The China Securities Regulatory Commission (CSRC) announced Tuesday that it had issued fines totaling 28.42 million yuan (4.4 million U.S. dollars) for illegal stock trading in eight cases.
Amid government efforts to ease fluctuations on China's stock market, the CSRC banned major share holders from dumping their stocks from July to December, as it feared off loading could trigger further price falls.
Despite this ruling, however, four individuals, five institutions and eight senior executives were found to have flouted the ruling.
"Their behavior seriously disrupted market order and greatly hurt investors' confidence," said the commission.
