China Securities Regulatory Commission (CSRC) chairman Zhou Xiaochuan, under pressure from a National People's Congress (NPC) investigation, has indicated the watchdog will step up its regulatory oversight of listed companies' disclosures and take action against those that do not publish results on time. This follows Monday's revelation that the nation's highest law-making body, the NPC had accused the CSRC of failing to effectively regulate the stock market. A damning report compiled by an NPC inspection team revealed details of a dozen cases where the CSRC failed to act properly - leading to a series of stock market scams. Yesterday, state media in the mainland reported a CSRC official as saying listed companies must publish this year's interim results by the deadline of August 31 - four months after the end of their accounting year - and in accordance with China's Securities Law. Those companies which failed to meet the deadline would be punished in accordance with the law, promised the official.
