Dubai's financial regulator has suspended the licence of Rasan Capital Limited (RCL) for a period of 12 months due to "serious concerns about the adequacy of its financial resources, its non-compliance with DFSA rulebook requirements, and its failure to keep the DFSA informed and notified of such integral matters."
The Dubai Financial Services Authority (DFSA) explained that the decision was issued with the aim of protecting direct and indirect users of the financial services industry in DIFC.
RCL notified the DFSA of a capital breach on 30 July 2018. Despite commitments made by RCL to rectify the breach in the intervening period, as of the date of the suspension notice, the firm remains in breach of the capital requirement. The DFSA's public register has been updated to reflect the licence suspension, and a decision notice has been issued on its website.
RCL’s licence was suspended due to serious concerns about the adequacy of its financial resources, its non-compliance with DFSA rulebook requirements, and its failure to keep the DFSA informed and notified of such integral matters"
The financial authority further reminded firms of their requirement to maintain adequate financial resources at all times, and of the importance of dealing with the DFSA in an open and cooperative manner.
The DFSA has also issued an alert to the financial services community and members of the public to false claims made by Redimax Capital (also known as REDIMAX CAPITAL or RediMax).
Redimax Capital falsely claims on its website that it is a DFSA regulated broker and gives a DFSA registration number suggesting it is authorised to provide "registered financial services in Dubai".