SEC probes Supaporn filings as TRUE share report tests market disclosure system

SEC moves to calm market questions

Thailand’s Securities and Exchange Commission (SEC) has launched an in-depth investigation into shareholding reports filed under the name Supaporn Pimpong, after the regulator found several inconsistencies in disclosures submitted through its 246-2 reporting system.

The case has drawn attention across the capital market after a report appeared to show Supaporn holding more than 7% of True Corporation Plc (TRUE), a stake large enough to place her among the company’s major shareholders if verified. However, TRUE later said it had found no evidence supporting the reported shareholding or transactions and asked the SEC to urgently examine the matter.

The SEC said it had checked with the person who submitted the reports and was told that the information had been entered into the 246-2 system by the reporter herself. However, the regulator said its own review found doubts over the consistency of several items across seven reports covering six securities, submitted on June 30 and July 2, with claimed acquisition dates going back to 2021.

TRUE filing sparks wider scrutiny

The controversy began after a 246-2 filing on July 2 reported that Supaporn had acquired an additional 3.2174% of TRUE’s voting rights on June 15, 2026, allegedly through UBS Group AG. When combined with a previously reported holding, the filing showed her total stake rising to 7.0992% of TRUE’s voting rights. Krungthep Turakij estimated the reported stake would have been worth nearly 30 billion baht based on the share price at the time.

TRUE later clarified that the 246-2 information appeared to be only preliminary and still under review. The company also noted that the reported acquisition included around 3.1786% in ordinary shares and 0.0388% in preferred shares, while TRUE said it had never offered preferred shares to the general public and currently had no preferred shares outstanding.

The company said its internal checks had not found facts corresponding to the reported holding or share-trading transaction, and that it had notified the SEC of its observations.

Regulator flags seven reports

The SEC’s statement widened the issue beyond TRUE. The regulator said the reports in question involved alleged acquisitions of securities at different times since 2021, but were only filed on June 30 and July 2, 2026. It said the filings reported past acquisitions made personally by the reporter and did not show corresponding disposals.

According to the SEC, checks on five securities found that the reporter’s name did not appear on the shareholder register record dates after the alleged acquisitions. One further security remains under review. The regulator also found that some reported acquisitions involved types of securities that the issuers had never issued, while some reported proportions may not correspond with information disclosed by listed companies.

The SEC also said it found that the same reporter had submitted acquisition reports under Section 59, despite not being a director, executive or other person required to report under that section. The regulator has removed those Section 59 reports from the system.

Warning label added for investors

To reduce confusion, the SEC has changed the status marker on the relevant 246-2 information by adding the phrase “under accuracy verification”. It said the step was intended to provide clearer warning to investors using the information for investment decisions.

The 246-2 system is a disclosure mechanism requiring those whose holdings reach or cross each 5% threshold of a company’s voting rights to report acquisitions or disposals. The information is intended to help investors monitor changes in control or potential influence arising from securities holdings, including convertible securities.

The system is based on self-declared reporting, under which the person with the reporting duty submits and certifies the information. The SEC said this approach is in line with international disclosure practice, while adding that suspicious or inaccurate information will trigger review, warnings and further disclosure of correct information.

Other listed firms also drawn in

Krungthep Turakij reported that past filings under the same name included several other listed companies, such as Bangkok Bank (BBL), Kasikornbank (KBANK), Major Cineplex Group (MAJOR), Asia Aviation (AAV) and G J Steel (GJS). Some of the reported stakes were large enough to raise market questions over why the name did not appear in later shareholder records.

MAJOR also reported that filings involving its shares may have been materially inaccurate. The company said it had no preferred shares outstanding, had not offered such shares to the public, and that the person named in the reports was not connected to the company as a director, executive or employee.

Legal action possible if data is false

The SEC said that if it finds incorrect or false reporting, it is ready to take legal action under the Securities and Exchange Act. If a person who is not required to report intentionally submits false information, misleading material information or conceals material facts, the offence may fall under Section 302/1, carrying imprisonment of up to one year and a fine of up to 100,000 baht.

The regulator added that if other legal offences are found, including offences related to entering information into computer systems, it will coordinate with relevant agencies for further action.

FETCO urges market to wait for facts

Paiboon Nalinthrangkurn, chairman of the Federation of Thai Capital Market Organisations, told Krungthep Turakij that it was still too early to conclude the cause or impact of the irregularity because the information remained unclear and the SEC was still gathering facts.

He said investors should wait for an official explanation from the SEC, which has direct access to the relevant information. He added that the issue had not yet caused market panic, with no abnormal movement in related share prices and no severe buying or selling pressure seen across the wider market.

A test for disclosure confidence

The case has become a fresh test of confidence in Thailand’s market-disclosure infrastructure. At the same time, the regulator’s swift decision to flag the filings, deepen its review and warn investors shows that the system is now under active scrutiny.

For investors, the key lesson is clear: 246-2 filings remain important, but preliminary data should be read alongside company clarifications, regulator warnings and verified shareholder records.

For the market, the outcome of the SEC’s probe will be closely watched. A transparent conclusion could help strengthen investor trust, sharpen screening procedures and reinforce the integrity of Thailand’s capital market.

Source: Krungthep Turakij