Thai bourse disciplines broker

Monday 05 January 2009 10:01
The Stock Exchange of Thailand (SET)’s Disciplinary Committee for Brokerage or Agent’s Fees Charged has found that Seamico Securities PCL did not comply with SET’s Rules and Procedures for Collecting Brokerage or Agent Fees and Related Regulations, SET Executive Vice President Suthichai Chitvanich said.

The Committee found that Seamico Securities PCL gave compensation to a marketing officer in excess of that stipulated in SET’s regulations. In addition, the company did not comply with the Regulations on Internet Trading Commissions.

By virtue of Articles 23, 30, 32 and 33 of the regulations, the Disciplinary Committee has fined the company THB 1,130,000.

The firm is also required to place the two marketing officers involved in the above case on probation for one year. In addition, the company must ensure that the three executives to strictly comply with the Exchange’s regulations.

Seamico Securities PCL and their executives have accepted the above penalties and stated that they are now strictly observing the regulations. The company has guaranteed the Exchange that their executives will supervise operations vigilantly, that better internal controls are in place and that all operations meet SET’s and the Thai Securities and Exchange Commission’s requirements.

For more information, please contact the Corporate Communications Dept.:

Ladawan Kantawong Tel: 0-2229-2036 / Sarinluck Jitkawong Tel: 0-2229-2037 / Watsamon Saowakhonsathien Tel: 0-2229-2797