SEC expands self-reporting probe

The Securities and Exchange Commission (SEC) is widening its investigation into whether false information reports linked to Supaporn Phimpong were intentionally submitted to the electronic reporting system, which is a violation of securities law.

The regulator has removed a series of securities acquisition reports filed by Ms Supaporn from its disclosure system after finding such information was inaccurate, said SEC secretary-general Pornanong Budsaratragoon.

An initial examination of seven controversial Form 246-2 filings covering six listed securities was completed. The reports, submitted on June 30 and July 2, were published via the SEC's self-reporting disclosure system before irregularities were detected.

Following confirmation from the relevant listed companies that the reported transactions were inaccurate, the regulator removed all reports from the Form 246-2 system on July 8.

The SEC found multiple discrepancies, including that the reporting person's name did not appear in shareholder registers, noted Mrs Pornanong.

Some securities cited in the filings did not exist during the reported period, while several reported acquisitions did not reflect actual transactions. In one case, a reported warrant exercise was found to be another person's convertible debenture conversion, she said.

The investigation began after a Form 246-2 published by the SEC system showed Ms Supaporn as having acquired shares of True on June 15, 2026, equivalent to 3.2174% of total voting rights, raising her reported holdings to 7.0992%.

True said some details of the reports may be inaccurate because it never offered preferred shares to the public.

"The SEC is conducting a deeper investigation to determine whether the case constitutes an intentional submission of false information to the electronic reporting system," said Mrs Pornanong.

The investigation is considering Section 302/1 of the Securities and Exchange Act, which prohibits submitting false or misleading information to the SEC that could materially mislead investors.

Authorities are collecting additional evidence and requesting explanations from those involved before deciding whether further legal action is warranted, she noted.

The probe also found the same individual submitted Form 59 reports despite not being a director, executive or other person legally required to make such disclosures.

Mrs Pornanong reiterated that the regulator is not under external pressure during the investigation.

"The SEC has followed its established protocols throughout this process. We will continue to coordinate closely with all relevant agencies and we welcome feedback from all stakeholders to improve the system," she said.

SELF-REPORTING FRAMEWORK

Thawatchai Pittayasophon, deputy secretary-general of the SEC, said the filings were submitted through the regulator's disclosure platform under the internationally adopted self-reporting framework, in which filers certify the information they provide is complete, accurate and truthful.

After True, Major Cineplex Group and four other listed companies denied the reported transactions, the SEC launched a verification process, contacted the filer and the companies concerned, flagged the reports to alert investors, and removed them once the inaccuracies were confirmed.

He said the SEC does not verify every filing before publication because the disclosure system is designed to balance speed and transparency with post-submission verification, ensuring investors receive market information quickly.

Requiring every filing to be fully certified before publication would significantly delay disclosures and reduce market efficiency, said Mr Thawatchai.

The SEC relies on a risk-based verification process, cross-checking reported information with listed companies, banks and other third parties rather than relying solely on documents submitted by filers, which could potentially be falsified.

Real-time verification is challenging because shareholder records maintained by the Thailand Securities Depository (TSD) are not updated instantly, meaning some transactions can only be verified after disclosure.

The SEC is enhancing its verification procedures and back-office monitoring systems, including exploring closer integration with TSD data and improving technology to identify suspicious filings more quickly.

The regulator is also coordinating with other authorities to investigate money trails and related parties where fraud is suspected, he said.

The move aims to strengthen investor protection while maintaining an appropriate balance between the speed of market disclosure and the accuracy of information released to the public.