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Penalties for flouting rules on stock trade
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CHINA’S securities regulator yesterday said it had punished those responsible in nine cases of securities market violations, including insider trading, market manipulation and spreading false information.
The China Securities Regulatory Commission decided to impose fines of 22.23 million yuan (US$3.5 million) on two legal representatives of companies and 25 persons in the nine cases, said a statement on its website.
In three cases, four people were penalized for profiting from stock trading based on insider information gleaned from management of listed companies, the statement showed.
Other violations involved disclosure of inaccurate or false information by listed companies and manipulating the futures market.
The nine cases “were all typical violations and had very bad market influence, and thus the CSRC has given severe punishments in a timely manner to oversee market participants in following the law,” the statement said.
The CSRC will crack down on violations in the securities market to protect investors’ interests, it said.
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