The Inspectorate of the State Securities Commission issued Decision No. 461/QD-XPHC on August 17 on sanctioning DNSE Securities Joint Stock Company (stock code: DSE) for a series of violations in the field of securities and the stock market.
One of the violations of DNSE is directly related to the process of receiving and executing transaction orders. The management agency determined that at some points, the company allowed some customers to place orders to buy securities when the transaction account did not have enough money. For this act, DNSE was fined 137.5 million VND.
The largest fine, at 275 million VND, stems from providing a number of financial services that must be reported to the State Securities Commission (SSC) before deployment, but DNSE has not reported, or has not performed when there is no written opinion from the SSC or no guidance regulations from competent authorities.
Specifically, in the period from January 1, 2024 to June 16, 2026, DNSE deploys position interest advance services, off-hour margin withdrawal advance services and deposit advance services to serve derivative securities brokerage activities without reporting to the SSC. Also during this period, the company signs lending agreements to borrow money on customers' securities trading accounts.
Margin trading activities also caused DNSE to receive an additional fine of 137.5 million VND. According to management agencies, at some times, the company disbursed margin loans to some customers with values exceeding the current purchasing power on margin trading accounts.
In addition, DNSE was fined 65 million VND for violating regulations on securities allowed to trade margin. At some points, the company allowed some customers to use borrowed funds to buy securities that did not meet the conditions for margin trading.
Another violation related to regulations restricting lending caused DNSE to be fined an additional 187.5 million VND. In the period from January 2, 2024 to June 10, 2026, the company disbursed margin loans and advanced sales money to a number of individuals who are internal employees or related to internal employees of DNSE.
From February 1, 2024 to December 25, 2024, the company also lent money to some individuals through the form of signing deposit contracts to buy shares. Thus, the total penalty for the acts identified by management agencies at DNSE is up to 802.5 million VND.
In addition to the obligation to pay fines, DNSE must also implement remedial measures. According to the decision, the company is forced to stop providing position interest advance services, off-hour margin withdrawal advances and deposit advances for derivative securities brokerage activities.
The company must also terminate the signing of lending agreements to borrow money on customers' securities trading accounts. These measures directly affect the services that DNSE has implemented in the period from the beginning of 2024 to mid-2026.
DNSE Securities Company was established in 2007. By November 2025, enterprise shares will officially be listed on HoSE with code DSE. Mr. Nguyen Hoang Giang currently holds the position of Chairman of the Board of Directors of the company. In addition to DNSE, Mr. Giang is also introduced to hold management positions at a number of listed companies.
Regarding business operations, the first half of 2026 recorded a significant contrast between revenue growth and profit of DNSE. The company brought in 84.2 billion VND in revenue, an increase of 59% compared to the same period last year. However, cost pressure caused DNSE to finish the first 6 months of the year with 93.1 billion VND in after-tax profit, while in the same period in 2025 it made a profit of 126.4 billion VND.
