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Penalties for firms that issue unregistered shares
The State Securities Commission will crack down on companies that issue shares without registering as of April 1.
In a note sent to relevant ministries and agencies on Friday, the commission said that many enterprises, especially smaller ones, had sold shares without registering with the commission and without meeting regulations.
The commission said it had evidence that several companies had violated regulations since last year. It also confirmed that 190 companies had registered to sell shares last year.
Other companies that sold shares did not register with the commission. They did not meet the requirement of 10 billion VND charter capital, failed to make profits and did not have plans to issue shares and use their capital.
To date, there are no official statistics of companies which sold their shares to the public without registering with the commission. Since the beginning of 2007, the commission has found and dealt with many companies which were ineligible to sell shares to the public.
VNA
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