Zamani, 49, was charged in the Kuala Lumpur Sessions Court today under section 59 (1) of the Capital Markets Services Act 2007 (CMSA), for holding himself out as a representative of an investment bank to trade in futures contracts between March and April 2010, although he did not hold a Capital Market Services Representative’s Licence (CMSRL). Alternatively, he was charged under section 58(1), read together with section 367(1) of the same Act, for carrying on the business of trading in futures contracts without a Capital Market Services Licence (CMSL) through his company, Rantau Simfoni.

The accused, who was not represented, claimed trial to the charges today.

The charge under section 59(1) of the CMSA carries a maximum fine of RM5 million, five years imprisonment or both. A conviction under section 58(1) of the CMSA, attracts a maximum fine of RM10 million, 10 years imprisonment or both.

The SC had warned the public in April 2010 that neither Rantau Simfoni nor Zamani was licensed by the SC to solicit monies or to trade in futures contracts.

The Court granted Zamani bail of RM100,000 and imposed a condition for him to report to a police station periodically.

SECURITIES COMMISSION MALAYSIA