Public companies may receive a penalty of VND2-3 billion ($87,120-$130,700) for falsifying share listing and trading documents under a proposal from the Ministry of Finance.
Public companies may receive a penalty of 2-3 billion VND (87,120-130,700 USD) for falsifying share listing and trading documents under a proposal from the Ministry of Finance.
The companies would have to file to trade shares at the stock exchanges within a maximum of 60 days.
The penalty was proposed in a draft decree regulating fines for administrative violations in the securities sector.
A fine of 400-500 million VND would be imposed if the company delivers false information in its listing documents or covering false information on purpose.
The company would be fined 100-200 million VND for not correcting and supplementing information in its listing documents, or missing key information required by market regulators.
Public companies may also receive a fine of 70-100 million VND if they do not adjust the details of share listing and trading and if they fail to register and trade shares on time in accordance with existing rules.
A company would suffer a maximum fine of 500 million VND for using false information in its profile or covering false information when it files for listing shares on overseas markets. The minimum penalty for the violation is 400 million VND.
If the company does not report to the State Securities Commission about issuing new shares and registering to the overseas market’s depository agency, the fine would be 150-200 million VND.
Not correcting the profile and supplementing required information in its overseas listing documents would be penalised between 100 million VND and 200 million VND.
The finance ministry is collecting feedback from market regulators, analysts and securities companies on the draft.
The full version of the draft decree is available on the Government’s portal chinhphu.vn. VNA