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SEC suspends a securities investment consultant



Wednesday 14 January 2015 | No. 7 / 2015



Bangkok, January 14, 2015 ? The SEC suspended {A}, a securities investment consultant of Finansia Syrus Securities PLC., for trading securities on behalf of client and seeking benefits from the client during the performance of duties.  

From a report of Finansia Syrus Securities Plc, the SEC further probed into the case and found that {A} submitted securities trading orders before notifying a client and caused such client to suffer loss. In addition, most trading transactions had no source of orders. {A} admitted that the client allowed him to sell the securities in cases of making profit or potential loss. From his conversation with the client recorded, he traded securities for the client several times a day and submitted the selling orders at the prices lower than or equal to the purchase prices in the approximate periods that caused the client to suffer loss, eventually. {A} received large incentive amount; over 90 percent of which was from the account of this client.

Trading securities on behalf of client and seeking benefits from the client during the performance of duties were in violation of the Notifications of Capital Market Supervisory Board concerning personnel in the capital market*. The SEC, therefore, suspended Acting Subbieutant Saroj from his duty as the approved securities investment consultant for a year and 2 months. Having considered that {A} had already been suspended by his employer for 3 months, the suspension imposed by the SEC shall remain 11 months, effective from January 15, 2015.

*Clauses 20(1) and 20(2) of the Notification of Capital Market Supervisory Board No. TorLorThor. 3/2555 re: Approval for Personnel of Business Operators to Perform Duties of Analyzing Investment and Giving Investment Advice dated January 18, 2012 which was prohibited characteristics of personnel in the capital market business under Clause 6(1) of the Notification of Capital Market Supervisory Board No. TorThor/Nor/Khor. 37/2553 re: Prohibitions for Personnel of Business Operators dated September 15, 2010. It was in violation of Clauses 23(1) and (2) and the prohibited characteristics of the personnel in the capital market business under Clause 31(1) of the Notification of Capital Market Supervisory Board No. TorLorThor. 8/2557 re: Regulations for Personnel of Business Operators in the Capital Market dated June 3, 2014 which has been promulgated in replacement of the said two notifications.












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No. 7 / 2015 Wednesday 14 January 2015
SEC suspends a securities investment consultant


Bangkok, January 14, 2015 ? The SEC suspended {A}, a securities investment consultant of Finansia Syrus Securities PLC., for trading securities on behalf of client and seeking benefits from the client during the performance of duties.  

From a report of Finansia Syrus Securities Plc, the SEC further probed into the case and found that {A} submitted securities trading orders before notifying a client and caused such client to suffer loss. In addition, most trading transactions had no source of orders. {A} admitted that the client allowed him to sell the securities in cases of making profit or potential loss. From his conversation with the client recorded, he traded securities for the client several times a day and submitted the selling orders at the prices lower than or equal to the purchase prices in the approximate periods that caused the client to suffer loss, eventually. {A} received large incentive amount; over 90 percent of which was from the account of this client.

Trading securities on behalf of client and seeking benefits from the client during the performance of duties were in violation of the Notifications of Capital Market Supervisory Board concerning personnel in the capital market*. The SEC, therefore, suspended Acting Subbieutant Saroj from his duty as the approved securities investment consultant for a year and 2 months. Having considered that {A} had already been suspended by his employer for 3 months, the suspension imposed by the SEC shall remain 11 months, effective from January 15, 2015.

*Clauses 20(1) and 20(2) of the Notification of Capital Market Supervisory Board No. TorLorThor. 3/2555 re: Approval for Personnel of Business Operators to Perform Duties of Analyzing Investment and Giving Investment Advice dated January 18, 2012 which was prohibited characteristics of personnel in the capital market business under Clause 6(1) of the Notification of Capital Market Supervisory Board No. TorThor/Nor/Khor. 37/2553 re: Prohibitions for Personnel of Business Operators dated September 15, 2010. It was in violation of Clauses 23(1) and (2) and the prohibited characteristics of the personnel in the capital market business under Clause 31(1) of the Notification of Capital Market Supervisory Board No. TorLorThor. 8/2557 re: Regulations for Personnel of Business Operators in the Capital Market dated June 3, 2014 which has been promulgated in replacement of the said two notifications.