Unlicensed trading suspected
The Securities and Exchange Commission, the Agricultural Futures Trading Commission and the police yesterday named three companies suspected of conducting unlicensed oil-futures trading.
The companies are Triple V Service and Trading, Facility Aviation Support (Thailand) and Overseas Bullion International Trading.The SEC believes the three persuaded local investors to deposit several hundred thousand baht for trading in oil futures. The three allegedly have no futures-trading licences. Preliminary SEC investigations suggest the three are not related. The regulator will probe those involved and violators will be prosecuted. Trading in derivatives without a licence contravenes Article 16 of the Derivatives Act. It is punishable by a maximum prison term of three years and/or a fine not exceeding Bt300,000. An additional fine of Bt10,000 a day for every day of the violation can be imposed. The SEC warned investors to check that brokers are licensed by the SEC or the Agricultural Futures Trading Commission. It appealed for information about suspected unlicensed brokers. - The Nation
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