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The Stock Exchange of Thailand (SET) has disciplined Globlex Securities Co., Ltd. (GLOBLEX) for violating SET regulations on compensation marketing representatives.
“The SET found that Globlex paid marketing representatives who did not service the customers in question, causing them to receive compensation which was not in accordance with SET regulations,” said Executive Vice President Suthichai Chitvanich, who oversees SET’s internal audit, compliance and risk management areas.
“Thus, the SET has fined Globlex THB 50,000 (USD 1,667). Five persons involved have been placed on probation for one year, while three Globlex executives are required to more strictly follow SET regulations,” Suthichai added.
Globlex has accepted the above penalties, stating that it was observing regulations and it did not intend to violate SET regulations. The broker has assured the exchange that its executives will supervise operations vigilantly, that more effective internal controls are in place and that all operations meet SET and Thailand’s Securities and Exchange Commission requirements.
