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China's top securities regulator said on Friday that it will seriously crack down on all types of violations in accordance with the law, with a specific focus on strengthening regulation of financial fraud.

Over the past five years, the China Securities Regulatory Commission (CSRC) has investigated nearly 1,900 cases that violated regulations related to securities and futures, and it transferred nearly 600 suspected criminal cases to the public security authorities, Li Ming, director-general of the CSRC's department for listed company supervision, told a press conference on Friday, the paper.cn reported.

Li said that the CSRC has handled various kinds of violations, adding that it will strengthen its detection ability while strictly cracking down on all types of securities violations and enhancing the effectiveness of the punishments.

The commission also stressed the significance of maintaining supervision of financial fraud. "Financial authenticity is an important cornerstone of the capital market, and financial fraud undermines the foundation of market integrity, seriously infringes on the legitimate rights and interests of investors, and is a 'tumor' of the capital market," said Teng Biyan, deputy director of the CSRC enforcement bureau, according to media reports.

Teng said that cracking down on financial fraud has always been a major focus for the commission's law enforcement, and it has further intensified its efforts since the implementation of China's new securities law. The deterrent effect has become more apparent, Teng said, and the market ecology has been strongly purified.

Moving forward, Teng said that the CSRC will continue maintaining high pressure on the supervision of financial fraud with strengthened punishments, as well as dealing with intermediary institutions that do not fulfill their duties.

Global Times