CSRC takes more steps to curb fraud

China's top securities watchdog on Tuesday vowed a tougher crackdown on fraudulent initial public offerings following the opening of a trial involving the first Chinese company forced to be delisted from the stock market over IPO fraud.

Huang Wei, assistant chairman of the China Securities Regulatory Commission, said that the regulator will strengthen regulation and scrutiny of the IPO process and it will not tolerate any type of fraudulent and dishonest acts of companies.

"IPO fraud is one of the most serious legal violations in the securities market and it seriously jeopardized the foundation of the market," Huang said during the second trial in Beijing.