The Financial Sector Conduct Authority has imposed a R50-million fine on Viceroy Research and its partners for making false, misleading, and deceptive statements about Capitec in 2018.
Viceroy had written a report called “Capitec — A wolf in sheep’s clothing”.
Capitec’s share price plummeted by over 23-percent on the back of this.
The regulator says the penalty has to be paid by Viceroy and its partners within 30 days from the date of the order, which was at the end of last month.
Viceroy says it will challenge the decision.
It says it has cooperated with the FSCA’s inquiries and has maintained open dialogue.