission
Maldives Transport and Contracting Company main office.
The Capital Market Development Authority (CMDA) has fined Maldives Transport and Contracting Corporation (MTCC) MVR 30,000 for failing to submit its fourth-quarter 2025 financial statements and audited financial statements for the year within the required deadlines.
The CMDA said the penalty was imposed under Section 46 of Regulation No. 2019/R-1050, the Regulation on Disclosure of Information by Issuers of Securities, which allows the authority to take action against parties that breach the regulation or fail to comply within stipulated timeframes.
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MTCC was notified of the MVR 30,000 penalty on Sunday, according to the authority.
Public Announcement
MTCC has failed to submit its Fourth Quarter 2025 Quarterly Report and Audited Financial Statements within the regulatory timeframe prescribed under the CMDA Disclosure Rules.
Please refer to the notice for further details. pic.twitter.com/ENZAJJTLFM— Capital Market Development Authority of Maldives (@CMDA_MV) August 3, 2026
The CMDA is an independent statutory body established under the Maldives Securities Act 2/2006. It regulates and develops the capital market, licenses securities market intermediaries such as brokers and stock exchanges, and supervises the Maldives Retirement Pension Scheme.
The authority is also responsible for regulating the disclosure of financial statements, overseeing annual general meetings of listed companies and supervising the securities market. It has enforcement powers to address improper conduct in securities trading and practices that could undermine confidence in the capital market.
