Bangkok--30 Dec--SET
The Stock Exchange of Thailand (SET) found that AIRA Securities PCL (AIRA) gave credit to one of its marketing officers who normally receive remuneration under incentive schemes for customers whose accounts the officer did not service. “This payment resulted in the officer receiving compensation which violated Exchange regulations. Thus, SET has fined AIRA THB250,000,” SET Executive Vice President Suthichai Chitvanich reported.
AIRA did not comply with SET’s Announcement of Rules and Procedures for Collecting Brokerage or Agent Fees and Related Regulations on Good Corporate Governance of Members. The company is also required to place the marketing officer involved on probation, he continued.
AIRA accepted the above penalties and stated that they are observing regulations. The company confirmed that they always have had policies to strictly comply with 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 and the Thai Securities and Exchange Commission requirements.