Bangkok, 15 February 2017 ? The SEC has revoked the approval of a securities investment consultant, Mr. Niran Rodchaiya, and banned him from functioning as capital market personnel for 10 years on account of performing duties dishonestly, misappropriating client assets, and producing false evidence.

According to a referral from KASIKORNBANK Public Company Limited (KBANK) and the SEC's further investigation, it was found that Niran, a KBANK employee at the time, had solicited a client to purchase units of a mutual fund but did not execute the subscription order for the client. Instead, he misappropriated the client's subscription cash payment of 500,000 baht for his own use. He then ordered his subordinate to transfer units of another mutual fund held by the same client into the solicited fund by tricking the client to sign on a unit transfer order that was falsefully presented to the client as the subscription order for the units of the solicited fund.

Niran's misconduct was deemed a failure to perform duties or provide services honestly and a wrongful treatment of investor assets in contravention of the governing Notification of the Capital Market Supervisory Board. The SEC therefore revoked his approval as securities investment consultant and banned him from re-entering the capital market and performing duties as a branch manager for any business in the industry for 10 years. Since the period of his approval has already expired since 31 December 2016, the SEC will not accept his future application for approval as capital market personnel for the next 10 years.

KBANK has already terminated Niran's employment, taken legal action against him and paid a compensation for the affected client.?