MAS Imposes Composition Amount of $4,250 on NBI hf. for Contravention of Section 137 of the Securities and Futures Act [“SFA”]

1          NBI hf. had contravened section 137 of the SFA, in force at the material time, which required substantial shareholders of listed companies to notify the securities exchange of changes in their shareholdings. On 9 June 2014, NBI hf. paid a composition amount of $4,250 in respect of the breach.

2          NBI hf. failed to notify the Singapore Exchange Securities Trading Limited of the change in its deemed shareholdings in Asia Environment Holdings Ltd which took place on 15 September 2010. 

Substantial shareholders are required to provide timely notification of changes in their shareholdings. This is necessary for the proper functioning of a fair, efficient and transparent market.

Last Modified on 26/11/2016