Bangkok--18 Dec--SET
The Stock Exchange of Thailand (SET) announced that its Disciplinary Committee for Brokerage or Agent’s Fees Charged has ruled that United Securities Public Co., Ltd. has violated the “Rules and procedures for collecting brokerage or agent fees, and good corporate governance of members dated October 28, 2004”.
The firm gave three 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. In addition, the company dispensed benefits to specified clients in the form of entertainment disbursements, which was not usual practice.
Under Articles 23, 30, 32 and 33 of the Exchange’s Announcement of October 28, 2004, the Committee fined the company THB 660,000.
Three marketing representatives and a branch manager will be placed on probation for one year. SET requires that henceforth, two executives and one marketing officer involved exercise especially strict monitoring and control of the company’s operations.
United Securities has acknowledged the above judgment and statements, and will comply fully with the regulations. The company has assured the Exchange that its management and compliance unit will 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 Tel: 0-2229-2797