Sign In
SEC News
SEC imposes civil sanctions on four offenders for manipulating the price or trading volume of TPL shares



Tuesday 1 September 2026 | No. 176 / 2026


Bangkok, 1 September 2026 – The Securities and Exchange Commission (SEC) has announced the imposition of civil sanctions on four offenders for manipulating the share price or trading volume of Thai Parcels Public Company Limited (TPL). Consequently, the offenders are required to pay civil monetary penalties totaling 20,293,332 baht, and are suspended from trading securities or derivatives, as well as barred from serving as directors or executives.

Following the referral from the Stock Exchange of Thailand (SET) in October 2023 and the SEC’s further investigation, the findings and evidence indicated that on 30 June 2023, the first trading day of TPL shares on the SET, four offenders, namely (1) Miss Aura-orn Akrasanee, (2) Mr. Pakkawan Wongopasi, (3) Miss Arissa Singsom, and (4) Miss Kanchanarath Wongphan, who were interconnected through personal and business relationships, jointly manipulated the price or trading volume of TPL shares by dividing roles among themselves.

In this regard, the four offenders placed large-volume buy orders for TPL shares at high prices during the pre-opening session, causing the opening price of TPL shares to be higher than the IPO price. They also placed buy orders to drive up the price and matched trades among themselves during the trading day to induce other investors to trade accordingly. In addition, they maintained buy orders at multiple price levels to prevent the price from declining and impede other investors, causing those investors to continue placing buy orders at increasingly higher prices. As a result, the price of TPL shares increased. These acts caused the general public to be misled about the price or trading volume of TPL shares and caused the price or trading volume of TPL shares to deviate from normal market conditions.

The actions of the four offenders constitute an offense of jointly manipulating share prices under Section 244/3(1) and (2), in conjunction with Section 244/5, which is subject to penalties under Section 296, Section 296/1, and Section 296/2 of the Securities and Exchange Act B.E. 2535 (1992) (SEA), and in conjunction with Section 83 of the Criminal Code.

The Civil Sanctions Committee (CSC) has therefore resolved to apply civil sanctions* to the four offenders as follows:

(1) Miss Aura-orn shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 18,535,833 baht. In addition, she shall be suspended from trading securities or derivatives for 11 months and barred from serving as a director or executive in a securities issuing company or a securities company for 22 months.  

(2) Mr. Pakkawan shall pay a civil penalty and a reimbursement of investigative expenses incurred by the SEC, totaling 585,833 baht. In addition, he shall be suspended from trading securities or derivatives for 8 months and barred from serving as a director or executive in a securities issuing company or a securities company for 16 months.  

(3) Miss Arissa and Miss Kanchanarath shall pay a civil penalty and a reimbursement of investigative expenses incurred by the SEC, totaling 585,833 baht each. In addition, each of them shall be suspended from trading securities or derivatives for 6 months and barred from serving as a director or executive in a securities issuing company or a securities company for 12 months.  

The civil sanctions prescribed by the CSC, namely the specified periods of bar from serving as a director or executive and suspension from trading securities or derivatives as mentioned above, will take effect as specified in the letter of consent to comply with the civil sanctions prescribed by the CSC. If the offender refuses to extinguish the case, the SEC will request the public prosecutor to file a lawsuit in the Civil Court seeking the imposition of civil sanctions at the maximum rates provided by law, provided that such rates shall not be lower than those prescribed by the CSC.

Civil penalties and compensation for benefits received or that should have been received from committing the offense shall be remitted to the Ministry of Finance as public revenue.  

Note: * Section 317/1 of the Securities and Exchange Act B.E. 2535 (1992), as amended by the Securities and Exchange Act (No. 5) B.E. 2559 (2016), allows for civil sanctions to be imposed for criminal offenses under this Act.  

Details of civil sanctions and associated procedures are available at https://www.sec.or.th/EN/pages/lawandregulations/civilpenalty.aspx













Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 176 / 2026 Tuesday 1 September 2026
SEC imposes civil sanctions on four offenders for manipulating the price or trading volume of TPL shares

Bangkok, 1 September 2026 – The Securities and Exchange Commission (SEC) has announced the imposition of civil sanctions on four offenders for manipulating the share price or trading volume of Thai Parcels Public Company Limited (TPL). Consequently, the offenders are required to pay civil monetary penalties totaling 20,293,332 baht, and are suspended from trading securities or derivatives, as well as barred from serving as directors or executives.

Following the referral from the Stock Exchange of Thailand (SET) in October 2023 and the SEC’s further investigation, the findings and evidence indicated that on 30 June 2023, the first trading day of TPL shares on the SET, four offenders, namely (1) Miss Aura-orn Akrasanee, (2) Mr. Pakkawan Wongopasi, (3) Miss Arissa Singsom, and (4) Miss Kanchanarath Wongphan, who were interconnected through personal and business relationships, jointly manipulated the price or trading volume of TPL shares by dividing roles among themselves.

In this regard, the four offenders placed large-volume buy orders for TPL shares at high prices during the pre-opening session, causing the opening price of TPL shares to be higher than the IPO price. They also placed buy orders to drive up the price and matched trades among themselves during the trading day to induce other investors to trade accordingly. In addition, they maintained buy orders at multiple price levels to prevent the price from declining and impede other investors, causing those investors to continue placing buy orders at increasingly higher prices. As a result, the price of TPL shares increased. These acts caused the general public to be misled about the price or trading volume of TPL shares and caused the price or trading volume of TPL shares to deviate from normal market conditions.

The actions of the four offenders constitute an offense of jointly manipulating share prices under Section 244/3(1) and (2), in conjunction with Section 244/5, which is subject to penalties under Section 296, Section 296/1, and Section 296/2 of the Securities and Exchange Act B.E. 2535 (1992) (SEA), and in conjunction with Section 83 of the Criminal Code.

The Civil Sanctions Committee (CSC) has therefore resolved to apply civil sanctions* to the four offenders as follows:

(1) Miss Aura-orn shall pay a civil penalty, a compensation equal to the benefit received or should have been received, and a reimbursement of investigative expenses incurred by the SEC, totaling 18,535,833 baht. In addition, she shall be suspended from trading securities or derivatives for 11 months and barred from serving as a director or executive in a securities issuing company or a securities company for 22 months.  

(2) Mr. Pakkawan shall pay a civil penalty and a reimbursement of investigative expenses incurred by the SEC, totaling 585,833 baht. In addition, he shall be suspended from trading securities or derivatives for 8 months and barred from serving as a director or executive in a securities issuing company or a securities company for 16 months.  

(3) Miss Arissa and Miss Kanchanarath shall pay a civil penalty and a reimbursement of investigative expenses incurred by the SEC, totaling 585,833 baht each. In addition, each of them shall be suspended from trading securities or derivatives for 6 months and barred from serving as a director or executive in a securities issuing company or a securities company for 12 months.  

The civil sanctions prescribed by the CSC, namely the specified periods of bar from serving as a director or executive and suspension from trading securities or derivatives as mentioned above, will take effect as specified in the letter of consent to comply with the civil sanctions prescribed by the CSC. If the offender refuses to extinguish the case, the SEC will request the public prosecutor to file a lawsuit in the Civil Court seeking the imposition of civil sanctions at the maximum rates provided by law, provided that such rates shall not be lower than those prescribed by the CSC.

Civil penalties and compensation for benefits received or that should have been received from committing the offense shall be remitted to the Ministry of Finance as public revenue.  

Note: * Section 317/1 of the Securities and Exchange Act B.E. 2535 (1992), as amended by the Securities and Exchange Act (No. 5) B.E. 2559 (2016), allows for civil sanctions to be imposed for criminal offenses under this Act.  

Details of civil sanctions and associated procedures are available at https://www.sec.or.th/EN/pages/lawandregulations/civilpenalty.aspx