Great to see the SEC has lifted penalties for cheats

Finally, the Securities and Exchange Commission, under the leadership of its new secretary-general, Rapee Sucharitakul, and his board of governors, has done what the SEC should have done ages ago to show they’ve got teeth. This bonanza of penalties against cheats in high places should put the Thai bourse in a better fair-play and fair-game light for investing in 600-plus listed companies.
The offences of using privileged information, stock manipulation and falsehoods by people in the know to take advantage of ordinary shareholders are not dissimilar to cheating in any card game or in sports when athletes use forbidden drugs.
I salute the revitalised SEC for understanding that cheating and cronyism are a great drag to our market. The cases of five top executives being punished and shown as not being above the law and the rules of the game are unprecedented, with no favour given to those with strong social connections and great wealth.
It is doubly gratifying to have seen a report in your Thai sister paper, Krungthep Turakij, which detailed the remorse of one of the five wrongdoers, the chairman of Bangkok Insurance Chai Sophonpanich.
The gain in this case was only a few hundred thousand baht and Khun Chai said he did not know that his family members used privileged information he gave them to buy stocks in anticipation of a price rise. I believe him and admire him for admitting this pittance of a mistake.
Compared to others, Khun Chai should be proud of not offering an excuse but being regretful like a man. He has set a good standard for our society.
Henceforth, after being aware of Khun Chai’s case, few people would dare talk about confidential business matters at family dinner tables anymore.
Songdej Praditsmanont