Bangkok--4 May--SET
The Stock Exchange of Thailand (SET)’s Disciplinary Committee for Brokerage or Agent’s Fees Charged found that Siam City Securities Co., Ltd. did not comply with 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 SCIBS gave its marketing officer who normally receives remuneration under incentive schemes credit for customers whose accounts he did not service, resulting in his receiving compensation which was not in accordance with the Exchange’s regulations. Based on the above information, the Committee has fined SCIBS THB220,000,” said Mr. Suthichai.
“Three SCIBS executives are required to strictly follow SET regulations and the marketing officer involved was placed on probation for one year. In addition, the company must ensure that all involved in the preceding case shall henceforth strictly monitor and control the company’s operations in compliance with the Exchange’s regulations,” added Mr. Suthichai.
Siam City Securities Co., Ltd. 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.