Ms. Vu Thi Chan Phuong - Chairwoman of the State Securities Commission
Today, October 8, the State Securities Commission (SSC) held a workshop to contribute opinions on the content of amendments and supplements to the Securities Law.
According to the committee, this event aims to "raise awareness, responsibility, and mobilize the intelligence of relevant agencies, organizations, and entities participating in the stock market in building legal policies."
Improve transparency, strictly handle fraud, clearly define responsibilities
At the event, a representative of the State Securities Commission said that after more than 3 years of implementation, the 2019 Securities Law and its detailed implementing regulations have created a relatively complete, synchronous, and unified legal framework. This has contributed to many positive results.
However, with the rapid development of the market, some shortcomings and problems have arisen in the practice of law enforcement. They need to be reviewed, amended, supplemented and perfected soon.
This is to promptly overcome limitations and risks, further improve the effectiveness and efficiency of state management. At the same time, it creates favorable conditions for enterprises to mobilize capital to serve production and business development.
Accordingly, the amended Securities Law focuses on three basic issues. The first is related to regulations to improve transparency and efficiency in securities issuance and offering activities.
Next, complete regulations to strengthen supervision and strictly handle fraudulent and deceptive acts in securities issuance and offering activities, clearly define the responsibilities of relevant organizations and individuals, and ensure effective prevention and handling of violations in the securities market.
At the same time, amend and supplement a group of regulations to remove practical obstacles, promote market development with the goal of upgrading the stock market.
Specifically, perfecting the legal basis to carry out clearing and settlement activities for securities transactions on the market according to the central clearing counterparty (CCP) mechanism on the Vietnamese stock market.
Sentenced to prison for stock manipulation
Recently, a series of stock manipulation cases have been exposed and brought to criminal trial. This contributes to increasing deterrence and limiting market manipulation.
Typically, in August 2024, the Hanoi Police Investigation Agency prosecuted 7 people for manipulating CMS shares of CMH Vietnam Group. This group was led by Tran Binh Minh (born in 1982). In addition to using many securities accounts to buy and sell CMS code, the group also used accounts on Zalo and Telegram to call out and guide the decisions of other investors.
The State Securities Commission determined that the group sold for a profit of more than 10 billion VND, and Mr. Minh personally earned 5.5 billion VND (excluding taxes and fees).
Notably, in the market, Tran Binh Minh calls himself a "teacher" with 18 years of experience in real-life stock investment, founding many financial and real estate investment channels with more than 1 million following accounts.
Previously, investors witnessed two shocking cases, many people paid the price for their wrongdoings.
The first is the case of Mr. Trinh Van Quyet, former chairman of the board of directors of FLC Group, who was sentenced by the court of first instance to a total of 21 years in prison for stock market manipulation and fraud.
He also dragged along his two younger sisters, Trinh Thi Minh Hue (accounting officer of FLC Group) and Trinh Thi Thuy Nga (deputy general director of BOS Securities Company), to receive sentences of 14 years and 8 years in prison, respectively.
In addition to criminal liability, the court of first instance ordered the former chairman of FLC Group, in conjunction with Ms. Trinh Thi Minh Hue, to compensate investors more than 1,700 billion VND.
Meanwhile, at the appeal hearing, the jury sentenced defendant Do Thanh Nhan - former chairman of Louis Holdings to 4 years in prison. Defendant Nhan and defendant Do Duc Nam - general director of Tri Viet Securities Company, discussed strategies to manipulate the prices of BII and TGG stocks. From there, the group illegally profited more than 154 billion VND.
In the above context, the amendment and supplementation of the Securities Law in a more stringent direction will contribute to better protecting investors and businesses.
Source: https://tuoitre.vn/sua-doi-luat-xu-ly-nghiem-hanh-vi-gian-lan-va-lua-dao-chung-khoan-20241008123601717.htm
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