Bangkok--Feb 7--SET
SET Executive Vice President Mr. Suthichai Chitvanich disclosed that: “The Stock Exchange of Thailand (SET), through its Sub-committee for the Consideration of Offenses Relating to, and Punishment for, the Charging of Brokerage or Agent Fees for the Buying and Selling of Listed Securities, has ruled that National Securities Pcl. has violated the SET’s Rules and Procedures for Collecting Brokerage or Agent Fees and the SET regulations on Good Corporate Governance of Members, B.E. 2002.
“The company gave two marketing officers, who normally receive compensation under the incentive scheme, credit for customers whose accounts they did not service, resulting in their receiving compensation in excess of that permitted by the SET’s regulations,” Mr. Suthichai said.
He went on to say that: “With the evidence found during the investigation, by virtue of Articles 18, 25, 27 and 28 of the Rules dated January 1, 2002, the Sub-committee has passed a resolution to fine National Securities THB 520,000 (approx. USD13,000). In addition to the fine, the SET has ordered that three executives of National Securities, as well as the two marketing officers involved, should henceforth monitor and control the operations of the company strictly in compliance with the SET’s regulations.”
The SET has already informed National Securities about these resolutions. The company acknowledged the results and does not wish to appeal.
National Securities Pcl has confirmed that its policies are to operate strictly in compliance with the SET’s regulations, and stated that these violations were operational errors. The Company assured the SET that it will further require its management and compliance unit to more strictly oversee the company’s operations so as to keep them better in line with the SET’s rules and regulations.
For more information,
please contact the Corporate Communication Dept.:
Ladawan Kantawong Tel: 0-2229-2036 /
Kulvida Jintakawong Tel: 0-2229-2037 /
Nattaporn Boonprapa Tel: 0-2229-2049 /
Watsamon Saowakhonsathien Tel: 0-2229-2797 End.