By KINIBIZ
The Securities Commission Malaysia has revoked the Capital Market Services Representative’s Licence (CMSRL) of former Bursa Malaysia dealer representative Hon Sook Yin with effect from Dec 18, 2015.
“She was found to have engaged in improper business practices when trading in the shares of Notion VTec Bhd. Hon was previously attached to Affin Hwang Investment Bank Bhd,” it read.
According to the regulatory body in a press statement released today, Hon’s CMSRL was revoked under section 72 read together with section 65 of the Capital Market and Services Act (CMSA) 2007.
It further added that Hon has not filed any appeal against the SC’s decision within the prescribed time provided for in the CMSA.
Hon is among the two dealer representatives who were previously reprimanded, fined and suspended by Bursa Malaysia in March last year for engaging in manipulative dealing activities in Notion VTec Bhd.
In a statement on March 2, 2015, Bursa Malaysia said Hon manipulated Notion’s price by executing increasing bids buy orders and prices higher than last-done price in her client’s account to enable profitable trade.
Bursa added that Hon’s actions had impacted the market, activity and the price of Notion shares and thus created artificial volume and active demand as well as artificial volatility of price that induced investors to trade which had facilitated her client’s selling.
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