Tougher punishment for stock market offence

BEIJING - China's securities regulator on Saturday pledged to intensify punishment for severe stock market violations amid rising such offences.

Jiang Yang, vice chairman of China Securities Regulatory Commission (CSRC), told a listed-companies summit that in the first six months, 26 cases had been submitted to investigations, representing a hefty increase from the same period a year ago.

Stricter supervision and enforcement has played a positive role in promoting openness and fairness, and protecting small investors' interests, he noted.

In the next step, Jiang said CSRC will enhance preemptive oversight, streamline its administrative procedures, and rely on laws to regulate the capital market.

In addition to insider trading, CSRC will also enhance crackdown on false information disclosure, listing fraud and illegal activities by brokerages.

Systematic risks are the bottom line that can never be breached, he added.