Securities watchdog China Securities Regulatory Commission (CSRC) has appointed its former vice-chairman Geng Liang as chairman of the Shanghai Stock Exchange in the latest re-shuffle aimed to combat market irregularities.
Mr Geng's appointment comes a day after the State Council approved the appointment of former CSRC vice-chairman Chen Dongzheng as head of the Shenzhen Stock Exchange.
At the Shanghai Exchange's board meeting yesterday, Mr Geng said the exchange would reinforce its regulatory efforts and vowed to turn the exchange into 'a world-class' one.
He said the State Council decided to bolster the Shanghai exchange's leadership, and raise performance standards required of the exchange, China Securities News reported.
The appointments come three months after China's highest law-making body, the National People's Congress (NPC), accused the CSRC of failing to effectively regulate the stock market after a slew of investigations by the NPC. The CSRC was accused of acting too late in some market-manipulation cases despite receiving information from the stock exchange on suspect cases.
China's 10-year-old stock markets suffer from rampant irregularities, including price manipulation, fraud, improper information disclosure, false financial reporting and insider trading.
