Published On: Tue, Apr 12th, 2011

Thai Bourse Fines Country Group Securities

The Stock Exchange of Thailand (SET)’s Disciplinary Committee for Brokerage or Agent’s Fees Charged has disciplined Country Group Securities PCL (CGS) for not complying with the SET’s Announcement of Rules and Procedures for Collecting Brokerage or Agent Fees and Announcement of Payment of Remuneration to Investor Contact Persons, Branch Managers, and Chief of Marketing Teams of Members.

“The Committee found that CGS 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 was not in accordance with the Exchange’s regulations. Thus, the Committee has fined CGS THB440,000 (approx. USD14,637). The four CGS investor contact persons involved were placed on probation and five executives are required to strictly follow SET regulations,” SET Executive Vice President, Legal Affairs Group Suthichai Chitvanich reported.

Country Group Securities (Thailand) PCL has accepted the above penalties and stated that they are observing 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.

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