HSC fined 60 million VND because employee does not have a practice certificate

Ho Chi Minh City Securities Corporation (HSC - HoSE: HCM) has just announced information about administrative violations in the securities sector.

Specifically, on August 24, HSC received Decision No. 265/QD-XPHC dated August 23 of the State Securities Commission on sanctioning violations for the act of arranging for people without a securities practice certificate to perform operations and positions that, according to law, require a securities practice certificate.

During the period from January 2022 to October 2022, the company arranged for employees without securities practice certificates to receive customers' securities trading orders.

Accordingly, Ho Chi Minh City Securities was fined VND 60 million according to the provisions of Point a, Clause 2, Article 32 of Decree 156. At the same time, this amount must be paid to the Hanoi State Treasury, located at 18 Giai Phong Street, Phuong Mai Ward, Dong Da District, Hanoi or paid to account number: 7111 of the Hanoi State Treasury within 10 days from the date of receipt of the Decision.

Regarding the financial picture, in the second quarter of 2023, HSC recorded operating revenue of more than VND 587 billion, profit after tax reached VND 157 billion, down 50% and 44% respectively compared to the same period last year. The reason is that profits from FVTPL financial assets, profits from receivables and loans or brokerage revenue all decreased by double digits.

In the first 6 months of the year, the company's revenue reached VND 1,218 billion and profit after tax was VND 281 billion, down 46% and 50% respectively compared to the same period in 2022. Compared to the achieved results, the company has achieved 44% of the revenue plan and 39% of the profit target set for the whole year.

As of June 30, HSC's total assets were recorded at VND14,300 billion, equity at VND7,919 billion, down 7% and unchanged from the beginning of the year. However, loans increased by 20% compared to the beginning of the year to VND8,875 billion, including margin loans and advances for securities sales .

Source: https://www.nguoiduatin.vn/hsc-bi-phat-60-trieu-dong-vi-nhan-vien-chua-co-chung-chi-hanh-nghe-a623271.html