Make me your Homepage
left corner left corner
China Daily Website

CSRC head vows stronger effort on enforcement

Updated: 2013-08-21 08:05
By Xie Yu in Shanghai ( China Daily)

Following up on strong words about enforcement, the head of the China Securities Regulatory Commission, Xiao Gang, said his agency would double its investigative team with 600 new staff.

The plan, disclosed by Xiao on the agency's website on Tuesday, is widely seen as a signal that the CSRC is taking serious steps to address deficiencies in the capital markets.

Earlier at an internal work conference, Xiao urged his staff to step up their efforts in investigation and enforcement.

His call came amid the fallout of the Everbright Securities Co Ltd trading error last week, which exposed irregularities and structural flaws in the industry.

Xiao told the work conference that CSRC investigators should "sufficiently use power both in and out of the system, especially public security organs in all levels, to ensure the safety of investigators". The conference discussed new guidelines on investigations and law enforcement involving the stock and futures markets.

Xiao said the 600 new investigators will be sent to six equity and futures exchanges.

"Investigation and hearing of a case should be finished within one year. Exceeding the time limit requires clear explanation," he said.

Analysts said Xiao may have received higher-level support to get around bureaucratic and budget constraints The CSRC reports directly to the State Council, China's cabinet.

Investors want the CSRC to release the results of the probe into last Friday's "fat finger" incident involving Everbright as soon as possible.

"I don't understand what takes so long for the CSRC to decide whether Everbright manipulated the market. In my opinion, the answer is crystal clear," said Gen Shuang, senior partner of the Guangzhou-based Bestfound Law Firm.

Previous Page 1 2 Next Page