Bangkok--18 May--SET
The Stock Exchange of Thailand (SET) has fined a brokerage for violating SET’s Announcement of Rules and Procedures for Collecting Brokerage or Agent Fees and Related Regulations, and has placed its supervising executives and officers involved on probation.
“SET found that BFIT Securities PCL (BFITSEC) did not comply with SET regulations on internet trading commissions. In addition, the company gave three marketing officers who normally receive remuneration under incentive schemes credit for customers whose accounts they did not service, resulting in their receiving compensation which was not in accordance with the Exchange’s regulations. Thus, SET has fined BFITSEC THB5,000,000 (approx. USD144,600),” said SET Executive Vice President Suthichai Chitvanich reported.
“The two BFITSEC executives and three marketing officers involved were placed on probation for one year. In addition, the two executives are required to henceforth strictly follow SET regulations,” concluded Mr. Suthichai.
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