Bangkok--27 Dec--SEC
The SEC imposed a one-month suspension on three investment consultants of Phillip Securities (Thailand) Plc. for not taping clients’ trading orders, effective from December 27, 2012. It also revealed inappropriate action ofa former capital market investment consultant of a securities company for trading derivatives on behalf of a client.
The SEC found from its routine inspection that Sutin Chimplapibool, a capital market investment consultant of Phillip Securities, failed to record his clients’ securities and derivatives trading orders. Sirilerk Kittikunadul, a capital market investment consultant, and Wanchai Pechdasda, a securities investment consultant of the same company, did not record their clients’ securities trading orders. The three persons admitted that they took large amount of orders via mobile phone in violation of the rules. The SEC therefore suspended them from duty as approved investment consultants for one month.
The aforesaid misconduct is in violation of Clause 20(3) of the Notification of Capital Market Supervisory Board No. TorLorThor. 3/2555 re: Approval for Personnel of Business Operators to Perform Duties of Analyzing Investment and Giving Investment Advice dated January 18, 2012.
Reported by her then employer, the SEC probed into the Nuntrapak Supphanimittamorn case and found the investment advice records and e-mails indicating that Nuntrapak had been entrusted to trade derivatives on behalf of a client during November 1-22, 2010. She had submitted trading reports via electronic channels and mobile phone to the client who accepted the transactions. Such trading had resulted in a 73,400 baht loss for which Nuntrapak paid the client a compensation of 50,000 baht.
The misconduct is in violation of Clause 20(2) of the Notification of Capital Market Supervisory Board No. TorLorThor. 3/2555 re: Approval for Personnel of Business Operators to Perform Duties of Analyzing Investment and Giving Investment Advice dated January 18, 2012. In this regard, the SEC revealed her inappropriate action and recorded such demerits for future reference if breach of duty is found.