Securities firm Dai Nam fined 12,000 USD
The State Securities Commission has recently imposed
a 250 million VND (12,000 USD) fine on Hanoi 's Dai Nam Securities
Co for conducting illegal share trading activities.
The State Securities Commission has recently imposed
a 250 million VND (12,000 USD) fine on Hanoi 's Dai Nam Securities
Co for conducting illegal share trading activities.
The commission said Dai Nam Securities Co lent shares to its clients who then sold them to each other, violating recent securities regulations. Additionally, Dai Nam did not have the necessary permissions to engage in such trading.
The SSC's regulations state that securities and fund management companies are not allowed to sell or lend any shares when they neither own them nor possess permission to trade.
Dai Nam, accordingly, was fined 150 million VND (7,100 USD) for the illegal share lending violation and 100 million VND (4,800 USD) for trading without permission.
The commission has asked depository banks in charge of keeping assets or shares on behalf of clients to transfer money and assets to clients' accounts immediately after transactions so as to avoid money laundering.
It said investors should not borrow or lend shares to avoid hidden risks, such as property losses and disputes.-VNA
The commission said Dai Nam Securities Co lent shares to its clients who then sold them to each other, violating recent securities regulations. Additionally, Dai Nam did not have the necessary permissions to engage in such trading.
The SSC's regulations state that securities and fund management companies are not allowed to sell or lend any shares when they neither own them nor possess permission to trade.
Dai Nam, accordingly, was fined 150 million VND (7,100 USD) for the illegal share lending violation and 100 million VND (4,800 USD) for trading without permission.
The commission has asked depository banks in charge of keeping assets or shares on behalf of clients to transfer money and assets to clients' accounts immediately after transactions so as to avoid money laundering.
It said investors should not borrow or lend shares to avoid hidden risks, such as property losses and disputes.-VNA
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