Following the referral from the Stock Exchange of Thailand (SET) in October 2022 and the SEC’s further investigation, during 22 June - 31 August 2022 (a total of 47 working days), it was found that Miss Paranya manipulated the price or trading volume of TSR shares by placing buy or sell orders – or executing trades – in a continuous manner with the intent to distort the price or volume of the securities to be inconsistent with the normal market conditions.

Specifically, Miss Paranya engaged in manipulative trading of TSR shares by repeatedly placing aggressive buy orders to push up the price, sweeping sell orders, and maintaining large bid orders at the best and second best bid levels. These trading behaviors impeded other investors from executing transactions under normal market conditions. Investors seeking to buy shares without delay were forced to place orders at increasingly higher prices, resulting in a continued upward adjustment of TSR’s share price. The manipulative activity was conducted to enable Sabuy Technology Public Company Limited (SABUY) – in which Miss Paranya is a major shareholder – to recognize a gain from the fair value measurement of its investment in TSR at the end of the second quarter of 2022, and to profit from the subsequent trading of TSR shares. Such conduct misled the public regarding the price or trading volume of TSR shares and constituted a pattern of trading that caused the price or volume to deviate from normal market conditions.

The above actions constitute violations related to manipulating share price or trading volume of  TSR shares under Sections 244/3(1)(2) in conjunction with Sections 244/5(4)(5) of the Securities and Exchange Act B.E. 2535 (1992) (SEA), and are subject to penalties under Section 296, Section 296/1, and Section 296/2 of the same Act.

The Civil Sanction Committee (CSC) has therefore resolved to impose civil sanctions* on Miss Paranya, comprising a civil penalty, compensation equal to the benefits received or should have been received, and reimbursement of the investigative expenses incurred by the SEC, totaling 32,327,329 baht. Miss Paranya is also suspended from trading securities or derivatives for 6 months as well as barred from serving as director or executive for 12 months.   

The civil sanctions imposed by the CSC – which include a bar from serving as director or executive and a suspension from trading securities or derivatives as mentioned above – will take effect once the offender signs a letter of consent agreeing to comply with the sanctions. 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 maximum applicable civil sanctions, which must not be lower than those specified 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