Shaiful’s CMSRL was revoked under section 72 read together with section 65 of the Capital Markets and Services Act 2007 (CMSA) as he is no longer fit and proper to carry out regulated activities in the Malaysian capital market, as he was found to have conducted himself in such a way as to cast doubt on his competence and soundness of judgement. Further details can be found at
https://www.sc.com.my/regulation/enforcement/actions/administrative-actions/administrative-actions-in-2018.
Shaiful was formerly attached to AmInvestment Bank Bhd.
In addition, the SC imposed a penalty of RM123,750 against Shaiful pursuant to section 356(1)(a) read together with section 61(4) of the CMSA for failure to comply with the condition of his CMSRL which requires him to remain fit and proper at all times as provided under Paragraph 7.03(1) of the SC’s Licensing Handbook.
The SC had considered and rejected an appeal by Shaiful against the SC’s decision.
SECURITIES COMMISSION MALAYSIA
