China's top securities regulator vows legal action against rogue officials who abuse power to trade stocks
Local branches urged to step up checks to stop staff from abusing power to trade in stocks
China's top securities regulator has warned its local cadres against abusing their power to trade stocks, vowing to take legal action against officials who violate the rules, amid a widespread crackdown on rampant market irregularities.
The China Securities Regulatory Commission's warning came as authorities investigate illegal securities trading, taking away several brokerages' senior executives for questioning.
Citic Securities confirmed on Sunday that public security officials had asked several of its senior management members and employees to assist in investigations, but said the company's operations remained stable.
The CSRC's disciplinary committee had instructed its local branches to intensify checks into irregularities, according to a notice on the website of the nation's top anti-graft agency, the Central Commission for Discipline Inspection.
The committee's chief, Wang Huimin, visited the CSRC's local branches in Fujian , Jilin , Shaanxi and Sichuan provinces, the notice said.
"Irregularities such as abusing power for stock trading will be resolutely handled, and legal responsibility will be pursued," the statement read.
The notice called on local CSRC branches to save their daily documents, and urged discipline inspection offices at different levels to conduct frequent checks on those documents.