The Securities and Exchange Commission (SEC) is preparing to pursue investigations of securities-related crimes after the regulator was empowered to independently conduct investigations, a function previously reserved for the police.
Anek Yooyuen, deputy secretary-general and spokesperson for the SEC, said this development aligns with the cabinet's resolution to lift investor confidence by enhancing the SEC's operations through six key legal reforms. These reforms are being reviewed by the Council of State.
A critical reform is the SEC's newly proposed authority to investigate and compile legal case files independently, particularly for high-impact cases with wide-reaching market consequences. For existing cases under review by other agencies, the regulator may reopen investigations under this new mandate.
Another proposed measure is requiring corporate executives and major shareholders to disclose individual share pledges to mitigate market disruption. This authority is subject to a public hearing before it can be enacted.
The SEC cannot confirm when the new investigative power will come into force, pending final procedural approvals.
According to SEC data, during the first four months of 2025, the regulator filed seven criminal complaints involving 26 individuals with the Economic Crime Suppression Division and the Department of Special Investigation.
These comprise four stock price manipulation cases involving 14 individuals, a false information dissemination case involving one individual, and two cases of unlicensed business operations involving 11 individuals.
On the civil side, the Civil Sanction Committee imposed civil penalties in eight cases involving 42 individuals, one case of false/misleading disclosures involving two individuals, four price manipulation cases involving 26 individuals, one case of insider trading or unlawful disclosure involving 12 persons, and one concealment or false information case involving two individuals.
During the same period, 14 individuals agreed to comply with civil sanctions in four cases, resulting in 14.1 million baht in fines and 10.2 million in restitution.
Six civil cases filed by the SEC have reached final judgements, all in favour of the SEC, with courts imposing maximum statutory penalties. An additional 15 civil cases remain under judicial consideration.
The SEC has also cracked down on scams as digital asset-related fraud intensified. The regulator's Investment Scam Hotline received 2,735 tips for investigations in the first four months through six channels, comprising the SEC website (www.sec.or.th/scamalert), hotline (1207 ext. 22), email (scamalert@sec.or.th), in-person reports, chat service and mail.
A total of 1,849 social media accounts suspected of investment scams were flagged and submitted to platform providers and government agencies to take down. The SEC also provided scam-related consultations to the public.
Following amendments to the Digital Asset Royal Decree and the Technology Crime Suppression Act effective from April 13, enforcement against illegal digital asset platforms and mule accounts has accelerated. More than 27,000 mule accounts were tied to digital asset crimes totalling 169 million baht in damages.