Bangkok--17 Aug--SEC
The SEC imposed administrative sanction on seven investment consultants for their failure to record clients’ securities or derivatives trading orders by suspending one employee of Ausiris Futures Co., Ltd. — Panita Phanfa and four employees of KGI Securities (Thailand) PLC — Patchara Pongtanayontakit, Kitiya Kitikul, Witoon Winaikulphong, and Natthaporn Thongpoon, effectively from August 17, 2012, as well as revealing inappropriate actions of Nutchat Thedmuang and Imjit Thongrubkeaw.
The SEC found from the routine inspection that Panita frequently failed to record her clients’ derivatives trading orders while Patchara, Kitiya, Witoon, and Natthaporn frequently failed to record their clients’ securities trading orders. All of them admitted that the unrecorded orders were taken via mobile phone. The SEC therefore suspended them from duty as approved investment consultant for one month.
For Nutchat and Imjit, they failed to record some of client trading orders correctly and completely. In this regard, the SEC revealed their inappropriate actions and recorded such demerits for future reference if breach of duty is found.
The above unprofessional acts were in violation of Clause 20(3) of the Notification of the Capital Market Supervisory Board No. TorLorThor. 3/2555 Re: Approval for Personnel of Business Operator to Perform Duty of Investment Analysis and Investment Consultant dated January 18, 2012.
Vasant Thienhom, SEC Deputy Secretary-General said that “When taking clients’ trading orders, it is the duty of investment consultants to record them along with conversations at all times for evidence. The SEC places high importance in this matter because it will be beneficial to both investment consultant and client in case of disputes or complaints as well as prevent problems resulted from such trading orders, thereby enhancing market confidence as a whole.”