SSC fines a list of individuals for violating disclosure norms in bank stock trading
SSC fines a list of individuals for violating disclosure norms in bank stock trading
The State Securities Commission of Viet Nam (SSC) has recently successively issued decisions to sanction a number of individual investors relating to transactions of buying and selling shares of banks without disclosing information.
On August 18, SSC issued Decision No. 515/QD-XPVPHC on administrative violations in the field of securities and the securities market against Nguyen Quoc Nghi.
Nghi sold 250,000 shares of a bank but did not disclose information about the expected transaction.
He is subject to a fine of VND70 million (US$3,070) as prescribed in Decree No. 156/2020/ND-CP dated December 31, 2020 of the Government stipulating penalties for administrative violations in the field of securities and securities market.
Previously, on August 16, the Inspector of SSC also issued a decision on a fine of VND70 million for administrative violations in the field of securities and the stock market against Nguyen Thi Ngan. Accordingly Ngan bought 200,000 shares of a bank on January 6 but did not disclose information about the expected transaction.
On July 22, the Inspector of SSC issued a decision to impose a fine of VND940.35 million on Tran Ngoc Be in Ha Noi for not disclosing information about expected trading shares of a bank.
Be bought more than 1.48 million shares of a bank and sold 59,000 shares in January; then bought more than 1.88 million shares in February and 59,000 shares on March 3 but did not disclose information about these expected trades.
Besides the administrative fine, Be was also subject to an additional penalty of being suspended from securities trading for four months. The decision takes effect from July 23.
