Vietnam SSC Likely to Name Investors Violating Multiple-Accounting Trading Regulation

The SSC released the information after recent market concerns that investors illegally used at least 2 accounts in different securities companies to buy and sell the same stock intraday to manipulate share prices as no punishments have been applied.

Nguyen Son, head of market development department of the State Securities Commission told local online newspaper Dau Tu Chung Khoan (securities investment) that the SSC has been applying different measures to put things in orders now and in long term.

Son believed that many violators did not understand the SSC’s regulation on multiple-account trading. However, if SSC found any price manipulation evidence, investors will be fined or even prosecuted for criminal liability.

Son said the SSC has ordered exchanges to inform violators and considered announcing their names on the website of the exchanges and securities companies.

In long term, Son said systems of the SSC, VSD, and the  exchanges will update and record repeated violation and they will apply punishment when possible.

Son said there will be sanction for Circular 74 violation which SSC is preparing to add to Draft amendment of Decree 85.