Saturday, April 20, 2019 11:05:53 PM - Markets open
VN-INDEX 966.21 +3.91/+0.41%
HNX-INDEX 105.88 +0.13/+0.12%
UPCOM-INDEX 56.05 +0.05/+0.08%
SSC to strengthen handling of stock manipulation
VietnamPlus - 1/23/2019 12:52:47 PM
 (0 ratings. You must sign in to rate.)
The State Securities Commission of Vietnam (SSC) will strengthen cooperation with the Ministry of Public Security to bolster the inspection and handling of manipulation and insider trading on the stock market.
 
The statement was made by SSC Vice Chairman Pham Hong Son at a brief meeting held earlier this week in Hanoi.
 
“One to two cases of manipulation and insider trading will be prosecuted after the Tet (Lunar New Year) holiday,” Son said.
 
“These practices cause damage to the market and listed companies and should be strictly punished.”
 
 “The move is a deterrent to preventing the increasing number of violations of market regulations in the stock market,” Son said.
 
He added that the SSC could only deliver administrative sanctions so it had to cooperate closely with the Ministry of Public Security to handle cases that must face criminal charges.
 
“In the future, we will coordinate more closely to rigorously handle violations so that the market operates with transparency and efficiency," Son said.
 
When handling the cases, the SSC will also consider the responsibility of brokers and securities companies regarding their relationships with individuals and organisations that adopt price manipulation practices.
 
Any record that shows signs of a criminal offense would be immediately transferred to the police, Son said.
 
Last year, the SSC imposed administrative sanctions on 397 cases of manipulation with fines totalling 21 billion VND. Nine individuals were detected as having manipulated stock prices, creating false supply and demand.
 
Regarding criminal cases, the Hanoi People’s Court in October last year opened the first-ever trial in the case of 15 people who were charged with the falsification of stock trading documents, stock price manipulation and fraudulent asset transfers.
 
The accused included 35-year-old Tran Huu Tiep – former management board chairman of the Central Mining and Mineral Import Export JSC (MTM), 53-year-old Nguyen Van Dinh – former director of the mining firm Nari Hamico, and former officials of the Bank for Investment and Development of Vietnam (BIDV) and Tien Phong Bank (TPBank).
 
The defendants were reported to have falsified trading documents of MTM shares on the Unlisted Public Company Market (UPCoM), manipulated MTM share prices and fraudulently transferred MTM stocks on the market.
 
This is one of three criminal cases that were discovered and prosecuted.
 
The unification of the two existing bourses, approved by the Prime Minister recently, to establish the Vietnam Stock Exchange would help ease disadvantages of the current separate operating models, said Ta Thanh Binh, head of the market development department at SSC at the meeting.
 
Under the merger, the Hanoi-based Vietnam Stock Exchange would operate as a parent company for the Hanoi Stock Exchange and Ho Chi Minh Stock Exchange.
 
The exchange would be in charge of developing operational plans and strategies, issuing regulations about stock listings and trading, and supervising the operation of the two subsidiary exchanges.
 
The current separate trading systems of the two exchanges were independent and different, causing waste in social resources and costs for investors.
 
In addition, many departments of the two bourses, such as the research and development department, administrative department and international co-operation department, were doing the same tasks, leading to overlaps, Binh said.
 
According to Binh, the current trend of the world market is unification and merger of bourses into one, to increase market size and international competitiveness and reduce costs for investors.
 
The merger of the two stock exchanges will create maximum conditions for in-depth development.-VNS/VNA
 
Read original article here
 
Newer News
17/04 "Vin" stocks drag on markets
16/04 Pessimism may drag VN stocks further this week
09/04 VN stocks progress ahead of reports
09/04 VN-Index nears 1,000-point mark on April 8
08/04 Few stock-focused funds beat VN-Index in Q1
08/04 HoSE to help foreign investors
05/04 VN stocks change little on lack of purchasing power
04/04 Vietnam remains in FTSE Russel’s watchlist for reclassification
04/04 Oil stocks narrow market's decline
03/04 Market drops despite global rally
Older News
22/01 VN stocks up on blue-chip basket shake-up
21/01 Status upgrade may help Vietnam securities market attract 4.5 billion USD
17/01 Shares subside as investors remain cautious
16/01 Funds suffer losses on poor market performance
02/01 Việt Nam equity market to thrive in 2019
19/12 Shares fall on world stocks sinking
17/12 Shares to grow slower in next two weeks
04/12 HNX collects $415m from share auctions in November
03/12 HNX-30 Index continues to underperform
26/11 Markets drop after recovery
 
Newsletter Signup
Top Stories
Vinalines Logistics’ profit growth projected at least 10 percent
Shares move little as Tết approaches
Consumer price index slips 0.07 per cent during August
Average VND/USD exchange rate rises by another 1%
Vietnam doubles dong’s trading band after China devalues yuan
Market Update
Last updated at 3:09:11 PM
VN-INDEX 966.21 +3.91/+0.41%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.