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Market regulator announces big fines for illegality

Xinhua, October 30, 2015 Adjust font size:

China's securities regulator plans to mete out fines totaling 147 million yuan (23.1 million U.S. dollars) in punishment for eight cases of illegal market activity, it announced on Friday.

One listed company was found to have made a false report on its annual profits, according to Deng Ge, spokesperson for the China Securities Regulatory Commission (CSRC).

The illegal activities also include four cases of insider trading. The CSRC did not give further details, other than saying it plans to bar those concerned from entering the securities market.

Deng said the regulator will maintain a hard line on illegality to ensure an open and fair market.

China's stock market experienced a dramatic summer that saw the key stock index plunge by over 40 percent from its June peak of 5,166 points. Wild swings have continued despite government efforts to restore confidence.

The benchmark Shanghai Composite Index edged down 0.14 percent to close at 3,382.56 points on Friday, while the smaller Shenzhen index lost 0.18 percent to close at 11,546.05 points. Endi