The State Securities Commission in Vietnam fined Hanois Dai Nam Securities VND250 million (US$12,000) for conducting illegal share trading activities, reported local daily Vietnam News.
SSC said Dai Nam Securities Company loaned shares to its clients who then sold them to each other, violating recent securities regulations, reported Vietnam News. Additionally, Dai Nam did not have the necessary permissions to engage in such trading.
Under local law, securities and fund management companies are not allowed to sell or lend any share when they neither own them nor possess permission to trade.
(JDC)