A fund manager in China has received a life ban from entering the country's capital market for insider trading, the China Securities Regulatory Commission (CSRC) said late Monday.
Tang Jian, a former fund manager at China International Fund Management Co., was also fined 500,000 yuan (71,349 U.S. dollars) and confiscated all his illegal gain of 1.53 million yuan.
Wang Limin, a former fund manager at China Southern Fund Management, got a 7-year ban from the capital market. Wang was also fined 500,000 yuan and confiscated his illegal earning of 1.5million yuan.
The two traded shares before their funds bought in and cashed in on the gains thereafter, according to CSRC's investigations.
The securities regulator ordered to boost market supervision over fund management firms and harsh punishment for any market irregularities.
The CSRC said the fund management firms should introduce more measures to avoid actions that might hurt the interests of investors and also step up effective monitoring over the communications of the investment management personnel at work.
The regulator would also carry out administrative punishment for any fund management firms whose relax management lead to insider trading.
The mutual funds in China now totals 2.5 trillion yuan, which hold 23 percent of all the tradable shares on the Shanghai and Shenzhen bourses in terms of market capitalization, the CSRC said.
Source: Xinhua
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