Bangkok--26 Jun--SET
The Stock Exchange of Thailand (SET) announced that its Offences and Punishments for Brokerage or Agent’s Fee Charge Violations Committee has ruled that SICCO Securities PCL (SICSEC) has violated SET’s earlier announcement: “Rules and procedures governing the collection of brokerage or agent fees, and members’ corporate governance, B.E. 2547”.
The SICSEC gave 10 marketing officers credit for customers whose accounts the officers did not service, resulting in their receiving compensation, under an incentive scheme, in excess of that permitted by SET. Two marketing officers passed on some of the incentives to their managers.
Under articles 23, 30, 32 and 33 of SET’s announcement (October 28, 2004), the Committee imposed a fine of THB1.35 million on SICSEC.
In addition, four marketing representatives and traders will be banned from performing marketing and trading duties for 30 days. An executive and four marketing representatives involved will be placed on probation for one year.
“SET requires that henceforth, the three SICSEC executives and the six marketing officers involved in these offences strictly monitor and control the company’s operations in conformity with the Exchange’s regulations,” SET Executive Vice-President, Mr. Suthichai Chitvanich, said.
The SICSEC has acknowledged the resolutions above, and confirmed that it will fully comply with SET’s regulations. The company assured the Exchange that it would require its management and compliance unit to monitor the company’s operations more meticulously, to ensure complete conformity with the rules and regulations of Securities and Exchange Commission and SET.
For more information, please contact the Corporate Communications Dept.:
Ladawan Kantawong Tel: 0-2229-2036 / Kulvida Jintakawong Tel: 0-2229-2037 /
Nattaporn Boonprapa Tel: 0-2229-2049 / Watsamon Saowakhonsathien