The Capital Market Development Authority (CMDA) has fined Maldives Transport and Contracting Company (MTCC) MVR 30,000 for failing to disclose its audited financial statements for the fourth quarter of last year.

In a statement, the CMDA said it has the authority under Section 46 of the Rules on Disclosure of Information by Securities Issuers to take enforcement action against companies that fail to comply with the disclosure requirements.

CMDA said MTCC was fined for failing to submit its audited financial statements for the final quarter of last year within the required timeframe.

CMDA is the independent regulator established under the Maldives Securities Act to oversee and develop the country's capital market. Its responsibilities include regulating the disclosure of financial statements, overseeing annual general meetings of listed companies and supervising the securities market.

The authority also has powers to take enforcement action to prevent improper conduct in securities trading and practices that could undermine confidence in the capital market.