The order will prohibit him from carrying out any regulated activities and from taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the Securities and Futures Act (SFA), MAS said in a statement today.

In 2011, MAS said, Tay arranged for another person to purchase, on his behalf, the shares of Qualitas Medical Group Limited and Leeden Limited which were listed on the Singapore Exchange at the time.

Tay did this while in possession of non-public and price sensitive information that both companies had received takeover offers, it said.

He had obtained the inside information on the takeover offers by virtue of his position in CIMB.

The prices of both Qualitas’ and Leeden’s shares rose after the takeover offers were announced by the companies and Tay made a profit of around S$30,000 (almost RM90,000 at current exchange rate) from the shares purchased with the privileged information.

In May 2017, Tay was convicted of three charges under Section 219(2)(b) of the SFA for insider trading.

Three other charges were taken into consideration for the purpose of sentencing.

He was fined S$180,000 by the District Court.

The prohibition order against Tay took effect on July 30.