Bangkok--23 Mar--SET
The Stock Exchange of Thailand (SET)’s Disciplinary Committee for Brokerage or Agent’s Fees Charged found that KGI Securities (Thailand) PCL had violated SET’s Announcement of Rules and Procedures for Collecting Brokerage or Agent Fees and Related Regulations, SET Executive Vice President Suthichai Chitvanich reported.
“The Committee found that KGI gave its marketing officers who normally receive remuneration under incentive schemes credit for customers whose accounts they did not service, resulting in the officers receiving compensation which was not in accordance with the Exchange’s regulations. Based on the above information, the Committee has fined KGI THB570,000,” said Mr. Suthichai.
“KGI is also required to place the senior vice president and the two marketing officers involved on probation for one year. In addition, the company must ensure that all involved in these preceding cases shall henceforth strictly monitor and control the company’s operations in compliance with the Exchange’s regulations,” added Mr. Suthichai.
KGI has accepted the above penalties and stated that they are observing the regulations. The firm confirmed that they do not have any intention to violate SET regulations. The firm has assured the Exchange that their executives will supervise operations vigilantly, that more effective internal controls are in place and that all operations meet SET’s and the Thai Securities and Exchange Commission’s requirements.
For more information, please contact Public Relations Unit, the Corporate Communications Dept.:
Ladawan Kantawong Tel: 0-2229-2036 / Kanokwan Khemmalai Tel: 0-2229-2048 / Panitee Chatpolarak Tel: 0-2229-2792