The State Securities Commission (SSC) began a probe into Vietcombank Securities (VCBS), Ho Chi Minh City Securities (HSC), and ACB Securities belonging to Asia Commercial Bank following a stream of complaints from investors.
The investigation showed that VCBS gave priority to orders from certain individuals and institutions, putting them through whatever time they came and not following the stock market rules.
Besides, 13 of its 22 employees involved in securities trading were not formally qualified for the job.
HSC, though mostly following the rules, did not maintain proper records for transactions like custodial services, mortgages, and share transfers, while the dates on some records did not match those at the bourse.
ACB Securities was allowing investors to use their stocks as collateral even before they were transferred to their accounts.
Also, it carried out some of the tasks manually, increasing the risk and making examination difficult.
The SSC has asked the three firms to follow the rules, warning if they continued with their errant ways it would slap harsh penalties.
The watchdog also plans to examine other stock brokerages following complaints from investors and some listed companies whose stocks have gained sharply.
Source: Thanh Nien
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