Thai Bourse Disciplines Broker for Breaking Compensation Regulations
“The Stock Exchange of Thailand (SET) has disciplined Finansia Syrus Securities PCL (FSS) for violating SET regulations on compensating investor contact persons, SET EVP, Internal Audit, Compliance & Risk Management Suthichai Chitvanich reported.”
“SET found that FSS gave its investor contact persons who normally receive remuneration under incentive schemes credit for customers whose accounts they did not service, resulting in their receiving compensation which violated Exchange regulations. In addition, the company charged a commission for Internet trading that did not comply with the SET’s regulations. Thus, the SET has fined FSS THB1.35 million (approx. USD45,000). An investor contact person involved was placed on probation for one year, while another was placed on probation for one year and suspended from being the company’s officer for 30 days. Three
executives were requested to strictly follow SET regulations,” added Mr. Suthichai.
Finansia Syrus Securities PCL (FSS) has accepted the above penalties, stated that they are observing regulations, and 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.