TVSI continues to be fined

Recently, the State Securities Commission (SSC) issued Decision No. on administrative sanctions against Tan Viet Securities Joint Stock Company - TVSI (stock code: TVS), located at 6th floor, 79 Ly Thuong Kiet, Cua Nam ward, Hoan Kiem district, Hanoi city.

Accordingly, TVSI was fined VND 125 million according to the provisions of Point c, Clause 4, Article 26 of Decree No. 156 dated December 31, 2020 of the Government stipulating administrative sanctions for violations in the field of securities and the securities market for violating regulations on restrictions on margin trading.

Specifically, on June 3, 2021 and June 4, 2021, the initial margin ratio of some customer accounts was lower than 50% as prescribed in Clause 1, Article 5 of Decision No. 87 dated January 25, 2017 of the Chairman of the State Securities Commission on promulgating the Regulations guiding securities margin trading.

However, the company disbursed loans to customers to conduct margin transactions when the customers did not ensure the margin ratio as prescribed.

On May 18, the State Securities Commission issued a decision to place Tan Viet Securities JSC under special control because the financial safety ratio report dated December 31, 2022 prepared by the company was not audited. The special control period is from May 18, 2023 to September 17, 2023.

The company was fined for disbursing loans to customers to conduct margin trading when the customers did not ensure the margin ratio as prescribed.

Previously, on May 29, the State Securities Commission also issued Decision No. on administrative sanctions of VND 125 million against Vitaco Petroleum Transport Joint Stock Company, according to the provisions of Point a, Clause 6, Article 15 of Decree No. 156 dated December 31, 2020 of the Government regulating sanctions for administrative violations in the field of securities and the securities market.

Specifically, Vitaco did not ensure the number of independent members of the Board of Directors. According to the Corporate Governance Report for the first 6 months of 2022 and the Corporate Governance Report for 2022, the company has 7 members of the Board of Directors, of which only 1 member is independent, not ensuring the number of independent members of the Board of Directors of a listed company as prescribed in Clause 4, Article 276 of Decree No. 155 dated December 31, 2020 of the Government detailing the implementation of a number of articles of the Securities Law.

According to the Securities Law, the number of independent members of the Board of Directors of a listed company must ensure the following regulations: there must be at least 1 independent member in case the company has 3 to 5 members on the Board of Directors, at least 2 independent members in case the company has 6 to 8 members on the Board of Directors, and at least 3 independent members in case the company has 9 to 11 members on the Board of Directors .

Source: https://www.nguoiduatin.vn/tvsi-tiep-tuc-bi-phat-a610535.html