KUALA LUMPUR: Bursa Malaysia has reprimanded, fined RM10,000, and ordered former Malacca Securities Sdn Bhd dealer’s representative, Kwong Ming Mean, to be struck from the register for carrying out no change in beneficial ownership (NCBO) trades.
According to Bursa, NCBO trades are prohibited under the rules as it might lead to a false or misleading appearance of active trading in or with respect to the market for or price of any securities on the stock market. “Directly or indirectly, it could be tantamount to stock market manipulations,” said Bursa in a statement yesterday.
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