Securities commission issues $3,800 fine

Wednesday, Nov 06, 2013 14:23

Viet Nam imposes stricter fine on securities violation in this month. — Photo

HA NOI (Biz Hub) — The State Securities Commission of Viet Nam (SSC ) moved to sanction two individuals VND80 million(US$3,800) for administrative violations on Monday.

Hoang Thi Hien, chairman of the board at Tien Son Ha Tay Cement JSC (TSM) will be fined VND40 million($1,900) for failing to report her buying of 138, 900 TSM shares to the SSC and the HCM City Stock Exchange ( HSX ), before completing the transaction. According to the commission, it violated the regulations on information disclosure on stock market .

The commission also imposed the same fine on Phan Hoang Tuan, member of board in Can Tho Minerals and Cement Joint Stock Company (CCM ) for not reporting reasons for not completing his registered volume of 150,000 CCM shares (only 100,000 shares were traded) for SSC and the department of Hanoi Stock Exchange (HNX).

The newly issued decree No 108/2013/ND-CP, taking effect on November 15, detailing penalties for administrative offences in securities and the securities market will take effect, which will raise maximum fines up to VND2 billion($95,238) for organisations and VND1 billion($47,619) for individuals that commit administrative offences - quadripple the current rates.— VNS


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