TOKYO. Aug 7: The Japan Securities Dealers Association (JSDA) said on Tuesday it fined 13 small and medium sized brokerages between three million Yen (22.000 Dollars) and five million Yen (36.700 Dollars) each for compensating favoured clients for investment losses, reports Reuter.

The brokerages were also ordered to improve their internal controls and rules and to report back on the changes they made, a JSDA spokesman said.

The discovery that a number of Japanese brokerages improperly compensated clients for huge investment fosses on top of other financial scandals has fuelled speculation that Japanese Finance Minister Ryutaro Hashimoto might have to resign

New Japan Securities Co Ltd. Kankaku Securities Co Ltd. Kokusai Securities Co Ltd. Wako Securities Co Ltd. Sanyo

Securities Co Ltd Tokyo Securities Co Ltd and Dai-Ichi Securities Co Ltd. having each paid out over one billion Yen (7.3 million Dollars) tn compensation. were each fined five million Yen.

Okasan Securities Co Ltd. Taiheiyo Securities Co Ltd. Toyo Securities Co Ltd. Marusan Securities Co Ltd, Yamatane Securities Co Ltd. and Mito Securities Co Ltd were each fined three million Yen. having paid less than one billion Yen in compensation.

The 13 brokerages compensated 380 institutions and six individuals for 43.7 billion Yen (321 million Dollars) In the 30 months to March 1990. according to figures released but the JSDA last week.

The Tokyo stock market has been in turmoil since late June, when Japan's leading brokerages admitted compensating elite clients for losses.

The JSDA fined the btg four brokerages on July 10.