Despite corrective action from the Securities and Exchange Commission, Mirae Asset continues to violate fundamental regulations.

Between June 8th and June 16th, Mr. Nguyen Van Nghia, a member of the Board of Directors of Lizen Joint Stock Company (stock code LCG), placed a sell order for LCG shares. However, instead of selling, Mirae Asset Securities Joint Stock Company (Vietnam) executed a buy order for 20,000 LCG shares (on June 9th), which was not in accordance with the customer's order. Furthermore, Mirae Asset sold more shares than the registered volume (overselling 20,000 LCG shares).

During the aforementioned trading period, LCG shares fluctuated around 13,000 VND per share. Therefore, 20,000 LCG shares are worth approximately 260 million VND.

The State Securities Commission (SSC) subsequently fined Mirae Asset for violating regulations on receiving and executing customer trading orders. Accordingly, the securities company was fined 112.5 million VND.

When reporters contacted the leadership at Mirae Asset, they only received the explanation that this was an error by a group of brokers within the company. The representative did not offer any solution for investor Nguyen Van Nghia's case.

Speaking to Lao Dong newspaper, investor Vu Thuy Nga (Nam Tu Liem, Hanoi ) expressed her concern that Mirae Asset's actions have significantly impacted public trust. She stated: "I believe there are many signs of stock market manipulation. Furthermore, this incident affects the transparency of the stock market, while the entire system is striving to upgrade from a frontier market to an emerging market."

On online forums, many investors also questioned why a relatively large securities company would allow such a basic error to occur.

"Buying or selling stocks through order placement services usually involves sending SMS verification messages; all brokerage firms do this. So the error here is really hard to understand," commented one investor.

In another development, the State Securities Commission has just issued a decision to impose an administrative fine of VND 125 million on DNSE Securities Joint Stock Company. The reason is that the company allowed four accounts to place buy orders for securities through negotiated transactions when they did not have sufficient funds in their accounts.

Earlier, on August 24th, APG Securities was fined 60 million VND for selling over 635,900 shares of PSG (Saigon Petroleum Investment and Construction Joint Stock Company), resulting in a decrease in its shareholding ratio from 6% to 5% after the transaction, but failing to report it.

Notably, the series of violations by securities companies continued despite the fact that in May, the State Securities Commission had issued a document to securities companies reminding them to rectify their operations. Accordingly, securities companies must strictly comply with regulations in their business activities; strengthen internal control and risk management.

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