KUALA LUMPUR (Dec 2): Bursa Malaysia Securities Bhd has publicly reprimanded, fined and ordered the striking off of two remisiers for multiple misconducts, including stock manipulation over a 15-month period. Both concealed their dual roles in managing the same client’s account at different firms.

In a statement, Bursa said Kang Ai Na, previously with Kenanga Investment Bank Bhd, engaged in coordinated market manipulation and false trading across multiple client accounts for over a year, affecting stocks including Dataprep Holdings Bhd (KL:DATAPRP), Hextar Industries Bhd (KL:HEXIND), Bintai Kinden Corp Bhd (KL:BINTAI) and Kejuruteraan Asastera Bhd, now known as Kinergy Advancement Bhd (KL:KAB). 

Kang manipulated the stock market by coordinating trades across multiple client accounts to create fake demand and push up share prices. She also misused her login to execute frequent buy and sell orders, cancel orders strategically and give the impression of active trading, all to mislead the market, the regulator said. She was fined RM391,000, partly to account for the commissions she earned from manipulating the market.

Another remisier Chih Yi May, previously with Maybank Investment Bank, created a conflict of interest over a period of six months, by managing the same client’s account at Maybank while also acting as an authorised person for the client’s account at another firm, continuing to issue trading instructions despite being queried by her employer. She was fined RM50,000.

Bursa stressed that registered personnel must act professionally, honestly and manage conflicts of interest diligently.

“The public reprimand serves as a deterrent and highlights Bursa’s serious stance against misconduct involving dishonesty, concealment, conflict of interest and market offences,” the exchange said.