Securities regulator cracks the whip on insider trading

Hefty penalties imposed on 10 individuals, two barred for life in cases amounting to $15.8m

China's securities watchdog on Friday imposed heavy penalties on several individual investors involved in insider trading and rumor mongering as it sought to restore investor confidence by cracking down on illegal market activities.

The China Securities Regulatory Commission fined 10 individuals involved in five cases a combined 100 million yuan ($15.8 million). Two of the investors were banned from the securities market for life, according to Zhang Xiaojun, the CSRC spokesman.