CSRC to root out trading on illegal stock accounts

China's securities regulator said on Friday that it will root out the remaining illegal stock trading accounts that were partly responsible for the recent turbulence, even as the capital market is still struggling to regain its footing.

The China Securities Regulatory Commission said that 69 percent of the trading accounts which were involved in illegal margin financing through the so-called fund-matching companies that extend gray-market margin loans to investors have been cleaned up.

It is estimated that total value of stock holdings in the remaining illegal accounts could amount to more than 100 billion yuan ($15.7 billion).