Financial Websites ordered to delete misleading info

Source: Xinhua | March 2, 2009, Monday |

Print Edition

CHINA'S securities regulator has ordered the country's major financial Websites to clean up misleading and illegal securities information.

The China Securities Regulatory Commission has said all false advertisements and incorrect information should be deleted. Illegal Websites operating under the name of brokerages should be shut down.

The regulator said the crackdown would be the priority of its work this year.

Illegal securities information is widespread on China's financial portals. Unreliable institutions and individuals, pretending to be well-informed analysts, profit from persuading investors to buy particular shares which are promoted as being valuable.

Besides portals, incorrect securities information has been disclosed on blogs, chat rooms and bulletin board systems.

False information impairs investors' interests and create disorder in the securities market, said the commission, adding Websites that do not follow the rules will be closed by force.

The names of legal Websites will be made pubic, the commission said.

Since the campaign against illegal online securities trading started in 1997, the regulator had investigated 37 such cases. It set up an office last May to oversee illegal online sites. It has also stepped up education for investors.

Finance

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Financial Websites ordered to delete misleading info

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