The financial watchdog also ordered SMBC Nikko to suspend operations related to block offers for three months, in a fresh blow to the company’s reputation.
Tokai Tokyo Securities and Shinkin Securities moved up in the league tables in the first half of the financial year that started April, surpassing SMBC Nikko, data shows.
Based on the recommendation, the Financial Services Agency is expected to impose penalties on the firm, including an order for the company to suspend part of its operations.