The Saudi bourse regulator has fined the brokerage of SABB bank SR200,000 ($53,330) over negligence in handling a client's portfolio.

The Capital Market Authority fined SABB Securities for "breaching instructions on not accepting legal deputations or procurations that are not issued by the principal in the management of investment portfolios," it said in a statement posted on the bourses website. It did not give more details.

Sources familiar with the matter said the client had accused SABB Securities of liquidating his portfolio at a non-agreed share price without his prior consent.

The sources were speaking on condition of anonymity because they are not allowed to unveil details of such cases without CMA's approval. SABB is an affiliate of HSBC.-Reuters