The Thailand Securities and Exchange Commission announced civil sanctions against Mr. Peerapong Jirasevijinda for placing sell orders in JMT Network Services Public Company Limited (JMT) in a manner that misled other persons about the price or trading volume. The Civil Sanction Committee ordered a total payment of THB 704,187 and imposed temporary bans on trading and on holding senior roles at issuers and securities firms. The SEC’s examination found that on 12 July 2023 the relevant JMT sell orders were placed from Bualuang Asset Management Company Limited’s trading account via Citicorp Securities (Thailand) Limited, when Mr. Peerapong Jirasevijinda was BBLAM’s chief executive officer and fund manager. The orders were large relative to total market sell orders at each price level and were later entirely cancelled, with the SEC stating the intent was to test the market without executing transactions, thereby misleading others regarding JMT trading volume. The conduct was cited as an offence under Section 244/3(1) of the Securities and Exchange Act B.E. 2535 (1992), with penalties under Sections 296 and 296/2. The sanctions require payment of a civil monetary penalty and reimbursement of the SEC’s investigative expenses totalling THB 704,187, a seven-month prohibition on trading securities or derivatives, and a 14-month bar from serving as a director or executive of securities issuing companies or securities companies. The SEC noted that civil sanctions take effect when the offender signs a consent letter; otherwise, the case will be referred to the public prosecutor for a Civil Court action seeking maximum applicable civil sanctions not lower than those set by the committee.

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