China's national securities watchdog has devolved the day-to-day supervision of securities and futures trading to 24 provincial and municipal regulators. The China Securities Regulatory Commission (CSRC) said yesterday that Shanghai, Shenzhen, Tianjin, Beijing and 20 other financial regulators would take over daily surveillance of trading. Analysts said the decision came about because the CSRC did not have the resources to oversee the diverse stock and futures exchanges and brokerages. The CSRC said it would continue to handle investigations into irregularities with a national impact and those involving sums of more than three million yuan (about HK$2.79 million), fines of 200,000 yuan, the suspension of a business or exchange, and investigations straddling two or more provinces. It would also handle appeals. The national watchdog said the 24 provincial regulators were chosen because they were well-developed. Powers would be devolved to other regulators when the CSRC felt they had the structures and resources in place to monitor trading, it said.