Thailand's SEC has imposed civil penalties totalling 20.29 million baht against four individuals for manipulating TPL (Thai Parcel) share prices on its IPO debut day (30 June 2023). The defendants coordinated to place high-volume buy orders before market opening, execute wash trades, and hold multi-level buy orders to artificially inflate the opening price above the IPO level and mislead other investors. Penalties include trading bans (6–11 months) and board/management restrictions (12–22 months). This signals stronger SEC enforcement on market manipulation and IPO-related misconduct.