BEIJING, Jan. 23 (Xinhua) -- The China Securities Regulatory Commission (CSRC) said Friday that it has imposed administrative penalties on Zhejiang Ruifengda Assets Management Co., Ltd., its affiliated private equity institutions, and relevant individuals including actual controller Sun Wei for violations of law and regulations.
The CSRC's Shanghai bureau levied fines and confiscations totaling over 28 million yuan (about 4 million U.S. dollars) on Ruifengda and its affiliates, fined five responsible individuals more than 13 million yuan, and imposed a lifetime securities market ban on the firm's actual controller.
The CSRC said that any potential criminal issues identified will be referred to public security authorities in accordance with the law.
It added that the CSRC will continue to strictly investigate and punish serious violations in the private fund sector, purify the market environment, and protect investors' legitimate rights and interests. Enditem
