SHANGHAI: China’s top stock market regulator said on Friday nearly 20 companies would be fined for ‘illegal market activities’, as it struggles to restore confidence after months long share price rout.

The China Securities Regulatory Commission (CSRC) will fine 18 companies and more than a dozen individuals around 1.1 billion yuan ($173 million) for violations including ‘market manipulation’, it said.

China is struggling to restore confidence in its stock markets, intervening on a broad scale amid months of declines which began in June and roiled exchanges worldwide. It earlier banned shareholders holding at least five per cent stakes and company executives from selling stock, as part of its ‘rescue package’ aimed at boosting the market.

The agency said it will also confiscate around 329 million yuan from the companies and 13 individuals involved.