Self-reporting scandal prompts reform calls

Mrs Pornanong, second left, at a briefing on July 9 says the SEC views the Supaporn incident as not only wrongdoing by one individual, but also an opportunity to strengthen Thailand's disclosure framework.

Reliable information is the foundation of every capital market. Whether investors are buying a few hundred shares or evaluating a multi-billion-baht acquisition, they make decisions assuming the information disclosed through official channels is accurate.

That assumption was shaken in Thailand when Supaporn Phimpong submitted a series of false Form 246-2 filings claiming significant share acquisitions in six listed companies. Although Thailand's Securities and Exchange Commission (SEC) later confirmed that no such holdings existed, the disclosures had already entered the public domain through the regulator's online filing system, triggering widespread concerns over the integrity of Thailand's disclosure framework.