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China to crack down on illicit securities trading

Updated: Jul 13,2015 7:26 AM     Xinhua

China’s securities watchdog announced on July 12 that it will crack down on illicit securities trading so that the market can recover steadily.

“Some institutional or individual investors hold ‘virtual’ securities accounts or trade with borrowed accounts. As real-name registration is required by the law, this illicit conduct may damage other investors’ legitimate interests,” said the China Securities Regulatory Commission (CSRC).

The commission asked local authorities to verify the authenticity of securities accounts and be more strict when supervising them.

Institutional and individual investors will be prohibited from lending their accounts to each other.

The CSRC said it will clamp down on any illicit conduct in accordance with the law, and will transfer violators to the police.