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On May 8, 2026, the State Securities Inspectorate issued Decision No. 229/QĐ-XPHC imposing penalties for administrative violations in the securities and stock market sector against Bao Minh Securities Joint Stock Company (ticker: BMS).
BMS was fined VND 187,500,000 under point a, clause 5 of Article 26 of Government Decree No. 156/2020/ND-CP dated December 31, 2020 for not maintaining separation of customers’ assets from the brokerage’s assets. The decision states that at times the company transferred funds from the dedicated account managing customers’ trading deposits to the company’s settlement account and back, with entries reflecting customer withdrawals, principal repayments, loan interest, and payments for bond purchases.
In addition, the brokerage was fined VND 92,500,000 for failing to disclose information required by law. The company did not disclose information in accordance with legal requirements for transactions with a value of 10% or more of total assets in the most recently audited annual financial statements or the reviewed semi-annual financial statements on the dates 25/06/2024, 11/07/2024, 10/03/2025, and 15/12/2025.
BMS was also fined VND 187,500,000 for violations of lending restrictions. The decision notes that at times the company lent to certain customers through bond deposit contracts or certificates of deposit.
Separately, due to misreporting, Bao Minh Securities was fined VND 175,000,000 by the State Securities Commission. Specifically, at times the company reported inaccurately about its capital adequacy ratio. As a remedy, it was required to report accurate information for the violations.
In addition, BMS was fined VND 137,500,000 for violations of rules on margin trading, by offering customers margin trading beyond their purchasing power in their margin accounts.
As a result, Bao Minh Securities was fined a total of VND 780,000,000.
According to BMS’s Q1 2026 financial statements, operating revenue declined 19% to below VND 70 billion. However, pre-tax profit reached nearly VND 45 billion, compared with a loss of VND 14 billion in the same period last year.
As of March 31, BMS’s charter capital stood at VND 2,039 billion.
For 2026, the company targets total revenue above VND 797 billion and pre-tax profit near VND 208 billion. BMS also plans to issue additional shares to increase charter capital from VND 2,039 billion to over VND 3,170 billion, representing an increase of more than 55%.
In a related development, Bao Minh Securities (stock code BMS, UPCoM) filed to register more than 203.9 million shares for listing on HOSE on April 8. The plan to move listing to HOSE was approved at the 2025 extraordinary general meeting on January 10, 2026. Previously, BMS shares were registered on UPCoM since August 8, 2018.
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