Bangkok--26 Oct--SET
The Stock Exchange of Thailand (SET)’s Disciplinary Committee for Brokerage or Agent’s Fees Charged found that Phillip Securities (Thailand) PCL (PST) and Merchant Partners Securities PCL (MERCHANT) had violated SET’s Announcement of Rules and Procedures for Collecting Brokerage or Agent Fees and Related Regulations on Good Corporate Governance of Members, SET Executive Vice President Suthichai Chitvanich reported.
“The Committee found that PST 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 PST THB270,000. PST is also required to place the two marketing officers involved on probation for one year. Moreover, 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,” said Mr. Suthichai.
“In addition, the Committee found that MERCHANT gave 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. Moreover, the company hired a person to be employed by the company but could not provide any of the proper documents or reports that would clarify or show job results that the employee performed while working for the company. Based on the above information, the Committee resolved that the company must be placed on probation for one year. The company is also required to place the two officers involved on probation for two years. Moreover, the company and its executives involved in the preceding offenses shall henceforth strictly monitor and control the firm’s operations in compliance with SET regulations,” continued Mr. Suthichai.
Both firms accepted the above penalties and stated that they are observing the regulations. The companies confirmed that they always have had policies to strictly comply with SET regulations. The firms have 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.
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