|
SSC cracks down on insider trading
The State Securities Commission (SSC) said it will develop mechanisms to better co-operate with the Finance, Post and Telecommunications and Public Security Ministries and State Bank of Viet Nam to tackle insider trading and activities that distort the market.
According to the commission, the domestic stock market now has over 1,000 public companies, nearly 700 listed companies, 105 securities companies, 47 fund management firms and around 1 million accounts held by local and foreign investors.
The scale of management and inspection activities were therefore becoming broader and broader, said the commission.
"Together with the development of the stock market, come new violations in the market which are becoming more and more complicated, especially in the context that the market faces many difficulties," the commission wrote on its website.
"Thus, fortifying capacity in inspecting, supervising and treating violations related to securities and stock market laws will be a key task of the SSC in 2012."
Last year, the SSC issued 164 decisions on punishing violations by organisations and individuals, with fines totalling almost VND11 billion (US$523,800).
The SSC dealt with 63 cases that violated regulations on initial public offerings and disclosure of information, and fined nine individuals for trade fraud and market distortion. It also tackled 47 cases of insider trading at listed firms and 11 cases of securities companies violating reporting regulations.
This year, the commission said it would speed up inspection of securities and fund management firms, and focus on checking their financial security and payment abilities, a move it said would help them restructure and boost efficiency. State-run groups and insurance companies and securities firms benefiting from financial contributions from banks would be key objects of supervision, it added.
Assuring equity among institutions and individuals in the stock market and protecting investor rights and assets would be important tasks, the SSC said.
vietnamnews
|
