CSRC fines investors

BEIJING: China’s securities regulator says it has fined the first violators of a ban imposed in July on stock sales by major shareholders to stem a slide in prices.

The China Securities Regulatory Commission (CSRC) said four investors, five institutions and eight executives were fined a total of 28.4 million yuan ($4.5 million).

It gave no details of their identities. The announcement, dated Tuesday, said they were the ‘first batch’ of penalties under the July 8 rule, suggesting more might be announced.

Beijing banned sales by shareholders who own more than five per cent of a company as part of efforts to stop a slide in prices after China’s main market index fell 30 per cent beginning in early June.