6 brokers penalized for breach
Print Edition
SIX brokerages have been punished for violating margin trading rules, the China Securities Regulatory Commission said yesterday.
An on-site inspection of 46 securities firms between February 2 and 15 found irregularities in margin trading committed by some of them, Deng Ge, a CSRC spokesman, said yesterday.
Great Wall Securities was suspended from opening new margin trading accounts for customers for three months.
Huatai Securities, Guosen Securities, Minmetals Securities, Huaxi Securities and China International Capital Corporation Ltd were ordered to rectify and enhance inspection after they were found to have lent money to ineligible investors or issued expired margin trading contracts to customers, the CSRC said.
Margin trading, which allows investors to borrow cash from brokerages to buy shares, has been the main driver of the latest rally in China’s stock market that propelled the Shanghai Composite Index by nearly 60 percent since November.
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