According to news and online media reports, on 12 November 2023, Bualuang Asset Management Company Limited (BBLAM) placed sell orders for 30,000,000 shares of JMT —a substantial amount—which was later entirely cancelled. This action mentioned above is considered as placing sell orders in such a way that misleads other persons regarding the price or volume of securities trading.

The SEC’s examination revealed that on 12 July 2023 (one business day), the aforementioned JMT selling orders originated from BBLAM’s trading account, executed through Citicorp Securities (Thailand) Limited. At the time, Mr. Peerapong Jirasevijinda, who was chief executive officer and fund manager of BBLAM, placed the large and significant JMT selling orders in this account via BBLAM’s dealer. The order volume was substantial compared to the total market sell orders at each price level at that time, and the orders were later entirely cancelled from the system. Mr. Peerapong Jirasevijinda’s intention in placing selling orders was to test the market, without intention to execute transactions, in such a way that misleads other persons regarding the trading volume of JMT shares.

Such action by Mr. Peerapong Jirasevijinda constitutes an offense for placing selling orders for JMT shares in such a way that misleads other persons regarding the price or volume of securities trading, as specified in Section 244/3(1), which carries penalties under Section 296 and Section 296/2 of the Securities and Exchange Act B.E. 2535 (1992).

The Civil Sanction Committee (CSC) has therefore resolved to impose a civil sanction* on the offender, requiring him to pay a civil penalty and a reimbursement of investigative expenses incurred by the SEC, totaling 704,187 baht. He is also prohibited from trading in securities or derivatives for 7 months, and is barred from serving as director or executive in securities issuing companies or securities companies for 14 months.      

In all cases, civil sanctions, as imposed by the CSC, will take effect when the offenders sign a letter of consent, agreeing to comply with the civil sanctions. In the event that any offenders refuse to give consent to the sanctions, the SEC will submit the cases in writing to the public prosecutor for filing a lawsuit in the Civil Court to seek the maximum applicable civil sanctions, which shall not be lower than those specified by the CSC.   

The civil penalties from committing offenses shall be remitted to the Ministry of Finance as public revenue.   

Remark: 

* Civil sanctions are law enforcement measures under the Securities and Exchange Act B.E. 2535 (1992), as amended by the Securities and Exchange Act (No. 5) B.E. 2559 (2016), effective since 12 December 2016. Section 317/1 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