THE Shenzhen office of the Securities Regulatory Commission will begin operations on April 1. The office will take over the roles of several securities organisations, including the Shenzhen branch of the People's Bank of China, which presently govern share issues in the city. ''The need for a new securities regulator is necessary and is a result of the development of the securities market,'' an official at Shenzhen's State Commission for Restructuring the Economy said yesterday. ''We feel that the market has developed to a level whereby a professional body will be required for the regulation of the securities industry.'' The commission will be controlled by the city's municipal government, although it falls under the umbrella of Beijing's securities regulatory watchdog. It will be headed by Mr Wang Lin, presently the deputy head of Shenzhen's State Commission for Restructuring the Economy. From the beginning of April, any company wanting to become a joint-stock company or to issue shares will require the prior approval of the commission, instead of the Shenzhen municipal government. Applications for listing will be sent to the Shenzhen Stock Exchange which will ensure that listing requirements are met. Particulars of a successful listing will be kept by the commission office for reference. The State Commission official said that with the office in place, the roles of the different bodies involved in the securities industry in Shenzhen would be clearly identified. The State Commission for Restructuring the Economy will continue to oversee the macro level of the country's overall economic restructuring. It will also supervise the Shenzhen Stock Exchange.