2023 was a turbulent year for the Vietnamese stock market. Simultaneously, the number of irregularities in the stock market also tended to increase.
As of December 27, 2023, the State Securities Commission (SSC) had issued 145 penalty decisions with a total fine amount of VND 34.4 billion. Violations in the securities sector mainly involved information disclosure errors, irregularities related to bond issuance, and stock price manipulation.
The State Securities Commission (UBCKNN) imposed penalties on 145 cases in 2023 (Photo courtesy of the agency).
Of the 145 penalty decisions announced by the State Securities Commission of Vietnam (SSC), 27 were against individuals and 118 against organizations. Compared to 2022, the number of penalty decisions issued by the SSC increased by 8, representing a 6% increase.
The total amount of fines imposed in 2023 increased by more than 6 billion VND compared to 2022, representing an increase of approximately 23%. On average, each administrative penalty decision amounted to 240 million VND, an increase of more than 18% compared to 2022.
The highest penalty recorded in 2023 was 3 billion VND, accompanied by a 4-month suspension of securities trading for one stock in the banking sector.
Regarding sanctions related to stock price manipulation, the most notable case involves five individuals being penalized by the State Securities Commission for engaging in securities manipulation. These cases involve the stocks C69, APG, FRM, ABR, FIR, and GKM, with fines ranging from hundreds of millions to even billions of VND.
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