Thailand Securities & Exchange Commission revokes Pi Advisory’s financial advisor approval and bans supervisor Sumritchai Thangharat for 10 years

The Thailand Securities & Exchange Commission has revoked the approval of Pi Advisory Co., Ltd. to act as a financial advisor and the approval of Mr. Sumritchai Thangharat to act as a supervisor for 10 years, following findings of serious misconduct and due diligence failures in relation to an IPO application by a public limited company. The SEC found dishonest intent in assisting the IPO applicant to conceal material facts relevant to the SEC’s review and investors’ decision-making, including by withholding key conditions tied to termination of a core agency agreement and disclosing only favourable information despite knowing the agreement could be immediately terminated after an extension period. It also identified gross negligence or lack of due care in due diligence on another project, including failure to investigate suspicious financial transactions and to verify whether certain sales were genuine, even though deposits involved were nearly 20 percent of the applicant’s total assets at the time of the IPO application. Further deficiencies included inadequate due diligence on subsidiary transactions with deposit-loss risk, failure to assess executive use of company resources for personal benefit without supporting policies, insufficient examination of conflicts of interest, limited assessment of cost impacts from marketing activities or new business models, and failure to review the reasonableness of subcontracting arrangements, raising concerns about internal controls and disclosure completeness in registration statements and draft prospectuses. The revocations are effective from 21 November 2025, and any future applications for approval by Pi Advisory or Mr. Thangharat will not be considered until the 10-year period has elapsed.