Bangkok--12 Dec--SET
The Stock Exchange of Thailand (SET) announced that its Offences and Punishments for Brokerage or Agent’s Fee Charged Violations Committee has ruled that Globex Securities Co., Ltd. has violated the “Rules and procedures governing the collection of brokerage or agent fees, and members’ corporate governance, B.E. 2547”.
The firm gave seven marketing officers credit for customers whose accounts the officers did not service, resulting in their receiving compensation in excess of that permitted by SET.
Under Articles 23, 30, 32 and 33 of the Exchange’s Announcement of October 28, 2004, the Committee fined the company THB 2.16 million.
Three marketing representatives and a former executive of the firm will be placed on probation for one year and 180 days, respectively. If he is found to have been involved in these offences, he will be penalized as specified in SET’s regulations.
SET requires that henceforth, the four executives and former executives , and the four marketing officers involved exercise especially strict monitoring and control of the company’s operations as the Exchange demands.
Globex has acknowledged the above judgment and statements, and pledged full compliance 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